IDX Updates FCA Rules, 92 Stocks Exit Special Monitoring Board
The Indonesia Stock Exchange (IDX) has refined the provisions for the Special Monitoring Board, including the Full Call Auction (FCA) system, through amendments to Exchange Regulation No. I-X regarding the placement of equity securities on the Special Monitoring Board and Exchange Regulation No. II-X regarding the trading of equity securities on the Special Monitoring Board.
Both regulatory changes were issued on Friday (25/09/2026) and became effective today, Monday (28/09/2026). This refinement is part of the IDX’s commitment to continuous improvement and policy evaluation, considering the results of post-implementation monitoring of the Full Call Auction mechanism and alignment with other policies implemented within the Indonesian capital market.
IDX Director of Development, Iding Pardi, explained that the adjustments were made to ensure that the criteria for placement on the Special Monitoring Board remain relevant to market conditions. This includes aligning transparency reform policies, provisions regarding minimum price, liquidity, free float, and secondary market trading activities.
“The evaluation of the Special Monitoring Board is part of the Exchange’s efforts to ensure that trading and supervisory mechanisms continue to evolve alongside market dynamics, while maintaining the core philosophy of the Special Monitoring Board as a form of investor protection. This refinement is carried out by maintaining fundamentally relevant criteria while adjusting other provisions related to liquidity to enhance price discovery,” Iding stated in a written report.
Through the amendment of Regulation No. I-X, the IDX has adjusted the criteria for placing equity securities on the Special Monitoring Board. These adjustments include the removal of criteria 1, 6, 7, and 10, which related to price and trading liquidity, specific requirements for remaining listed (free float), and temporary trading suspensions caused by trading activities.
“This adjustment is intended to sharpen the price discovery of stocks traded on the Exchange,” he added.
Meanwhile, other criteria within the Special Monitoring Board related to a company’s fundamental condition remain in place. This includes criteria regarding financial statement conditions, revenue, negative equity, Debt Payment Obligation Suspension (PKPU) or bankruptcy, and other conditions established by the Exchange following approval or orders from the Financial Services Authority (OJK).
Furthermore, through the amendment of Regulation No. II-X, the IDX has refined the trading mechanism for securities on the Special Monitoring Board, including the implementation of a Non-Cancellation Period within the Full Call Auction mechanism. The implementation of this mechanism is part of an effort to improve the quality of the price formation process by reducing order changes or cancellations near the process, ensuring that the resulting price more accurately reflects fair supply and demand conditions.
The implementation of the Non-Cancellation Period on the Special Monitoring Board will commence alongside the implementation of the Trading and Supervisory System Update (PSPP), with the effective date to be announced later.
With the implementation of the refined Special Monitoring Board provisions starting today (28/09), 92 securities have exited the Special Monitoring Board because they no longer meet the removed criteria 1, 6, 7, and/or 10. Meanwhile, 42 securities remain on the Special Monitoring Board as they still meet the applicable fundamental criteria.
Previously, the Special Monitoring Board has undergone several development stages, including the implementation of the Hybrid Call Auction on 12 June 2023, the Full Call Auction on 25 March 2024, and a post-implementation review on 21 June 2024.