IDX Updates Special Notation for Stocks, Adds Free Float Deficiency Marker

The Indonesia Stock Exchange (IDX) has officially updated its special notation system for listed companies, introducing a new marker ‘P’ for firms that do not meet the free float requirement. The regulation, outlined in Circular Letter No. SE-00009/BEI/07-2026 issued on 31 July 2026, takes effect on 3 August 2026 and replaces the previous Circular Letter No. SE-00006/BEI/05-2023. The IDX stated that the addition of special notations is part of an effort to improve investor protection by standardising information about the condition of listed companies. The notation will appear behind the company’s stock code based on specific characteristics or conditions. The ‘P’ notation is assigned to listed companies that fail to meet the public shareholding requirements to remain listed on the Exchange. This notation will appear after quarterly monitoring results show the number of shares held by the public does not comply with the provisions in Regulation Number I-A or I-V. Conversely, the notation will be removed if the company’s shareholding registration report indicates that the free float requirement has been met again. The implementation of the ‘P’ notation will be phased. For companies listed on the Main Board and Development Board, the provision becomes effective on 30 April 2027, while for companies on the Acceleration Board, it starts on 30 November 2026. The IDX also updated the full list of special notations used in the market, which includes: B for bankruptcy petitions or declarations; M for debt payment obligation postponement (PKPU); L for late submission of financial reports; C for material legal cases involving the company, subsidiaries, directors, or commissioners; Q for restrictions on business activities by regulators; Y for failure to hold an Annual General Meeting of Shareholders (RUPST) within six months after the fiscal year ends; F, G, and V for administrative sanctions or written orders from the Financial Services Authority (OJK) with light, medium, and heavy violation categories respectively; N for companies with Multiple Voting Shares (SHSM) not listed on the New Economy Board; K for companies with SHSM listed on the New Economy Board; I for companies without SHSM listed on the New Economy Board; and X for companies placed on the Special Monitoring Board. The IDX emphasised that the assignment of special notations is not a form of punishment or sanction, but rather a description of the company’s actual condition based on public information. A company may receive more than one special notation if it meets multiple criteria. For instance, a company that is late in submitting financial reports and also faces restrictions on its business activities could have a stock code with the notation ‘.LQ’. The update of notations is performed once every trading day. Information received by the IDX before 14:00 Western Indonesia Time will be reflected on the following trading day, while information received after that time will take effect on the second trading day after receipt.