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

PT Bursa Efek Indonesia (IDX) has officially updated the rules governing the display of special notations on listed company codes. One of the most important changes is the addition of the “P” notation for issuers that fail to meet the public free float requirement, making it easier for investors to identify a company’s condition directly from its ticker code.

The change is set out in Circular Letter Number SE-00009/BEI/07-2026 on the Addition of Special Notation Information Display on Listed Company Codes, issued on 31 July 2026. The rule takes effect from 3 August 2026 and replaces Circular Letter Number SE-00006/BEI/05-2023.

The IDX explained that the addition of special notations forms part of efforts to enhance investor protection by standardising information on the condition of listed companies. The notations will be displayed after an issuer’s ticker code according to specific conditions or characteristics of the company.

Under the new rule, the “P” notation is assigned to listed companies that fail to meet the free float requirements needed to remain listed on the Exchange. The notation will appear after quarterly monitoring shows that the number of shares in public circulation does not comply with Rule Number I-A or I-V.

Conversely, the notation will be removed once a share ownership registration report or change in shareholder structure shows that the free float requirement has been met again.

Nevertheless, the application of the P notation does not immediately apply to all issuers. For companies listed on the Main Board and Development Board, the rule takes effect on 30 April 2027, whilst for issuers on the Acceleration Board it applies from 30 November 2026.

In addition to introducing the P notation, the IDX has also updated the list of special notations used in the market:

B: The company is facing a bankruptcy declaration petition, a petition for the annulment of a settlement, or has been declared bankrupt.

M: The company is facing a petition or ruling for Suspension of Debt Payment Obligations (PKPU).

L: An issuer that has not submitted its financial statements by the deadline.

C: The company, a subsidiary, its directors, or commissioners are facing legal proceedings with a material impact on the company.

Q: An issuer whose business activities are restricted by the regulator.

Y: A company that has not held an Annual General Meeting of Shareholders (AGMS) within six months of the end of the financial year.

F, G, and V: The company has been subject to administrative sanctions or written orders from the Financial Services Authority (OJK) for minor, moderate, and serious violations respectively.

N: A company that applies Multiple Voting Shares (MVS) and is not listed on the New Economy Board.

K: A company that applies MVS and is listed on the New Economy Board.

I: A company that does not apply MVS but is listed on the New Economy Board.

X: A company placed on the Special Monitoring Board.

P: A company that fails to meet the public free float requirement to remain listed on the Exchange.

The IDX also clarified that the assignment of special notations is neither a form of punishment nor a sanction, but rather information reflecting the actual condition of a company based on publicly available information. The Exchange may also assign more than one special notation to a single company if it meets more than one criterion.

For example, a company that is late in submitting its financial statements and also faces business restrictions may have a ticker code with the notation “.LQ”.

In practice, notation updates are carried out once per trading day. Information received by the IDX before 14.00 WIB will be reflected on the following trading day, whilst information received after 14.00 WIB will take effect on the second trading day after the information is received.