Indonesian Stock Exchange Revises Liquidity Provider Rules to Boost Free Float
PT Bursa Efek Indonesia (BEI) has amended several provisions governing Stock Liquidity Providers (LP), including adjustments to security parameters, quotation obligations, fee policies, and incentives for stock LP providers. This step is part of efforts to refine policy in order to deepen market penetration and improve the quality of equity trading in Indonesia’s capital market.
To date, BEI has issued stock LP licenses to two member brokers: Phintraco Sekuritas and Mandiri Sekuritas, and continues to encourage broader participation in the future.
The regulatory changes are set out in two recent BEI Board Decisions (SK). The first is SK number Kep-00029/BEI/02-2026 on the Provisions for Security Parameters of Stock Liquidity Providers and Stock Liquidity Provider Incentive Securities and Quotation Obligations. The second is SK number Kep-00030/BEI/02-2026 on Fee Policies and Incentives for Stock Liquidity Providers. Both decisions take effect on 26 February 2026.
The new Board Decisions will be socialised with all relevant stakeholders, including all member brokers.
The list of shares that can be selected by stock LP providers is available on www.idx.co.id > Market Data > Stock Data > List of Stock Liquidity Provider Securities or through the link www.idx.co.id/id/data-pasar/data-saham/daftar-efek-liquidity-provider-saham/.
“BEI is optimistic that these policy adjustments will further strengthen the equity trading ecosystem, strengthen market deepening efforts, and enhance the competitiveness of Indonesia’s capital market on a sustainable basis,” BEI management stated on Monday (2 March 2026).
For information, the stock LP policy, which was implemented from 11 August 2025, represents one of BEI’s efforts to strengthen the trading mechanism in the secondary market. As it has been implemented, BEI is actively conducting continuous improvement through ongoing monitoring and evaluation whilst taking into account market dynamics, input, and the needs of market participants, including from stock LP providers and prospective stock LP providers.
In line with the results of evaluation, BEI has expanded the list of shares that can be quoted by stock LP providers and introduced a more flexible incentive scheme. These changes are expected to increase the participation of member brokers in becoming stock LP providers.
With more stable liquidity, it is hoped that room can be opened for broader distribution of share ownership to the public, thereby assisting listed companies in their efforts to increase their free float.