Indonesia's Stock Exchange Sanctions 453 Listed Companies, Many for Financial Reporting Violations

PT Indonesia Stock Exchange (BEI) has recorded 3,040 sanctions imposed on 453 listed companies throughout 2025 as part of the exchange authority’s efforts to enhance issuer compliance with various obligations in the capital market.

Throughout 2025, the number of sanctions related to financial reports reached 1,223 cases, up 2 per cent compared to 1,203 sanctions in 2024. However, the number of companies sanctioned for this violation actually decreased by 20 per cent, from 246 companies to 196 companies.

Subsequently, sanctions for delays or violations in monthly securities registration reports experienced a decline. The number of sanctions fell 10 per cent from 642 to 577, and the number of listed companies also dropped 29 per cent to 134 companies in 2025.

Conversely, requests for explanations from BEI to issuers showed significant growth. The number of sanctions in this category rose 16 per cent to 454, compared with 390 in the previous year. The number of companies subject to sanctions also increased 14 per cent to 214 companies.

Regarding free float obligations, the number of sanctions fell 14 per cent from 449 to 386, with the number of listed companies subject to sanctions also declining 25 per cent to 83 companies.

A similar decline occurred in public disclosure obligations, which recorded 211 sanctions in 2025 or a decrease of 11 per cent compared with the previous year. The number of companies also fell slightly by 3 per cent to 160 companies.

Meanwhile, other miscellaneous sanctions experienced the largest percentage surge, rising 33 per cent from 142 to 189 sanctions. However, the number of companies subject to sanctions in this category fell 7 per cent to 126 companies.

Subsequently, during January 2026, BEI imposed 294 sanctions on 142 listed companies. As many as 57 per cent of the total sanctions originated from sanctions on financial and public disclosure reporting obligations, including written warning letters grade III.

This was also caused by suspension over delays in submitting interim financial reports as at 30 September 2025 and written warnings grade II and fines to listed companies that had not held annual public disclosure meetings by the deadline of 31 December 2025.

“BEI not only prioritises the disciplinary enforcement aspect through the imposition of sanctions, but also provides active and continuous guidance to listed companies to improve their quality,” BEI management stated on Monday, 2 March 2026.

Throughout 2025, BEI organised guidance activities that included monthly socialisation on capital market regulations, use of electronic reporting facilities SPE-IDXNet, and submission of financial reports based on XBRL standards.

Additionally, socialisation efforts were conducted on meeting free float obligations for newly listed companies or those not yet meeting free float obligations, compliance refreshment socialisation for listed companies with poor compliance levels.

Various one-on-one meetings, seminars, and workshops were also held to enhance the capacity of listed companies, as well as road shows to increase exposure of listed companies and expand the investor base.