MSCI Demands Answered as OJK Reveals Latest Progress on Capital Market Reforms
The Financial Services Authority (OJK), together with relevant stakeholders, continues to accelerate reforms to strengthen the integrity and transparency of Indonesia’s capital market. These reforms are being implemented in response to various recommendations from global index provider MSCI regarding the structure and openness of the domestic market.
Acting Head of Executive for Capital Market Supervision, Derivative Finance and Carbon Exchange at OJK, Hasan Fawzi, stated that the regulator has prepared a series of policies to improve capital market quality. The reforms include strengthening transparency of share ownership, increasing the proportion of free-floating shares, and refining investor classification.
“OJK has submitted three main proposals to MSCI, namely improving the granularity of investor classification, disclosing shareholders holding above 1 percent, and increasing free float to 15 percent,” Hasan said during a media discussion in Jakarta on Tuesday, 10 March 2026.
Hasan explained that investor classification in Indonesia’s capital market is currently being expanded significantly. Whilst previously there were only nine types of investor, this classification will be expanded to 28 types in future to provide a more detailed picture of share ownership.
Additionally, OJK has begun publishing share ownership data for investors holding a stake of above 1 percent. This data is now available through a system managed by Indonesia’s Central Securities Depository (KSEI) and will be updated regularly each month. This step is expected to increase transparency of share ownership structure and strengthen confidence among global investors in Indonesia’s capital market.
“OJK, together with self-regulatory organisations, has also formed a dedicated team to accelerate the implementation of various reforms related to improving market quality,” Hasan said.
OJK is also preparing various other reform measures that include strengthening issuer governance, enforcement of regulations and sanctions, and improving market integration and deepening. These efforts involve coordination among various institutions, including the Coordinating Ministry for Economic Affairs, the Ministry of Finance, OJK, and the Indonesia Stock Exchange.