MSCI Under Spotlight as OJK Outlines Four Steps for Capital Market Reform

Jakarta — The Financial Services Authority (OJK) has provided the latest developments regarding the proposal and a meeting with Morgan Stanley Capital International (MSCI). OJK has been actively coordinating with global index providers like MSCI as part of speeding up Indonesia’s structural reform of the capital market.

As is known, in recent periods MSCI has highlighted several aspects of the Indonesian capital market structure, including the level of free float, concentration of share ownership, transparency of shareholding data, and the effectiveness of trading mechanisms. The issue has drawn market participants’ attention because it could influence global investors’ perceptions of accessibility and liquidity in the domestic stock market.

‘First, the disclosure of the ownership of shares in open companies with shareholding above 1 percent will be published starting from the end of February and will be implemented from March 2026,’ said Hasan Fawzi, Executive Head of Stock Market Surveillance, Derivatives, and Carbon Exchange at OJK, at a press conference during February 2026’s Monthly Board of Commissioners Meeting (RDKB) at the Bank Indonesia Complex in Jakarta, Tuesday (3 March 2026).

‘Second, PT Kustodian Sentral Efek Indonesia (KSEI), with support from market participants comprising stock exchange members and custodian banks, continues to expedite the finalisation of investor classification details. ’As of 27 February 2026, the progress of the completion has reached 94 percent, which makes us optimistic that the filling can be completed in line with the timeline, i.e., by March 2026,’ he said.

‘Third, the public consultation process by BEI on the draft Regulation I-A, which includes provisions increasing the minimum free float, has been completed. ’The said draft regulation is currently in internal approval at the Indonesia Stock Exchange. Of course, it will subsequently be submitted for approval to OJK, so that the target completion and enforcement in March 2026 can be maintained,’ he explained.

‘Fourth, since early February 2026, OJK together with BEI and KSEI has been assessing the potential implementation to announce high shareholding concentration. ’And at present the assessment, testing, and studies are being finalised with the planned implementation from March 2026,’ he said.

Hasan continued, on enforcement in the capital market, OJK has imposed administrative sanctions amounting to a total of Rp 23.6 billion. There is also one license revocation, three suspensions, and four written orders. This includes sanctions announced recently against PT Indo Pureco Pratama Tbk (IPPE) and PT Tianrong Chemicals Industry Tbk (TDPM), imposed on 28 February 2026. ‘In addition, OJK previously imposed penalties totalling Rp 11.05 billion related to stock price manipulation practices,’ he added.