OJK Assures IDX Independence Will Be Maintained if Demutualisation Proceeds
The Financial Services Authority (OJK) has stated that the independence of the Indonesia Stock Exchange (IDX) will be maintained even if the government becomes a shareholder through the demutualisation mechanism. Demutualisation is the process of transforming a stock exchange entity into a share-based corporation, allowing ownership beyond its members, including the public.
Hasan Fawzi, Chief Executive of Capital Market, Derivative Finance and Carbon Exchange Supervision at OJK, said that although the institutional structure of the exchange will change to a demutualised form, the supervisory framework will remain the same. According to Hasan, the OJK will ensure that the independence of the capital market Self-Regulatory Organisation (SRO)—comprising the IDX, the Indonesian Central Securities Depository (KSEI), and the Indonesian Clearing and Guarantee Corporation (KPEI)—remains under the sole supervision of the OJK.
“So even if the direction is determined by new interests, ultimately the draft regulations must pass through the approval desk at OJK before being enacted,” he told the media at the Indonesia Stock Exchange on Tuesday, 30 June 2026. The OJK is targeting the completion of implementing regulations for demutualisation within the next three months. One aspect regulated in these rules is which parties are permitted to become shareholders of the exchange. Based on Law Number 4 of 2026 concerning the Development and Strengthening of the Financial Sector (P2SK), the government—specifically Bank Indonesia, the Ministry of Finance, and Danantara—can become shareholders of the exchange.
Hasan stated that the initial OJK regulation on demutualisation will not yet regulate the scheme for an initial public offering (IPO) of shares. He mentioned that in the early stages, demutualisation will be carried out through a private deal scheme or a sale and purchase agreement among exchange members. The three state institutions mentioned in the P2SK Law, Hasan noted, have not yet expressed interest in becoming shareholders of the exchange. This is because all stakeholders are currently waiting for the implementing regulations on demutualisation to be issued.
“After that, because they are specifically mentioned—again, this is ‘can’, not ‘must’—the first opportunity will be open for the Ministry of Finance, then Bank Indonesia, and also Danantara,” he said. Previously, Finance Minister Purbaya Yudi Sadewa stated that the Ministry of Finance does not yet have plans to own shares in the Indonesia Stock Exchange, even though it is permitted by law. “As of now, not yet,” Purbaya said in Tanjung Priok, North Jakarta, on Tuesday, 23 June 2026.