OJK Chief Explains Why HSC Methodology Was Changed

Jakarta, CNBC Indonesia — Financial Services Authority (OJK) Board of Commissioners Chair Friderica Widyasari Dewi has explained the reasons for changing the methodology for high shareholding concentration (HSC), which covers listed companies with highly concentrated share ownership.

Friderica, commonly known as Kiki, said the methodology had been adjusted in response to feedback from various parties.

“Of course, there has been a lot of input from many parties. The point is that there is now a committee overseeing it, the HSC Committee, which regularly provides feedback on matters such as the methodology, including questions about why certain shares are included or excluded. We welcome that,” she told reporters at the Coordinating Ministry for Economic Affairs office in Jakarta on Wednesday (11 November 2026).

Kiki also said the methodological change was part of efforts to transform the capital market, particularly ahead of MSCI’s Index Review announcement on 11 November 2026.

“Of course. It’s good that 300 have been removed from the IHSG,” she said.

The HSC Committee announced the methodological improvements through a disclosure, alongside adjustments to the criteria for identifying shares with high ownership concentration.

The changes include two main points. First, screening is now applied to all listed companies’ shares, without a minimum market-capitalisation requirement. The previous minimum threshold of Rp5 trillion has therefore been removed.

Second, the Price Impact Ratio (PIR) is no longer part of the assessment. The revised methodology focuses on ownership concentration, based on the number of shareholders and their ownership percentages. A share is classified as HSC if 10 or fewer shareholders own at least 92.5% of the listed company’s total shares.

The new methodology expands the screening of shares with concentrated ownership. An additional 300 shares have been added to the HSC list, bringing the total to 383.

The increase is a consequence of applying a more comprehensive screening methodology and does not indicate any change in the assessment of listed companies’ performance or fundamentals.

Under the revised calculation method, the HSC Committee is expected to announce an updated list shortly, with the number of shares classified as HSC likely to rise.

Earlier, Indonesia Stock Exchange (IDX) President Director Jeffrey Hendrik said the HSC category would include 383 shares, an increase of 300.

“That is an additional 6.16% of the IHSG’s market capitalisation,” Jeffrey said, as quoted on Wednesday (11 November 2026).

Under the previous calculation methodology, 83 listed companies were classified as HSC. The HSC share policy took effect on 2 April 2026.