OJK Demutualisation Regulation to Govern Legal Form and Ownership Structure of IDX

The Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision at the Financial Services Authority (OJK), Hasan Fawzi, has revealed that the Draft OJK Regulation (RPOJK) on Demutualisation will govern key points, including changes to the legal form and share ownership structure of PT Bursa Efek Indonesia (IDX). It will also regulate the separation of ownership rights and membership rights of the IDX, the governance arrangements of the IDX institution, and the separation of the IDX’s regulatory functions and business development functions. “Then, there are provisions related to share transfers and risk and operational control, then infrastructure, and also later there will be a Stock Exchange tariff mechanism that we regulate,” Hasan stated during the July 2026 Monthly Board of Commissioners Meeting Press Conference in Jakarta on Tuesday. As mandated by Article 8 of Law No. 4 of 2026 (P2SK Law), Hasan stated that the OJK is currently in the process of drafting the IDX Demutualisation RPOJK, which is targeted to be completed and come into effect starting in the third quarter of 2026. In the RPOJK, he explained that in principle it will open a mechanism regarding changes or transfers of share ownership when the IDX demutualisation is carried out. “Whereby, the mechanism for changes in ownership and shareholders of the Stock Exchange will later be handed over to the Stock Exchange through a decision-making mechanism by the current Stock Exchange shareholders,” said Hasan. He continued that the mechanism for issuing shares and changing the ownership structure by the Stock Exchange must still be carried out in accordance with the provisions of laws and regulations and must meet the requirements and provisions to be regulated in the POJK. Following the enactment of Article 8 of Law No. 4 of 2026 (P2SK Law), IDX shareholders, who were previously limited to Exchange Members (AB) or were mutual in nature, will in the future consist of individuals and/or Indonesian legal entities, both AB and non-AB. “This provision reflects that the nature of the Stock Exchange is no longer based on membership or mutual, but is demutual and profit-oriented,” said Hasan. Hasan stated that the change in shareholder structure and the demutualisation process aims to attract the interest of investors who will have a major role in advancing the Stock Exchange. “With its demutual nature, the Stock Exchange may become a publicly listed company in the future, so it is expected to meet the objectives of continuously strengthening governance aspects, increasing investor confidence, and expanding participation from various stakeholders,” said Hasan.