OJK, IDX and KSEI Complete Four Capital Market Reform Agendas
Jakarta, CNBC Indonesia - The Financial Services Authority (OJK), along with PT Indonesia Stock Exchange (IDX) and PT Indonesian Central Securities Depository (KSEI), has completed four agendas to strengthen transparency in Indonesia’s capital market. This is also part of a proposal submitted to Global Index Providers, including MSCI.
The Executive Head of Capital Market, Derivatives Finance, and Carbon Exchange Supervision at OJK, Hasan Fawzi, stated that these four agendas form part of the eight Action Plans for Accelerating Capital Market Integrity Reform in Indonesia, launched by OJK together with Self-Regulatory Organisations (SROs) on 1 February 2026.
The four agendas are:
Provision of data on share ownership of more than 1 per cent in listed companies to the public;
Implementation of High Shareholding Concentration (HSC) announcements;
Strengthening the granularity of investor classifications in KSEI share ownership data, resulting in a total of 39 classifications and investor types; and
Increasing the minimum free float limit to 15 per cent through amendments to IDX Regulation Number I-A.
Additionally, transparency is further enhanced through regulations on the availability of data on beneficial owners of shareholders in listed companies with ownership of 10 per cent or more.
“Thus, the four proposals submitted by Indonesia to Global Index Providers have been completed and finalised in line with the set targets. Next, we will continue constructive communication and engagement with Global Index Providers, as well as gather feedback from investors,” Hasan explained in an official statement on Thursday (2/4/2026).
Furthermore, Hasan noted that the policies pursued by OJK together with SROs in resolving these four proposals are aligned with standards and practices in various global jurisdictions. In some aspects, Indonesia holds a superior position in terms of transparency and information granularity, including the availability of share ownership data for holders above 1 per cent.
The completion of these four transparency enhancement proposals is expected to encourage healthier liquidity and improve the quality of price discovery in the domestic stock market. Ultimately, this is hoped to help maintain investor confidence and boost the credibility and attractiveness of Indonesia’s capital market on the global stage.
In addition, Hasan revealed that OJK continues to promote the implementation of other Action Plans, particularly initiatives to deepen the capital market from both supply and demand sides.
On the supply side, the development of investment products such as Gold Exchange-Traded Funds (ETFs) has been strengthened through the issuance of related regulations, namely OJK Regulation Number 2 of 2026 on Collective Investment Contracts in the Form of Mutual Funds Whose Participation Units are Traded on the Stock Exchange with Underlying Assets in the Form of Gold. Currently, the issuance of this instrument is entering the implementation stage with relevant stakeholders.
Meanwhile, on the demand side, OJK together with industry players is developing the PINTAR Mutual Fund programme or Systematic Investment Plan (SIP), aimed at sustainably expanding the retail investor base.
“All these initiatives will continue to be monitored through close coordination and collaboration to ensure the implementation of the 8 Action Plans runs consistently and in an integrated manner,” Hasan said.
Besides that, strengthening law enforcement remains a primary focus for OJK in enhancing domestic capital market integrity. Up to 31 March 2026 (year-to-date), OJK has imposed Administrative Sanctions in the Form of Fines totalling Rp96.33 billion on 233 parties, consisting of fines for cases and fines for delays. In addition to these fines, OJK has also imposed other actions such as written warnings, suspension of licences, revocation of licences, specific actions, and written orders/prohibitions.
Regarding enforcement of criminal provisions in the capital market related to market manipulation, in 2026 (year-to-date as of 31 March), OJK has imposed Administrative Sanctions in the Form of Fines totalling Rp29.30 billion on 11 parties and written warnings to 1 individual. OJK has also imposed administrative sanctions in the form of written warnings on 2 individuals for conducting investment advisory activities without a licence.
“These firm and consistent enforcement steps are an important part in strengthening market credibility, while ensuring the creation of discipline and investor confidence in Indonesia’s capital market,” Hasan stated.
Meanwhile, as part of accelerating capital market integrity reform in Indonesia, IDX has amended Exchange Regulation Number I-A, which includes strengthening free float policies and corporate governance, effective from 31 March 2026. These changes include adjustments to the definition of free float shares, an increase in the minimum free float limit to 15 per cent, and more comprehensive regulations on the classification and provisions of free float shares, particularly in the IPO process.
On the same occasion, Acting President Director of IDX, Jeffrey Hendrik, emphasised that the enhancement of free float provisions is also part of efforts to align with best practices of other international exchanges.
“While maintaining the 5 per cent ownership threshold in line with global standards, this policy is expected to increase liquidity and investment attractiveness in Indonesia’s capital market, both for domestic and global investors,” Jeffrey said.
IDX also promotes strengthening governance aspects through increased financial reporting obligations and capacity building for Directors, Commissioners, and Audit Committees. In line with the implementation of these policies, IDX has prepared stages of socialisation and assistance to all stakeholders since their enactment.