OJK Issues IDX Demutualisation Rules, POJK 13/2026 Prohibits Shareholders from Holding More Than 50%
The Financial Services Authority (OJK) has recently issued Financial Services Authority Regulation Number 13 of 2026 concerning Shareholders of the Stock Exchange (POJK 13/2026). This regulation officially came into effect upon its promulgation on 17 September 2026.
The issuance of POJK 13/2026 is an implementation of the mandate under Number 63, point 3a, Article 8 of Law Number 4 of 2026, which amends Law Number 4 of 2023 regarding the Development and Strengthening of the Financial Sector.
This new POJK provides a mandate to the OJK to further regulate the shareholders of the Stock Exchange through OJK regulations. POJK 13/2026 simultaneously serves as the legal foundation for the Indonesia Stock Exchange (IDX) to carry out the demutualisation process.
This step will transform the ownership structure of the Stock Exchange, which was previously only available to members of the Stock Exchange (mutual).
Through demutualisation, shares of the Stock Exchange will eventually be able to be owned by individuals and/or Indonesian legal entities, whether they hold status as members of the Stock Exchange or not.
The Executive Head of Capital Market, Derivatives, and Carbon Exchange Supervision at OJK, Hasan Fawzi, stated that the demutualisation of the Stock Exchange is a vital part of the planned accelerated reform of integrity within the Indonesian Capital Market.
According to him, the move is not only intended to change the ownership structure of the Stock Exchange but is also aimed at building a more transparent, efficient, and innovative Stock Exchange.
“The demutualisation structure of the Stock Exchange, which allows for broad ownership by exchange members, strategic investors, and the public, will encourage improved governance quality, open wider access to capital, and accelerate the development of the Stock Exchange,” Hasan said in an official statement on Monday, 21 September 2026.
POJK 13/2026 contains key regulatory provisions including shares of the Stock Exchange, the separation of ownership and membership of the Stock Exchange, the implementation of Stock Exchange demutualisation, the separation of regulatory, supervisory, and business functions, dividend distribution, and Stock Exchange reporting.
POJK 13/2026 also includes several regulatory substances to ensure the independence of the Stock Exchange and strengthen supervision by the OJK, including:
The demutualisation of the Stock Exchange shall be carried out while maintaining the independence of the Stock Exchange, market integrity, and the regulatory and supervisory functions of the Stock Exchange by the OJK.
Ownership of the Stock Exchange by parties other than Stock Exchange Members shall be conducted while maintaining the independence of the Stock Exchange.
Ownership of Stock Exchange shares by shareholders shall be separated from Stock Exchange membership.
Shareholders of the Stock Exchange may hold a maximum of 5% (five per cent) of the total issued shares of the Stock Exchange.
Approval from the Financial Services Authority for share ownership exceeding 5% (five per cent) of the total issued shares of the Stock Exchange is intended to prevent dominance, concentration of share ownership, and/or control by a single Party, thereby ensuring the independence of the Stock Exchange is maintained.
Every Party is prohibited from holding a majority stake in the Stock Exchange (more than fifty per cent), whether directly or indirectly, including through their affiliates.
The Board of Directors and the Board of Commissioners of the Stock Exchange must be selected and undergo a Fit and Proper Test by the OJK.
Shareholders, the Board of Directors, and the Board of Commissioners of the Stock Exchange, in the performance of their duties and authorities, are subject to the prevailing laws and regulations in the Capital Market.