OJK: MSCI Acknowledges Progress on Capital Market Integrity Reforms

The Financial Services Authority (OJK) has revealed the outcomes of its meeting with Morgan Stanley Capital International (MSCI) last week. The Executive Head of Capital Market, Derivatives Finance, and Carbon Exchange Supervision at OJK, Hasan Fawzi, stated that MSCI has acknowledged the progress on Indonesia’s capital market integrity reform agenda.

“As is known, we completed everything by last March,” said Hasan at the Indonesia Stock Exchange on Monday, 27 April 2026. The reform agenda encompasses transparency in share ownership above 1 per cent, disclosure of shares with high ownership concentration, expansion of investor classifications, and changes to free float regulations.

According to Hasan, in the short term, the increased information transparency may affect the reweighting or inclusion of stocks in the MSCI and FTSE Russell indices. The Indonesia Stock Exchange (BEI) previously announced that nine stocks are classified as having high ownership concentration.

Among those nine stocks, two are included in the MSCI indices: PT Dian Swastika Sentosa Tbk (DSSA) and PT Barito Renewables Energy (BREN).

“But if we look at it, the market has anticipated it earlier. Some stocks that could potentially change have already been responded to by investors,” said Hasan. According to him, this indicates that the information provided by the exchange has been well captured by investors.

In line with MSCI’s periodic review cycle, the valuation of Indonesia’s stock index will be determined on 12 May, while the classification of the Indonesian stock market will be announced in June.