OJK Officially Issues Indonesia Stock Exchange Demutualisation Rules, Here Are Seven Key Points
The Financial Services Authority (OJK) has officially issued POJK Number 13 of 2026 regarding Stock Exchange Shareholders, which regulates the implementation of the demutualisation of the Indonesia Stock Exchange (IDX).
Several points are regulated within this new policy. The details are as follows:
The Ministry of Finance, Bank Indonesia, and Danantara may become shareholders of the Exchange. All three are permitted to hold shares in the Stock Exchange in accordance with laws and regulations, and may appoint other parties as shareholders.
Stock Exchange shareholders are no longer limited to Exchange Members. The POJK allows Indonesian individuals and legal entities, whether they are Exchange Members or not, to become shareholders of the Exchange. Individuals may only become shareholders through a Public Offering or after the Stock Exchange conducts a Public Offering.
Share ownership is separated from Exchange membership status. Companies with the status of Exchange Members do not automatically become shareholders of the Exchange, while shareholders of the Exchange are not required to hold membership status.
Maximum ownership without OJK approval is 5%. Any party may hold shares in the Exchange, either directly or indirectly, up to 5%, whereas ownership exceeding 5% must obtain approval from the OJK.
OJK will verify ownership down to the ultimate beneficial owner. Regulations regarding indirect ownership include parties who are the ultimate beneficial owners (UBO), including through affiliations or coordinated cooperative relationships.
No single shareholder may hold a majority stake in the Exchange. The POJK prohibits any party from holding a majority stake in the Exchange, whether directly or indirectly, including through affiliations, where majority is defined as more than 50%.
In addition to ownership, the POJK stipulates that shareholders who are also Exchange Members shall not receive special tariff treatment in trading. Trading access must be provided transparently and without tariff discrimination.
To strengthen this separation, the Exchange is required to implement information barriers to limit the flow of data from regulatory, licensing, and supervisory units to the Exchange’s business units.
Despite the change in ownership structure through demutualisation, the regulatory and supervisory functions of the Exchange remain under the supervision of the OJK. The independence of the Exchange and market integrity must also be maintained.
Regarding foreign ownership, this POJK states that shareholders of the Exchange consist of Indonesian individuals and/or legal entities. However, specific provisions regarding the ownership limits for foreign investors have not yet been detailed.
The separation of board functions and the implementation of information barriers must be completed no later than six months from the implementation of the Exchange’s demutualisation, which occurs after the General Meeting of Shareholders (RUPS) approves the entry of new shareholders other than Exchange Members.