OJK Officially Issues Regulation on Stock Exchange Shareholders
Jakarta (ANTARA) - The Financial Services Authority (OJK) has officially issued Financial Services Authority Regulation (POJK) Number 13 of 2026 regarding Stock Exchange Shareholders, which will serve as the legal foundation for the stock exchange to undertake demutualisation measures.
Demutualisation is a vital part of the plan to accelerate capital market integrity reforms in Indonesia. This transformative step is expected to not only alter the ownership structure but also build 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,” stated Hasan Fawzi, Executive Head of Capital Market, Derivatives, and Carbon Exchange Supervision at OJK, in an official statement in Jakarta on Monday.
The issuance of POJK 13 of 2026 follows the mandate of Article 63, number 3a, Paragraph 8 of Law Number 4 of 2026 concerning the Amendment to Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector, which mandates OJK to further regulate stock exchange shareholders through a POJK.
POJK 13 of 2026 provides the legal basis for the stock exchange to implement demutualisation steps, changing the ownership structure of exchange shares from being limited solely to exchange members (mutual) to being owned by individuals and/or Indonesian legal entities, including both exchange members and non-members (demutual).
The regulation covers key provisions including stock exchange shares, the separation of ownership and exchange membership, the implementation of demutualisation, the separation of regulatory, supervisory, and business functions, dividend distribution, and stock exchange reporting.
Furthermore, POJK 13 of 2026 includes several regulatory substances to ensure the independence of the stock exchange and strengthen OJK’s supervision, including:
The demutualisation of the stock exchange must be carried out while maintaining the independence of the exchange, market integrity, and the regulatory and supervisory functions of the exchange by OJK.
Ownership of the stock exchange by parties other than exchange members must be conducted while maintaining the exchange’s independence.
The ownership of stock exchange shares by shareholders must be separated from exchange membership.
Shareholders may hold a maximum of 5 per cent of the total issued shares of the stock exchange.
OJK approval is required for share ownership exceeding 5 per cent of the total issued shares to prevent dominance, concentration of ownership, and/or control by a single party, thereby ensuring the independence of the exchange is preserved.
No party is permitted to hold a majority stake (more than fifty per cent) in the stock exchange, whether directly or indirectly, including through affiliates.
The Board of Directors and Board of Commissioners of the stock exchange must be selected and undergo a fit and proper test by OJK.
Shareholders, directors, and commissioners of the stock exchange must, in the performance of their duties and authority, comply with the prevailing laws and regulations in the capital market.