OJK Opens Delisting Option for Listed Companies Unable to Meet 15% Free Float Requirement

Jakarta – The Financial Services Authority (OJK) has prepared an “exit policy” for listed companies unable to meet the minimum free float share requirement, which is being increased from 7.5% to 15% over the coming years.

Hasan Fawzi, the newly appointed Head of the OJK’s Capital Market, Derivatives and Carbon Exchange Supervision division, affirmed that the regulator will continue supporting listed companies in achieving the increased free float requirement. He stated that the OJK has worked in synergy with the Indonesian Issuers Association (AEI) to map out corporate action plans and free float compliance roadmaps.

“We hope to see a clearer picture of what we can expect to happen in the first year, second year, and beyond,” Fawzi said following a plenary session of Indonesia’s House of Representatives on Thursday, 12 March 2026.

At the deadline for meeting the free float requirement, a joint evaluation will be conducted regarding the implementation of corporate action plans and market absorption capacity. If certain obstacles arise, there is room to renegotiate and revise the corporate action plans. Fawzi stated that companies will have broad options for corporate actions, including ensuring adequate public disclosure ahead of shareholder meetings.

The OJK has not ruled out delisting for companies unable to meet the 15% free float requirement, but the decision is left to companies on a voluntary basis. According to Fawzi, such action would not be mandatory, with extension clauses available if market absorption capacity is constrained.

Previously, OJK Board Chairman Friderica Widyasari Dewi acknowledged that achieving a 15% free float requirement cannot be done immediately and must be implemented in phases. Companies conducting initial public offerings (IPOs) this year are required to already have a 15% free float level.

The OJK has discussed the matter with the AEI and indicated that compliance can be achieved in phases, beginning in the first year and continuing into the third year. However, listed companies unable to meet the requirement may be delisted.

“Ultimately, when an issuer cannot meet the 15% requirement, we will prepare an exit policy so that it is win-win for everyone. This means they cannot continue to exist without meeting the requirements we have established,” Dewi said.

She noted that the current need to increase free float across issuers is substantial, reaching approximately IDR 200 trillion for 2026.