OJK Opens Possibility of Approving "Free Float" 15 Percent after Ramadan
Jakarta (ANTARA) - The Financial Services Authority (OJK) will push for approval of amendments to Regulation Number I-A before March 2026 concludes, with approval likely to be issued after the extended Ramadan holiday.
Acting Head of Capital Market, Derivatives Finance, and Carbon Exchange Oversight at OJK Hasan Fawzi stated that one of the key adjustments in Regulation Number I-A involves market deepening through the introduction of a new policy raising the minimum free float threshold for listed companies to 15 percent.
“For now, our target remains the same - we are pushing to complete this by the end of March 2026. At the latest, if we don’t finish before Ramadan, there will still be working days after Ramadan before March ends, and we will definitely complete it in March, God willing,” Hasan said after attending the Annual Report Award (ARA) socialisation event at the Indonesia Stock Exchange (BEI) building in Jakarta on Friday.
Hasan assured that OJK and the Self-Regulatory Organisation (SRO) have been conducting intensive discussions regarding the Regulation Number I-A amendments, and have even established a joint task force whose discussions ran for two full days.
He revealed that OJK’s final remarks regarding the Regulation Number I-A amendments have been submitted back to BEI for final revisions.
“So, yesterday we were intensively engaged with the drafting team at the SRO, even conducting a sort of joint task force with two full days of discussion. The final remarks are already there - OJK’s response has been submitted to the Exchange for final revision,” Hasan said.
After BEI completes the final revision, he continued, the final concept of the Regulation Number I-A amendments will be submitted back to OJK for approval.
Subsequently, if the final concept of the regulatory amendment meets all requirements, OJK will be ready to issue its approval.
“Then the final concept will be submitted to OJK, and when it meets all the necessary elements, we will issue our approval,” Hasan said.
Earlier, Acting Director-General of BEI Jeffrey Hendrik confirmed that the target implementation of the 15 percent minimum free float requirement remains on schedule for March 2026.
However, he noted that there are many stock exchange holidays in the third week of March 2026, so his team will coordinate with OJK to adjust the implementation schedule for the 15 percent minimum free float requirement accordingly.
“In the third week of March 2026 there are many holidays. Of course we will adjust the schedule,” Jeffrey said.
Previously, BEI, supported by OJK, has been working on amendments to Regulation Number I-A regarding the Listing of Shares and Equity Securities other than Shares Issued by Listed Companies.
The regulatory adjustments that will be implemented by BEI with OJK support include:
Market deepening through the formulation of a new policy raising the minimum free float threshold for listed companies to 15 percent. To ensure smooth implementation, a transition period will be applied to provide listed companies with an opportunity to adjust.
Enhancement of corporate governance implementation, specifically through the introduction of mandatory continuous education requirements for directors, commissioners, and audit committees of listed companies.
Strengthening of governance through mandatory accounting competency requirements that directors or officials one level below directorship must possess, thereby improving the quality of financial statement presentation and disclosure by listed companies.
Improvement of the quality of prospective listed companies through higher requirements in financial, operational, and governance standards, which will enhance investor trust and confidence.