OJK Responds After MSCI Keeps Indonesian Stock Exchange in Emerging Market Status
Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) has responded to the 2026 market classification review results announced by MSCI on Wednesday (24/6). Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision Hasan Fawzi confirmed that the Indonesian capital market remains classified as an emerging market.
“As we have all followed, MSCI released its 2026 Market Classification Review on Wednesday (24/6) morning. In the report, we received confirmation that MSCI is maintaining Indonesia’s status in the Emerging Market category,” he said in a written statement on Wednesday (24/6/2026).
He stated that the result was in line with expectations and that the OJK welcomed the outcome of MSCI’s annual assessment positively. He said the MSCI announcement provides momentum to continue, strengthen, and accelerate the capital market reform agendas that have been launched since the beginning of this year.
Moreover, he noted that in the Market Classification Review announcement, MSCI provided positive remarks regarding Indonesia’s capital market reform agenda. “They acknowledged the various initiatives and progress of reform programmes that we continue to strengthen going forward,” he said.
The OJK assessed that MSCI has utilised the increasingly transparent data generated from Indonesia’s capital market reforms as a new source for its assessment. This demonstrates how the reform achievements have gained meaningful recognition, further solidifying the credibility and investability of the domestic capital market.
These positive notes, Hasan said, underscore the achievements of the Indonesian capital market that were previously announced in the MSCI Global Market Accessibility Review 2026 released on 18 June 2026. In the MSCI assessment results regarding market accessibility, Indonesia generally received one of the best ratings among Emerging Markets in the Asia-Pacific region, after China and Malaysia.
“In its official announcement, MSCI stated that they will continue to monitor our reform agenda, and will keep assessing and observing the consistency of its implementation going forward. This is certainly part of the review process of each institution, we appreciate that, and we ensure that we will continue to consistently implement and strengthen all our capital market reform programmes,” he explained.
Going forward, the OJK and capital market Self-Regulatory Organisations (SROs) will continue constructive communication and engagement with global index providers and investors, to ensure that the reforms that have been and are being rolled out can be comprehensively understood by the global investment community. “We are also committed to providing support for them in conducting their respective assessments,” he added.
In addition, the OJK also communicates periodically with global institutional investors, facilitated among others by the World Bank, IFC, and ASIFMA. This allows the OJK to directly convey and explain the progress of implemented reforms to them. On the other hand, the OJK also opens space to receive input and feedback that helps strengthen various aspects of the capital market.
“Of course, this acknowledgement or review result from global index providers is not the final goal. It also does not make us complacent. We will continue to strengthen and accelerate the implementation of reform agendas going forward, with the support and close synergy of all stakeholders,” he concluded.