OJK Responds to Latest MSCI Review Results
The Financial Services Authority (OJK) has finally provided a comprehensive explanation regarding the results of the MSCI Global Market Accessibility Review 2026, which lowered Indonesia’s assessment on the Information Flow aspect. The regulator stressed that the majority of aspects concerning the accessibility of Indonesia’s capital market remain intact and have not experienced significant changes compared to the previous year.
Hasan Fawzi, Chief Executive of Capital Market, Derivative Finance and Carbon Exchange Supervision at OJK, stated that MSCI continues to acknowledge several improvements made by Indonesia. One of these is the reduction of certain notes related to the Foreign Exchange Market Liberalization Level, although this aspect is still deemed to require further enhancement.
Responding to MSCI’s criticism regarding market transparency, OJK revealed various reforms that have been and are being implemented in recent months. These reforms include improving the quality of share ownership data, strengthening information disclosure, developing a beneficial ownership reporting framework, enhancing surveillance and trade supervision capacity, and refining regulations to support transparency and investor protection.
OJK also noted that these reform measures have gained recognition from global index providers, including MSCI and FTSE Russell. In fact, several policies implemented by Indonesia are beginning to be used as variables in determining index constituents and the investment policies of global investors.
Furthermore, Hasan stated that strengthening market transparency, market integrity, and information quality is an ongoing process. Therefore, the MSCI review results will serve as an important reference for the regulator in determining future priorities for capital market development programmes.
“OJK views MSCI’s input as part of a constructive improvement process. With the consistency of the ongoing reforms, we are optimistic that the quality and competitiveness of Indonesia’s capital market will continue to strengthen going forward,” Hasan said in an official statement on Friday (19/6/2026).
Despite receiving a downgrade in one aspect, Indonesia retains its Emerging Market status within MSCI, and the majority of market accessibility indicators still receive a positive assessment. OJK affirmed it will continue to strengthen dialogue with MSCI, FTSE Russell, and global investors to ensure that the reforms undertaken are comprehensively understood by the international investment community.
Hasan added that this year’s MSCI review results show that only one out of 18 criteria experienced a change in assessment. “In general, the majority of aspects of Indonesia’s market accessibility remain intact and have not undergone significant changes compared to the previous year, but there are also notes for the direction of future capital market improvements,” said Hasan.
According to Hasan, out of the five Market Accessibility segments comprising 18 assessment criteria, 10 criteria received a “++” score, the highest category indicating that Indonesia has met global best practices and has no material issues. Meanwhile, six criteria received a “+” score and two criteria received a “-” score, namely Information Flow and Foreign Exchange Market Liberalization Level. The change in assessment in this year’s review only occurred in the Information Flow aspect.
OJK considers MSCI’s notes regarding Information Flow as constructive input that aligns with the capital market reform agenda currently being pursued together with the Indonesia Stock Exchange (BEI), the Indonesian Central Securities Depository (KSEI), and the Indonesian Clearing and Guarantee Corporation (KPEI).