OJK Responds to MSCI Review, Pledges to Strengthen Stock Market Transparency and Oversight

The Financial Services Authority (OJK) has confirmed it will continue to strengthen the transparency, integrity, and competitiveness of the Indonesian capital market in response to the MSCI Global Market Accessibility Review 2026, released on Friday, 19 June 2026. This move is part of a capital market reform agenda being carried out by the regulator together with various stakeholders, following MSCI’s notes regarding the quality of market information and trading mechanisms in Indonesia. Hasan Fawzi, Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision at OJK, stated that the MSCI review generally shows that Indonesia’s market accessibility is maintained and has not experienced significant changes compared to the previous year. However, there are several important inputs that need attention for the future development of the national capital market. “OJK has observed the results of the MSCI Global Market Accessibility Review 2026, which shows that overall, the majority of aspects of Indonesia’s market accessibility are maintained and have not changed significantly compared to the previous year, but there are also notes for the direction of capital market improvement going forward,” Hasan said in a statement on Friday. The MSCI assessment covers five main segments consisting of 18 market accessibility criteria. Of the total 18 indicators, 10 criteria received a “++” score, the highest category indicating conformity with global best practices. Meanwhile, six other indicators received a “+” score, indicating the need for continuous improvement. Two indicators that remain a concern are Information Flow and Foreign Exchange Market Liberalization Level, which received negative assessments. Specifically on the Information Flow aspect, MSCI highlighted several issues related to market transparency, information quality, share ownership, and trading dynamics that require further improvement. In response, Hasan emphasised that OJK views MSCI’s input as a constructive evaluation and in line with the ongoing reform process. “Regarding the Information Flow aspect, we view this input as part of a constructive evaluation process and in line with the capital market reform agenda currently being carried out jointly by OJK, the Indonesia Stock Exchange, KSEI, KPEI, and all industry players,” he said.