OJK Reveals Meaning of HSC Shares: Not a Violation But...

The Indonesia Stock Exchange (BEI) has emphasised that the High Speculative Concentration (HSC) indicator is not a sign of any violation in the capital market, but rather a reminder to investors of the potential risks from share ownership structures. BEI Director of Development Hasan Fawzi explained that HSC is used to measure the level of concentration in share ownership held by specific parties, whether controllers, non-public entities, or certain investor groups. “HSC does not mean there is a violation or sanction against the issuer. It is more of a reminder to investors,” he stated during the Press Conference on the Assessment of the Financial Services Sector and OJK Policies from the RDKB Results for March 2026, on Monday (6/4/2026). He noted that the HSC concept refers to similar practices in global exchanges, one of which is the Hong Kong capital market authority that has implemented it since 2007. However, the implementation in Indonesia has been adjusted to the characteristics of the domestic market. According to Hasan, HSC measurement does not only look at majority ownership but also comprehensively considers various factors, such as the free float level, distribution of ownership outside controllers, and certain transaction patterns. This is important because a concentrated ownership structure can affect the liquidity or tradability of a stock in the market. The HSC calculation process is carried out by BEI with support from data provided by the Indonesian Central Securities Depository (KSEI). Furthermore, Hasan emphasised that there is no single threshold limit for HSC, in line with global practices that also do not disclose detailed calculation methods to avoid potential regulatory arbitrage. Thus, the existence of HSC is expected to help investors understand the risk profile of a stock, particularly those with high ownership concentration levels, without necessarily implying a violation or problem with the issuer.