OJK says IDX is still preparing rules amid Danantara’s interest

Jakarta (ANTARA) - The Financial Services Authority (OJK) said the Indonesia Stock Exchange (IDX) was preparing changes to a number of regulations and its articles of association as part of its demutualisation, amid interest from Danantara in becoming one of the exchange’s shareholders.

Hasan Fawzi, OJK’s Chief Executive for Capital Markets, Derivatives Finance and Carbon Exchanges, said the IDX was identifying the internal rules that needed to be amended before it could offer shares to parties outside its exchange members.

“At present, it cannot do so, because some of the exchange’s rules are still very mutual in nature. It is not yet permitted to offer shares to parties outside its members because there are rules restricting this,” Hasan told reporters after the BIG Market Insights 2026 event in Jakarta on Thursday.

He explained that the IDX’s current articles of association stipulate that share ownership is limited to exchange members and restrict the distribution of dividends.

Those provisions must therefore be amended before shares can be offered to new investors.

According to Hasan, amendments to the articles of association must be approved through a General Meeting of Shareholders (GMS).

“The GMS comes first, because the articles of association have to be amended. They cannot be changed without going through the GMS mechanism,” he said.

Once those steps are completed, the IDX could offer shares to non-member parties, including Indonesian legal entities considered potential partners or strategic investors able to support the strengthening, development and operations of the exchange.

Hasan said prospective investors could then express interest in the offer, followed by negotiations over the valuation and share price.

He could not confirm when preparations for demutualisation would be completed, as this would depend on the IDX’s readiness and approval from its current shareholders.

“The process could be fast or it could be slow. It depends on the exchange’s readiness and, of course, on the offer plans of the exchange and its existing shareholders,” he said.

Danantara Chief Executive Officer Rosan Perkasa Roeslani previously estimated that the agency would hold around 5 to 10 per cent of the IDX under the demutualisation scheme.

Rosan said discussions on Danantara’s stake were continuing after the OJK issued Regulation No. 13 of 2026 on Shareholders of Stock Exchanges.