OJK Submits 4 Proposals to MSCI, Targeting Implementation in March 2026
Jakarta – The Financial Services Authority has unveiled the latest developments following several meetings with global index provider Morgan Stanley Capital International.
Hasan Fawzi, Acting Head Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision at OJK, stated that four main proposals have been formulated to respond to MSCI’s observations.
The first proposal concerns transparency of listed company share ownership with a threshold of 1 per cent. Previously, disclosure requirements only applied to ownership exceeding 5 per cent.
“This has been confirmed for publication starting with data from the end of February and will be implemented from March 2026 onwards,” he said during an OJK monthly board meeting press conference in Jakarta on Tuesday (3 March 2026).
Fawzi explained that the Indonesia Central Securities Depository, together with exchange members and custodian banks, is accelerating the completion of classification detail submissions. As of 27 February 2026, progress has reached 94 per cent.
“This gives us optimism that the submission can be completed according to the timeline we have committed to, namely by March 2026,” he said.
The third proposal concerns a gradual increase in the minimum free float threshold from 7.5 per cent to 15 per cent.
The public consultation process by the Indonesia Stock Exchange on the draft regulation regarding the free float increase has been completed. The draft is now undergoing internal approval at the Indonesia Stock Exchange before being submitted to OJK.
“Therefore, we hope that the target completion and implementation in March 2026 can still be achieved,” Fawzi said.
OJK, the Indonesia Stock Exchange, and the Indonesia Central Securities Depository have conducted a joint assessment since early February.
“We are currently finalising the assessment, testing and review with implementation scheduled to commence in March 2026,” he added.
The Indonesia Stock Exchange previously held a virtual meeting with MSCI on Wednesday (11 February 2026). This meeting followed MSCI’s announcement regarding concerns about data transparency and capital market governance in Indonesia.
The discussion proceeded constructively. Details and conclusions of the discussion remain confidential in accordance with agreed norms.
The meeting was a continuation of discussions on 2 February 2025 and the submission of technical documents to MSCI on 5 February.