OJK Targets Completion of IDX Demutualisation Rules Within Three Months

The Financial Services Authority (OJK) is targeting the completion of regulations for the demutualisation of the Indonesia Stock Exchange (IDX) within the next three months. Hasan Fawzi, Chief Executive of Capital Market, Derivative Finance and Carbon Exchange Supervision at OJK, stated that under Law Number 4 of 2026, which amends Law Number 4 of 2023 on Financial Sector Development and Strengthening (P2SK), the implementing rules for exchange demutualisation are now mandated to the OJK, eliminating the need to wait for a government regulation. Hasan mentioned that the demutualisation rules will be formulated as an OJK Regulation (POJK) and have been included in the urgent legislative programme. “So because we are no longer waiting for a government regulation, the drafting of the regulation is currently underway and will eventually be decided at the OJK Board of Commissioners meeting forum. The timeline is approximately the next three months,” he told reporters at the Indonesia Stock Exchange on Tuesday, 30 June 2026. In the POJK, Hasan said, there will be provisions regarding the change of the exchange’s institutional form from mutual to demutual. This means the Indonesia Stock Exchange will become open to owners who are not exchange members. The POJK will also regulate which parties are permitted to become shareholders of the exchange. Additionally, the demutualisation rules will include aspects of majority ownership restrictions for each new owner of the IDX. According to Hasan, this provision aims to prevent any majority dominance in the exchange’s ownership structure. Another aspect to be regulated concerns the exchange’s business development. Hasan stated that the demutualisation POJK allows the exchange to establish strategic partnerships with various parties, including other exchanges both regionally and globally. Hasan emphasised that this demutualisation is being carried out while maintaining the independence of the exchange. “So it remains a market regulator that ensures the public interest is above the interests of shareholders with business motives in the future,” he said. This corporate action of demutualisation will be executed in accordance with existing governance, namely through a General Meeting of Shareholders (GMS) or an Extraordinary GMS. Therefore, according to Hasan, the current shareholders of the exchange have the right to determine the future direction of demutualisation.