OJK to Issue Regulations Strengthening Investment Managers and Securities Companies
As a form of capital market strengthening, the Financial Services Authority (OJK) has previously issued regulations regarding the establishment of special accounts for initial public offering (IPO) proceeds. This regulation was issued on 22 December 2025.
According to the OJK’s official website accessed on Tuesday (10 March 2026), the regulation is titled OJK Regulation (POJK) No. 40 of 2025 concerning the Use of Funds from Public Offerings.
“This is one provision we have just issued. So when there is an IPO, the IPO proceeds must be placed in one special account. So we can monitor its use, that is one of them,” explained Eddy Manindo Harahap, Deputy Commissioner for Capital Market Supervision at the OJK, at the 2026 Investor Relations Forum held at the Indonesia Stock Exchange Building in Jakarta on Tuesday (10 March 2026).
The POJK outlines the discussion of special IPO fund accounts in Part Two concerning Accountability for the Realisation of the Use of Public Offering Proceeds, specifically in Articles 13, paragraphs (4), numbers g, h, and i, Articles 20 and 21.
Number g discusses information about the account holding public offering proceeds and the latest balance.
Point h contains information on the placement of IPO funds not yet realised, which must disclose the type of placement, the placement institution, the latest balance, and the interest rate or yield obtained.
Point i stipulates that listed companies must disclose affiliate relationships and the nature of affiliate relationships between the issuer and the party holding the funds. If there is an affiliate relationship, the issuer must provide the reasons for such affiliation.
Article 20 states “Issuers are obliged to place the funds from public offerings in an account holding the proceeds from public offerings.”
Article 21 regulates the IPO fund account, which must be placed as a special account in the name of the listed issuer at a commercial bank or Islamic commercial bank supervised by the OJK. The account must also be separated from the issuer’s operational account.
Issuers must also submit account statements for the special account at a commercial bank or Islamic commercial bank supervised by the OJK, together with the submission of the Fund Utilisation Realisation Report (LRPD).
For issuers with Islamic-based business activities or those issuing sukuk, the fund-holding account must be a special account at an Islamic commercial bank or an Islamic account at a commercial bank.
Eddy further stated that the OJK will issue several regulations in the future to strengthen the capital market ecosystem. These regulations include strengthening investment management companies (MI), securities companies, and their supporting parties.
During the Indonesian Capital Market Roadmap 2023-2027, the OJK continues to discuss and issue strengthening policies for the capital market ecosystem.