Prospective OJK Chief Prepares Exit Policy for Issuers Failing to Meet 15% Free Float Requirement

Jakarta, CNBC Indonesia — Friderica Widyasari Dewi, interim head of the Financial Services Authority (OJK) Board of Commissioners, is preparing a strategy to encourage publicly listed companies on the Indonesian Stock Exchange (BEI) to meet a 15% free float requirement. She revealed that discussions have already taken place with the BEI, the Central Securities Depository of Indonesia (KSEI), and various self-regulatory organisations (SROs).

She made these comments whilst undergoing a fit and proper test as a candidate member of the OJK Board of Commissioners before Commission XI of the Indonesian House of Representatives on Wednesday, 11 March 2026.

Widyasari Dewi, commonly known as Kiki, acknowledged that achieving a 15% free float requirement cannot be done immediately and must proceed through several stages. Accordingly, she has set regulations requiring companies undertaking initial public offerings (IPOs) this year to already possess a 15% free float level.

Subsequently, Kiki stated that discussions had taken place with the Indonesian Issuers Association (AEI), conveying that compliance with free float provisions can be implemented in stages during the first year and then continued in the third year. However, public companies unable to meet these requirements may be delisted.

“Ultimately, when an issuer cannot meet the 15% requirement, we will prepare an exit policy, so everyone benefits equally. This means they cannot continue to exist without meeting the requirements we have set,” said Kiki.

She explained that the current need to increase the free float of issuers’ shares is quite substantial, reaching approximately 200 trillion rupiah for 2026.