Retail Investors Must Know the Criteria for HSC Stocks, What Are They?

JAKARTA, KOMPAS.com - The movement of shares that appear “lively” does not necessarily reflect healthy liquidity. Behind rapid price surges, there may be hidden concentrated ownership structures held by a handful of parties. Therefore, retail investors need to understand the criteria for stocks included in the High Shareholding Concentration (HSC) list, or stocks with high ownership concentration. Director of Trading and Member Regulation at the Indonesia Stock Exchange (BEI), Irvan Susandy, stated that his institution has opened up data on issuers included in the HSC. This policy aims to increase transparency in the capital market. “The purpose of HSC is to increase transparency to the public regarding information on the concentration of listed companies,” Irvan told reporters on Wednesday (22/4/2026). The HSC list is announced by the Indonesia Stock Exchange together with the Indonesia Central Securities Depository (KSEI) for stocks indicated to have ownership concentration among a limited number of investors. “HSC is determined by a special committee consisting of BEI and KSEI, which considers aspects of supervision, listed companies, and their shareholders,” he explained. The HSC determination process begins with identifying trigger factors, followed by the HSC checking stage up to the public announcement. In the trigger factor process, stocks affected by the trigger factors determined by the HSC Committee will be followed up with an assessment of the shareholding structure. The trigger factors consider several aspects such as price volatility, supervision aspects, liquidity, and others,” continued Irvan. If the evaluation results indicate high ownership concentration, BEI will announce that status to the public as a form of transparency. However, listed companies have the opportunity to improve their ownership structure through various steps, such as increasing the portion of public shares (refloat) or other corporate actions. Subsequently, if the improvement is deemed successful and the ownership structure is more dispersed, BEI will again issue an announcement to the public through a recovery announcement, indicating that the stock is no longer in the HSC category. “BEI will again make an announcement (recovery announcement) to the public when the listed company has proven to no longer have concentration in its share ownership,” he added.