Stock Exchange to Trial Minimum Share Price of Rp1; Implementation Date Pending

The President Director of the Indonesia Stock Exchange (IDX), Jeffrey Hendrik, has revealed that the plan to remove the minimum share price limit from Rp50 to Rp1 has entered the trial phase. However, the IDX has not yet determined when this policy will officially come into effect.

Jeffrey stated that the trial is being conducted to ensure the readiness of all Exchange Members (brokers) before the Rp1 minimum price rule is fully implemented. According to him, the testing process has been largely successful so far, although some brokers have yet to participate in the trial.

“In general, it has been quite successful. There are about 8 Exchange Members that have not yet participated. We will follow up on this in the next trial,” Jeffrey told reporters at the IDX Building in Jakarta.

In addition to the trials, the IDX is conducting Focus Group Discussions (FGD) with market participants. The exchange will subsequently request reports on the results of these trials and FGDs from the relevant Exchange Members.

Regarding when the Rp1 minimum share price will take effect, Jeffrey has not provided a specific date. He noted that the implementation of the policy will depend on the readiness of all Exchange Members, as the IDX wants to ensure no broker is left unprepared when the policy goes live.

Currently, the lowest tradable share price on the IDX is Rp50 per share, commonly known as “gocap” stocks. Once the minimum threshold is removed, stocks could potentially be traded as low as Rp1.

Previously, Jeffrey explained that this change is designed to enhance liquidity access and facilitate a more efficient price discovery process in the market.

In conjunction with the Rp1 minimum price plan, the IDX is also preparing changes to the Auto Rejection Upper (ARA) and Auto Rejection Lower (ARB) limits. Auto rejection is a mechanism where the trading system automatically rejects buy or sell orders if the transaction exceeds the specified price or volume limits.

Under the new scheme, low-priced stocks will no longer rely solely on percentage-based limits. For ARB, stocks priced between Rp1 and Rp10 will use a nominal limit of Rp1, while stocks priced between Rp11–Rp200, Rp201–Rp5,000, and above Rp5,000 will be subject to a 15% ARB limit.

For ARA, stocks priced between Rp1 and Rp10 will also use a nominal limit of Rp1. Stocks priced between Rp11–Rp200 will have an ARA limit of 35%, those between Rp201–Rp5,000 will have a 25% limit, and those above Rp5,000 will have a 20% limit.

Unlike the minimum price implementation, which lacks a fixed date, the changes to the ARA and ARB regulations have a target implementation date. The IDX Director of Trading and Regulation, Irvan Susandy, stated that the ARA and ARB changes are still undergoing testing and are planned to be implemented starting 7 September 2026.