Why KSEI Is Publishing Shareholder Data at 1% and Its Link to MSCI
PT Kustodian Sentral Efek Indonesia (KSEI) and Bursa Efek Indonesia (BEI) have announced that the identities of shareholders holding 1% or more of a listed issuer will be disclosed from Tuesday, 3 March 2026. This policy is part of a wider strategy to safeguard Indonesia’s position in the global capital market.
For years, Indonesia’s transparency standards required disclosure only for holders with stakes above 5%. Global investors, however, argued this threshold was inadequate. Pjs Director of BEI, Jeffrey Hendrik, explained that many holders in the 1%-5% range wield significant influence or are affiliated with controlling shareholders, yet their identities were not publicly known.
“Opening up to the 1% level makes the ownership structure of listed companies far more transparent,” he said in Jakarta. “This helps reduce hidden ownership concentration that could trigger price manipulation or be associated with what is often referred to as ‘gorengan’ shares.”
The move is a swift response to MSCI’s yellow card, issued on 27 January 2026, which announced a freeze on changes to the Indonesian index. MSCI cited concerns about the accuracy of reported free float due to a lack of transparency around ownership below 5%.
The relationship between the KSEI policy and MSCI can be summarised in three key points:
• The opening of 1% data by KSEI today is merely the first step in Indonesia’s 2026 market reform agenda.
Conclusion: The 1% data openness is Indonesia’s principal “tool” to persuade MSCI to lift the freeze and maintain foreign capital inflows into the domestic market.
KSEI and BEI will officially disclose shareholder data above 1% from 3 March 2026. Check the schedule, access methods, and the new 15% free float rule here.
KSEI and BEI will officially disclose shareholder data above 1% from 3 March 2026. Check the schedule, access methods, and the new OJK rules here.
Oki Ramadhana, CEO of Mandiri Sekuritas, said he was optimistic about the proposal BEI has submitted to MSCI.
BEI is pressing the proposal to MSCI and FTSE. The 15% free float rule has entered the final stage with OJK approval, while the list of shareholder concentrations will be released soon.
This move is part of a broader reform agenda to ensure a market ecosystem that is more credible, adaptive, and internationally competitive.
KSEI and BEI officially disclose shareholder data above 1% from 3 March 2026. Check the schedule, access methods, and the new 15% free float rule here.
Investors have been watching a sharp decline in the Jakarta Composite Index (IHSG). The IHSG has fallen and sparked questions in the market about the day’s drop.
MSCIs decision to freeze Indonesian index rebalancing triggered panic selling, with shares such as BUMI, BRMS, ENRG and ARB falling. Full data is available on market feeds.