February 1, 2026 | 09:21 pm
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) and Self-Regulatory Organizations (SRO), including the Indonesia Stock Exchange (IDX), have drafted eight action plans to accelerate the integrity reform of the Indonesian capital market. These strategic steps were presented during a dialogue with capital market participants at the Indonesia Stock Exchange on Sunday, February 1, 2026.
Friderica Widyasari Dewi, Deputy Board Commissioner of the OJK, stated that the institution and its stakeholders are committed to strengthening structural reforms to ensure the market remains credible and investment-worthy.
"The eight action plans we have formulated are organized into four clusters: new free float policies, transparency, governance and enforcement, and synergy," Friderica explained during the dialogue in Jakarta on Sunday, February 1, 2026.
IDX Development Director Jeffrey Hendrik added that the exchange has received numerous concerns and aspirations from global index providers. "Last week we communicated with the FTSE, and as you may know, we will hold further discussions with MSCI tomorrow," Jeffrey noted.
Below are the eight action plans to be implemented by the OJK and SRO:
1. Raising the Minimum Free Float Limit to 15 Percent
The OJK and SRO will increase the minimum free float requirement for issuers to 15 percent, up from the previous 7.5 percent. This policy will apply immediately to newly listed companies, while existing issuers will be granted a phased transition period.
2. Ultimate Benefit Ownership Transparency
"We will continue to push for the strengthening of UBO (Ultimate Benefit Ownership) transparency and the disclosure of shareholder affiliations," Friderica said. She hopes these steps will enhance credibility and investability through strict regulations aligned with international best practices.
3. Strengthening Share Ownership Data
The OJK has instructed the Indonesian Central Securities Depository to refine share ownership data to be more granular and reliable. This involves detailing investor subtypes based on global standards and tightening disclosure requirements for listed shareholders.
4. Demutualization of the Stock Exchange
Friderica stated that the demutualization of the IDX aligns with the mandate of the Financial Sector Development and Strengthening Act (P2SK), allowing parties other than securities brokers to become shareholders. "OJK will continue discussions with the Ministry of Finance and the IDX to prepare for this implementation," she said.
5. Regulation Enforcement and Sanctions
The OJK will continue to strictly and consistently enforce regulations against legal violations, including stock transaction manipulation and the dissemination of misleading information.
6. Issuer Governance
The OJK will mandate continuous education for directors, commissioners, and audit committees of listed companies. Furthermore, individuals responsible for preparing issuer financial reports will be required to hold a Certified Accountant (CA) certification.
7. Integrated Market Deepening
The OJK and SRO will accelerate market deepening initiatives across the demand, supply, and infrastructure sectors. This will be executed in an integrated manner through synergy with all relevant stakeholders.
8. Collaboration and Synergy with Stakeholders
The OJK remains committed to collaborating with the government, SROs, and industry players to ensure the structural reform process remains sustainable.
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