RRI.CO.ID, Jakarta - The Financial Services Authority (OJK) will take a leading role in reforming Indonesia’s capital market by overseeing the implementation of a series of strategic measures agreed with the market’s self-regulatory organizations.

Speaking at a press conference at the Indonesia Stock Exchange (IDX) building in Jakarta on Friday, January 30, 2026, OJK Executive Head of Capital Market, Derivatives Finance and Carbon Exchange Supervision Inarno Djajadi said the regulator would implement three key initiatives as part of the reform process.

First, OJK will enforce new transparency provisions for shareholders holding less than 5 percent of the equity in listed companies. Second, the regulator will raise the minimum public shareholding, or free float, requirement to 15 percent. Third, OJK will proceed with the demutualization of the IDX and strengthen law enforcement and governance in the capital market.

“OJK will oversee the concerns raised by Morgan Stanley Capital International (MSCI), and we expect this to be completed before May 2026. We will operate from the Indonesia Stock Exchange building,” Inarno said, as reported by Antara.

During the same briefing, Inarno said OJK respected IDX president director Iman Rachman's decision to resign from his post. The regulator views the resignation as a moral responsibility in response to current conditions in the Indonesian capital market.

OJK also assured that the resignation would not disrupt IDX operations. All trading, clearing, settlement, and custodian functions will continue to operate normally, Inarno said.

As part of the reform agenda, OJK and the IDX will revise regulations on minimum public share ownership, raising the free-float threshold from 7.5 percent to 15 percent, effective February 2026. The rule will apply to both newly listed companies and those already on the exchange.

Issuers that fail to meet the requirement will be subject to an exit policy, with the specific mechanism to be determined.

In addition, the IDX and other self-regulatory organizations will adjust and submit proposals in line with MSCI’s requirements, particularly regarding transparency of free float share ownership in Indonesia.

OJK also said the government would soon issue regulations on the demutualization of PT Bursa Efek Indonesia, with issuance targeted for the first quarter of 2026. ***