IDX Adjusts Free Float Regulation, Sets 15 Percent Minimum

RRI.CO.ID, Jakarta - The Indonesia Stock Exchange (IDX) has reaffirmed its commitment to following up on the Action Plan for Accelerating Indonesian Capital Market Integrity Reform by strengthening the regulation and development of listed companies.

Supported by the Financial Services Authority (OJK), the IDX is adjusting Exchange Regulation No. I-A on the Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies.

“We plan to implement these regulatory adjustments in March 2026,” IDX Corporate Secretary Kautsar Primadi Nurahmad said in an official statement in Jakarta on Friday, February 6, 2026, as quoted by Antara.

The regulatory adjustments include market deepening measures, such as a new policy raising the minimum free float requirement for listed companies to 15 percent. To ensure smooth implementation, the IDX will apply a transition period to provide listed companies with sufficient time to adjust.

Corporate governance will also be strengthened, particularly through mandatory continuing education for directors, commissioners, and audit committee members of listed companies. 

Governance improvements are further reinforced by a requirement that directors or officials one level below the directors possess accounting competence, to enhance the quality and disclosure of listed companies’ financial statements.

Kautsar explained that compliance with the 15 percent minimum free float requirement will be implemented in stages, with interim targets set at each phase. The process will be accompanied by ongoing monitoring and assistance to ensure that the final target is achieved within the stipulated timeframe.

As part of the regulatory drafting process, the IDX held a public hearing with capital market associations on Thursday, February 5, 2026. The forum was attended by representatives of the Indonesian Securities Companies Association (APEI), the Indonesian Pension Funds Association (ADPI), the Indonesian Listed Companies Association (AEI), the Indonesia Corporate Secretary Association (ICSA), the Indonesian General Insurance Association (AAUI), and the Indonesian Investment Managers Representatives Association (PWMI).

“During the forum, the Exchange received various responses and input from the associations, which will be taken into consideration in formulating amendments to Exchange Regulation No. I-A,” Kautsar said.

The IDX also held additional public hearings with other stakeholders, including listed companies and exchange members, on February 6, 2026.

In parallel with these discussions, the public input collection period runs from February 4 to 19, 2026. The draft of Regulation No. I-A is accessible through the IDX’s official website.

“All stakeholders are encouraged to submit their responses to the draft regulation so that its formulation reflects input from the entire market,” Kautsar said.

From an operational perspective, the IDX has established a hot desk as an information and consultation center for stakeholders, particularly listed companies, during the policy adjustment process. The hot desk can be contacted via peraturan.ppu@idx.co.id.

“These follow-up measures are expected to provide certainty for market participants and strengthen confidence in Indonesia’s capital market reform and governance enhancement,” Kautsar concluded. ***