OJK Awaits Government Regulation to Guide IDX Demutualization

RRI.CO.ID, Jakarta - The Financial Services Authority (OJK) has confirmed that the demutualization process of the Indonesia Stock Exchange (IDX) will proceed once the government issues the implementing regulation under a forthcoming Government Regulation (PP).

Hasan Fawzi, a member of OJK’s Board of Commissioners and acting Chief Executive for Capital Market, Derivatives, and Carbon Exchange Supervision, said the mechanism cannot be finalized until the PP is issued.

“We must wait for the formulation in the Government Regulation. Once the mechanism is outlined, subsequent rules such as OJK regulations and those issued by the Exchange will need to align,” Hasan told reporters at the IDX building in Jakarta on Monday, February 9, 2026, as quoted by Antara.

If the PP does not provide detailed guidance, OJK will prepare the most feasible mechanism while ensuring the involvement of current shareholders in determining the appropriate scheme. At present, IDX ownership remains closed and mutual, limited to securities brokers and exchange members.

Hasan noted that the PP is being drafted in line with the Financial Sector Development and Strengthening (P2SK) Law, which requires government formulation followed by approval from the House of Representatives (DPR).

“We will wait. Once the government completes the draft, it will be submitted to DPR. Then we will see the final regulation that will be enacted,” he explained, adding that OJK continues to monitor the process and prepare early steps where possible.

Earlier, Coordinating Minister for Economic Affairs Airlangga Hartarto said the demutualization could be carried out in two stages, through private placement or an initial public offering (IPO). He stressed that the reform is crucial to strengthen governance and transparency in the capital market.

The government has targeted the issuance of the regulation in the first quarter of 2026. Demutualization will transform IDX from a self-regulatory organization owned by exchange members into a corporate entity open to public or external ownership. ***