RRI.CO.ID, Jakarta - The Indonesia Stock Exchange (IDX) is targeting an increase in the minimum free float limit to 15 percent to strengthen market liquidity and integrity. The policy is expected to reduce stock price manipulation and improve issuers’ transparency.

IDX Acting President Director Jeffrey Hendrik said that the larger the portion of shares circulating in public, the more difficult it is to manipulate prices. “Just imagine, manipulating a free float of 10 is much easier than manipulating a free float of 1,000,” Jeffrey said at the 2026 Economic Outlook forum in Jakarta on Thursday, February 12, as quoted by Antara.

He emphasized that a deeper and more transparent market would limit opportunities for manipulation. IDX is also preparing legal mechanisms to deal with parties that submit inaccurate free float reports.

In terms of trading supervision, IDX monitors stock price fluctuations and issues Unusual Market Activity (UMA) warnings for stocks that exhibit abnormal price movements. If volatility continues, the exchange may temporarily suspend trading to allow investors to analyze available information.

Action against manipulators is taken in coordination with the Financial Services Authority (OJK). Several sanctions have already been imposed, and monitoring will continue to be strengthened. “We hope that the combination of ongoing monitoring and enhanced transparency will improve our market integrity,” Jeffrey said.

He explained that IDX has examined the potential impact of the free float adjustment to ensure its implementation is well managed, noting concerns about possible pressure on stock supply.

Of the 956 listed companies, 268 issuers still have a free float below 15 percent. However, 49 of these companies account for about 90 percent of the group’s market capitalization.

To address this, IDX has provided a hot desk for issuers to discuss timing and strategies to increase their free float without disrupting market stability.

Regarding Initial Public Offerings (IPOs), IDX will prioritize company quality by raising listing requirements. “The goal is to improve the quality of listed companies, so prospective issuers need to adjust,” Jeffrey said. ***