RRI.CO.ID, Bogor – Coordinating Minister for Economic Affairs Airlangga Hartarto on Monday revealed the outcome of an online meeting with Morgan Stanley Capital International (MSCI), saying foreign investors were showing renewed confidence in Indonesia’s reform efforts.

“The MSCI meeting with the Indonesia Stock Exchange (IDX) was conducted via Zoom. With the foreign net inflow, I see that they believe in the reform initiatives we have undertaken,” Airlangga said in Sentul, Bogor, West Java, on February 2, 2026.

Foreign net inflows indicate the movement of overseas funds into equities. Earlier, an MSCI report triggered an eight percent plunge in the Jakarta Composite Index (IHSG) on Wednesday, January 28.

MSCI highlighted persistent shortcomings in Indonesia’s stock market, including limited transparency, widespread “pump-and-dump” practices, and issuers’ free-float requirements. President Prabowo Subianto has since ordered reforms at the IDX in response to MSCI’s assessment.

The Financial Services Authority (OJK) followed up by announcing eight measures to accelerate capital market integrity reforms, including raising the minimum free-float requirement for listed companies to 15 percent from 7.5 percent. The regulator expects the new policy to increase public share ownership.

Other measures include strengthening transparency on Ultimate Beneficial Ownership and disclosure of shareholder affiliations, aimed at boosting credibility and investment appeal through stricter regulations aligned with international standards.

OJK will also enhance share ownership data managed by PT Kustodian Sentral Efek Indonesia (KSEI) to make it more granular and reliable, with the information to be published through the IDX. In addition, the exchange will undergo demutualization in accordance with applicable laws to improve governance, reduce conflicts of interest, reinforce independence, and enhance transparency and operational efficiency.

The authority will further step up law enforcement in a firm and sustained manner, focusing on stock transaction manipulation and the spread of misleading information that harms investors, particularly retail participants.

To strengthen issuer governance, OJK will require continuing education for directors, commissioners, and audit committee members and mandate that preparers of listed companies’ financial statements hold Certified Accountant (CA) credentials.

The reform package also includes integrated market deepening to reinforce the capital market’s role as a source of long-term financing. The initiatives will be carried out through ongoing collaboration with the government, self-regulatory organizations, industry players and other stakeholders. (Gusti Panji/Lasti Martina)​