OJK Clears Path for IDX Demutualization and Wider Ownership

RRI.CO.ID, Jakarta – The Indonesia Stock Exchange (IDX) shareholding structure is set to change as the Financial Services Authority (OJK) paves the way for demutualization to strengthen governance and expand the exchange’s access to capital.

The OJK has issued Regulation (POJK) No. 13/2026 on Stock Exchange Shareholders as the legal basis for this structural shift. The regulation separates share ownership from exchange membership and allows ownership by parties outside the exchange’s membership.

“A demutualized stock exchange structure that enables broad ownership by exchange members, strategic investors, and the public will improve governance quality, open wider access to capital, and accelerate the development of stock exchanges,” said Executive Head of Supervision for Capital Markets, Derivatives, and the Carbon Exchange at the OJK, Hasan Fawzi, in an official statement in Jakarta on Monday, September 21, 2026, as quoted by Antara.

The regulation is a follow-up to Law No. 4/2026, which mandates the OJK to regulate stock exchange shareholders through OJK Regulations.

Under the new scheme, shares of the stock exchange may be held by Indonesian individuals or legal entities, whether or not they are exchange members. The regulation also separates regulatory, supervisory, and business functions to maintain the exchange’s independence.

Each shareholder may hold up to 5 percent of issued shares. Ownership above 5 percent requires OJK approval to prevent dominance and concentration of ownership.

The regulation also prohibits any single party from controlling a majority of the exchange’s shares, either directly or indirectly through affiliates. The majority threshold is defined as more than 50 percent.

POJK No. 13/2026 also regulates dividend distribution and reporting obligations to the Stock Exchange. The OJK retains its regulatory and supervisory authority to maintain market integrity throughout the demutualization process.

In addition, candidates for the exchange’s board of directors and board of commissioners must undergo a fit‑and‑proper assessment by the OJK before election. All shareholders, directors, and commissioners are required to comply with laws and regulations governing the capital market sector. ***