OJK Issues New Rules for IDX Shareholders - Tempo.co English
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) has officially issued regulations regarding the demutualization of the Indonesia Stock Exchange (IDX). The regulations are stipulated in POJK Number 13 of 2016 regarding IDX Shareholders. The regulations took effect on September 17, 2016, when the POJK was announced.
OJK Executive Head of the Capital Market Supervisory, Financial Derivatives, and Carbon Market, Hasan Fawzi, said demutualization is an important part of the action plan to accelerate Indonesia’s capital market integrity reform.
“The demutualization structure of the stock exchange, which allows broad ownership by exchange members, strategic investors, and the public, will drive the improvement of governance quality, open up broader capital access, and accelerate the development of the Stock Exchange,” he said in a press release on Monday, September 21, 2026.
POJK 13 of 2026 includes regulations on IDX shares, the separation of ownership and exchange membership, the implementation of exchange demutualization, the separation of regulatory, supervisory, and business functions, dividend distribution, and IDX reports. According to Hasan, the regulations also contain several provisions to ensure IDX’s independence.
IDX shareholders may own up to five percent of the company's outstanding shares. Parties wishing to hold more than 5 percent of shares must obtain OJK approval. According to Hasan, this provision aims to prevent domination, concentration of share ownership, and/or control by a single party.
Furthermore, any party is prohibited from holding IDX shares in the majority or more than 50 percent, directly or indirectly through its affiliates. IDX Directors and Board of Commissioners are selected in accordance with OJK testing for capability and suitability.
One state institution interested in holding stock in the exchange is Danantara. A document from the IDX shareholders' meeting was previously circulated. The document stated that Danantara would hold IDX 69 shares, or equivalent to 40.12 percent after the rights issue.
According to IDX Director of Development, Iding Pardi, it remains unclear which parties are interested in holding IDX shares and in what portion. “So the circulating percentage, or the parties that have been circulating, are still awaiting OJK approval, so it’s not confirmed yet,” he told reporters at the IDX building in Jakarta on Friday, September 18, 2026.
