SP 27/GKPB/OJK/II/2026

PRESS RELEASE

INDONESIAN ISSUER ASSOCIATION SUPPORTS CAPITAL MARKET INTEGRITY REFORMS

Jakarta, 4 February 2026. Indonesia Financial Services Authority (OJK) held a meeting with the Indonesian Issuers Association (AEI) to explain various follow-up measures in the implementation of reforms to strengthen the integrity of Indonesia’s capital market.

The meeting, held at the Indonesia Stock Exchange (IDX) Building in Jakarta on Wednesday, was attended by the Acting Chief Executive for Capital Market, Derivative Finance, and Carbon Exchange Supervision of OJK, Hasan Fawzi; Chairman of AEI, Armand Wahyudi Hartono; Acting President Director of the Indonesia Stock Exchange, Jeffrey Hendrik; as well as several officials from OJK, IDX, and members of the AEI management.

Following the meeting, Hasan Fawzi stated that the discussion proceeded constructively, focusing on accelerating reforms to strengthen the integrity of the national capital market, particularly with regard to the policy of increasing the free float requirement to 15 percent.

“In today’s meeting, issuers through AEI conveyed their comprehensive commitment to support this policy direction. This support is not limited to increasing the free float, but also covers several important pillars of market integrity strengthening,” said Hasan.

Hasan emphasized that the free float policy is an integral part of Indonesia’s capital market reform agenda. Its objectives are to strengthen market structure, enhance liquidity, broaden the public investor base, and encourage better and more transparent corporate governance among listed companies.

According to him, the implementation of a more open and adequate free float will increase public participation in share ownership, strengthen public oversight of issuers, and make Indonesia’s capital market more attractive to global institutional investors.

On the same occasion, Armand stated that the Indonesian Issuers Association strongly supports the implementation of the free float policy in a gradual, measured manner while taking into account market capacity.

“Overall, we support OJK and the SROs in their efforts to make the capital market more resilient,” said Armand.

AEI also expressed its support for plans to strengthen transparency of Ultimate Beneficial Ownership (UBO), refine investor reclassification to improve the quality of the investor base, enhance disclosure of share ownership above 1 percent, regulate the roles and certain limitations of institutional investors to maintain market balance, and strengthen continuous education programs and financial literacy for retail investors.

Hasan stated that AEI’s commitment reflects an alignment of views between regulators and industry participants that capital market reform must be carried out comprehensively—not only in terms of share ownership structure, but also in aspects of transparency, governance, and the quality of investor participation.

According to him, the implementation of these policies will be conducted carefully, gradually, and in a measured manner, based on close dialogue with the industry and stakeholders. OJK, together with the Indonesia Stock Exchange, will take into account the readiness of each issuer, market conditions, and market absorption capacity.

“This approach is important to ensure that the transition proceeds in a healthy manner and does not create unnecessary disruption,” he said.

As an initial step, OJK is currently formulating an indicative framework that will later be stipulated in Stock Exchange regulations, so that market participants have clarity on direction and sufficient time for adjustment.

The Exchange will also establish a help desk and a dedicated team to assist issuers during the policy adjustment process. At the same time, AEI will intensify coordination and the implementation of various joint activities with OJK and the Exchange to prepare for and complete the agreed reform agendas.

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For further information:

Head of the Department of Financial Literacy, Financial Inclusion, and Communication, OJK – M. Ismail Riyadi

Tel. (021) 29600000; E-mail: humas@ojk.go.id