TEMPO.CO, Jakarta - The Financial Services Authority (OJK) aims to complete the demutualization rules for the Indonesia Stock Exchange (IDX) within the next three months. Hasan Fawzi, the Executive Head of Capital Market Supervision, Financial Derivatives, and Carbon Trade at OJK, stated that based on Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 regarding the Development and Strengthening of the Financial Sector (P2SK), the implementation of the exchange's demutualization rules is now mandated to OJK and no longer waits for government regulations (PP).
Hasan mentioned that the demutualization rules will be formulated as OJK regulations (POJK) and included in the urgent legislative program (Proleg). "So, because it no longer waits for PP, the regulation drafting is currently underway and will be decided at the OJK Commissioner Council meeting. The timeline is approximately three months ahead," he told reporters at the Indonesia Stock Exchange on Tuesday, June 30, 2026.
In the POJK, Hasan stated that provisions regarding the change in the exchange's institutional form from mutual to demutual would be included. This means that the IDX will be open to non-member owners. The POJK will also regulate who may become shareholders of the stock exchange.
Furthermore, the demutualization rules will include aspects of limiting majority ownership by any new owner in the IDX. According to Hasan, the purpose of this provision is to prevent the exchange's ownership structure from being dominated by a majority.
Other aspects that are regulated include the development of the exchange's business. Hasan stated that the demutualization POJK allows the exchange to form strategic partnerships with various parties, including other exchanges regionally and globally.
Hasan emphasizes that this demutualization will be carried out while maintaining the exchange's independence. "So, it will remain a market regulator ensuring public interests over the business-motivated shareholders in the future," he said.
Meanwhile, this demutualization corporate action is carried out in accordance with the existing governance, through the General Meeting of Shareholders (GMS). Therefore, according to Hasan, the current exchange shareholders have the right to determine the direction of demutualization in the future.
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