TEMPO.CO, Jakarta - The Financial Services Authority (OJK) is drafting derivative regulations on the demutualization of the Indonesia Stock Exchange (IDX), with plans to issue them by the second week of September 2026. Hasan Fawzi, OJK's Chief Executive of Capital Markets, Financial Derivatives, and Carbon Exchange Supervision, said the rules will ensure equity stakes held by the Ministry of Finance, Bank Indonesia, and Danantara do not undermine the exchange's independence.
The recent revision of the Financial Sector Development and Strengthening Law (UU P2SK) permits the Ministry of Finance, Danantara, and the central bank to acquire shares in PT IDX following its demutualization. Hasan emphasized that, under the revised law's mandate, the participation of these state entities must never jeopardize the exchange's neutrality.
"We will underscore this in the draft Financial Services Authority regulation," Hasan wrote in a statement following OJK's Monthly Board of Commissioners Meeting released on Wednesday, July 29, 2026.
He noted that the strengthened policy will lay out specific rules governing key operational mechanisms. These encompass decision-making, rule-making processes, and organizational frameworks, all of which will require prior OJK approval before taking effect.
Hasan explained that the OJK, as the capital market authority, is still crafting the secondary regulations under Law No. 4 of 2026. The regulator is engaging various key stakeholders, including the Indonesia Stock Exchange, the Association of Indonesian Securities Companies (APEI), and other industry players. This collaborative approach aims to yield comprehensive, workable rules that preserve the independence of both the OJK as supervisor and the IDX as the demutualizing entity.
Joint studies involving the government and the House of Representatives (DPR) are also underway to expedite the regulatory process. "With the support of the government and relevant stakeholders, we are targeting the issuance of the OJK Regulations on Stock Exchange Demutualization in the second week of September 2026," he said.
Law No. 4 of 2026, which revises the P2SK Law, introduces a new article governing the demutualization of the stock exchange. Under this mandate, the IDX will transition from a member-owned, self-regulatory organization into a limited liability company (PT).
Article 8, Paragraph 1 of the omnibus law highlights this shift, stating, "The Stock Exchange is a limited liability company established by multiple unaffiliated limited liability business entities."
The amendment also includes a clause opening equity ownership to state institutions, with Article 8B, Paragraph 1 of Law No. 4 of 2026 stipulating, "The Ministry of Finance, Bank Indonesia, and the Daya Anagata Nusantara Investment Management Agency (Danantara) may hold shares in the Stock Exchange."
In addition, the new framework specifies that exchange shareholders may comprise Indonesian individuals or legal entities, regardless of whether they are exchange members. A separate article explicitly reinforces that equity participation by the Ministry of Finance, Bank Indonesia, and Danantara must be executed without compromising the stock exchange's independence.
Read: Experts Spill Why Market Remains Resilient After BI Governor Exit
Click here to get the latest news updates from Tempo on Google News
OJK Seeks Tax Incentives for Gold ETFs
14 hari lalu
The Financial Services Authority (OJK) has requested fiscal incentives from the government for gold-based exchange-traded fund (ETF) transactions.
Komdigi Reports 38,000 Bank Accounts Linked to Online Gambling to OJK
15 hari lalu
The Ministry of Communication and Digital Technology (Komdigi) has reported over 38,000 bank accounts affiliated with online gambling and illegal online loans to the Financial Services Authority (OJK).
Why OJK Merged 8 Rural Banks Into BPR Pusaka Dana
20 hari lalu
The Financial Services Authority (OJK) expressed confidence that the merger of eight rural banks will bolster their capital structure.
Do Prabowo's Speeches Really Affect the Stock Market? OJK Responds
28 hari lalu
OJK has responded to speculation linking President Prabowo Subianto's speeches to movements in the Jakarta Composite Index (JCI).
OJK Details Impact of BI Rate Hike on Insurance Industry
35 hari lalu
OJK mentions that changes in the BI Rate impact the insurance industry's ability to manage portfolios.
Indonesia's OJK Issues New Rules on Financial Influencers
35 hari lalu
The new OJK rule specifies that the activities of financial influencers encompass financial education, marketing, and product recommendations.
OJK Pledges More Reforms After MSCI Reviews Indonesia
35 hari lalu
The Financial Services Authority (OJK) promises to strengthen the market reform agenda in response to the Morgan Stanley Capital International (MSCI) review.
New IDX President Director Vows to Continue Capital Market Reforms
40 hari lalu
Jeffrey Hendrik and six other executives were selected as IDX directors for the 2026-2030 term after completing a fit-and-proper test conducted by OJK
OJK Taps Jeffrey Hendrik as New IDX Chief for 2026-2030
41 hari lalu
The Financial Services Authority (OJK) has named the new board of directors of the Indonesia Stock Exchange (IDX) for the 2026-2030 term.
Will Rupiah Depreciation Trigger Bank Rush?
54 hari lalu
OJK states that bank management must always maintain public trust by ensuring performance to avoid a bank rush risk.
