Flooring Guide by Cinvex – , JAKARTA — Global index provider MSCI has once again affirmed its decision to maintain restrictions on Indonesian stocks during its May 2026 index review. This move comes amidst an ongoing comprehensive evaluation of newly implemented capital market transparency reforms.
In an announcement made on Monday (April 20, 2026), MSCI underscored its commitment to upholding the previously announced interim policy. This includes a freeze on several adjustments pertaining to Indonesian equities.
“MSCI will freeze all increases in Foreign Inclusion Factors (FIF) and Number of Shares (NOS),” MSCI stated in its announcement, as quoted on Tuesday (April 21, 2026).
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Furthermore, MSCI confirmed that it will refrain from incorporating Indonesian stocks into the MSCI Investable Market Indexes (IMI) during this review period. Beyond this, no reclassification between index size segments, such as from Small Cap to Standard, will be undertaken.
This critical decision is being made in the midst of assessing the reforms recently introduced by Indonesia’s capital market authorities, including the Financial Services Authority (OJK), the Indonesia Stock Exchange (BEI), and the Indonesian Central Securities Depository (KSEI).
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The array of reforms under scrutiny encompasses enhanced shareholder disclosure for holdings above 1%, finer granularity in investor classification, the introduction of a High Shareholding Concentration (HSC) framework, and a strategic roadmap to elevate the minimum free float threshold to 15%.
MSCI noted that it is currently evaluating the efficacy of these policies in shaping free float determinations and the broader aspects of market investability.
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“MSCI is currently assessing the scope, consistency, and overall effectiveness of these new data sources and policies in the context of free float determination and broader investability assessment.”
As part of its additional policy directives, MSCI also announced its intention to delist securities identified by Indonesian authorities under the High Shareholding Concentration (HSC) framework.
“MSCI will remove securities identified by Indonesian authorities within the High Shareholding Concentration (HSC) framework,” MSCI reiterated.
Moreover, MSCI reserves the right to utilize shareholder disclosure data for holdings exceeding 1% to adjust free float estimations, should it deem necessary.
Nonetheless, MSCI has firmly stated that it will not integrate this new data into index calculations until the evaluation process is fully complete and feedback from market participants has been thoroughly gathered.
“MSCI also emphasizes that it will not incorporate data from these new sources and disclosures into free float assessments or index calculations until the review process is concluded, and feedback from market participants has been received and evaluated.”
According to MSCI, this cautious approach is designed to safeguard market stability and mitigate potential investor risks throughout the policy transition period.
“This approach aims to limit index turnover and investability risks, while providing time for further evaluation of the newly announced reforms.”
Moving forward, MSCI commits to maintaining a robust dialogue with market participants and relevant Indonesian authorities before delivering any further decisions in its Market Accessibility Review, which is slated for June 2026.
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