JAKARTA – The Financial Services Authority (OJK) is aggressively advancing a series of structural reforms within Indonesia’s capital market. These critical initiatives, which include bolstering share ownership transparency and rigorously enforcing trading regulations, are being undertaken through intensive coordination with prominent global index providers such as Morgan Stanley Capital International (MSCI).
Driving this transformative agenda, Hasan Fawzi, OJK’s Chief Executive of Stock Market, Derivative Finance, and Carbon Exchange Supervision, highlighted a cornerstone measure: the mandatory public disclosure of shareholders in public companies holding more than a one percent stake. This significant move is poised to enhance market visibility and accountability.
Fawzi elaborated that the comprehensive ownership data will be compiled based on positions at the end of February and is slated for effective public release starting March 2026. He reiterated this commitment during the Monthly Board of Commissioners Meeting (RDKB) in February 2026, held at the Bank Indonesia Complex in Jakarta on Tuesday, March 3, 2026, underscoring the firm timeline for this transparency drive.
In a related development, the OJK has observed rapid progress in the investor classification efforts spearheaded by the Indonesian Central Securities Depository (KSEI), actively supported by exchange members and custodian banks. As of February 27, 2026, a remarkable 94 percent of this crucial classification process has been completed. Fawzi expressed strong optimism that this momentum will ensure the project meets its targeted completion deadline by March 2026, a vital step towards a more organized investor landscape.
On the regulatory front, the OJK also announced the successful conclusion of public consultation by the Indonesia Stock Exchange (IDX) concerning its draft Regulation I-A. This pivotal regulation introduces new provisions aimed at increasing the minimum “free float” – the percentage of shares held by public investors, thereby enhancing market liquidity and fairness. The draft is currently undergoing internal approval within the IDX before being submitted to the OJK for final endorsement, with both bodies targeting its full implementation by March 2026.
Simultaneously, since early February 2026, the OJK, in collaboration with IDX and KSEI, has been diligently assessing the potential implementation of “high shareholding concentration” announcements. This initiative aims to provide greater insight into significant concentrations of ownership within companies. Finalization and rigorous trial processes are actively underway, targeting full implementation of this crucial transparency measure by March 2026.
Beyond these structural reforms, the OJK has underscored its unwavering commitment to enforcing capital market laws. As of the latest reporting period, the authority has imposed administrative sanctions totaling IDR 23.6 billion in fines. These penalties also include one license revocation, three license suspensions, and four written orders, reflecting a robust stance against market infractions.
Hasan specifically noted that the latest sanctions were levied against PT Indo Pureco Pratama Tbk (IPPE) and PT Tianrong Chemical Industry Tbk (TDPM) on February 28, 2026. Prior to this, the OJK had also imposed fines totaling IDR 11.05 billion in connection with various stock trading manipulation practices, demonstrating consistent vigilance.
These decisive actions collectively illustrate the regulator’s concerted efforts to fortify the transparency, governance, and overall integrity of Indonesia’s capital market. Such reforms are particularly crucial as Indonesia continues to draw the attention of global investors and navigate the dynamic landscape of international financial indices.