Source: Kompas.com | January 5, 2026

The Financial Services Authority (OJK) noted that the growth potential of the Indonesian capital market remains enormous, but requires continuous ecosystem improvements.

The Chairman of the OJK Board of Commissioners, Mahendra Siregar, stated that one of the main foundations being strengthened is market integrity to create a well-functioning and efficient capital market.

Entering 2026, the OJK, together with all stakeholders, including Self-Regulatory Organizations (SROs), is committed to implementing various strategic programs focused on improving market integrity and deepening.

The first program is improving the quality of listed companies through comprehensive policy improvements, from listing requirements (entry requirements), increasing free float (shares outstanding), including a continuous free float scheme, increasing transparency regarding ultimate beneficial ownership (ultimate beneficial ownership), and developing a clear exit policy.

Ultimate beneficial owner transparency is considered crucial for minimizing irregular transactions and increasing real liquidity in the market, while also addressing concerns raised by investors and international institutions, including Morgan Stanley Capital International (MSCI), which even proposed a specific free float calculation method for Indonesia.

“Increasing transparency regarding ultimate beneficial owners for listed companies is necessary to minimize irregular securities transactions and increase real liquidity in the market, while also addressing concerns raised by investors and international institutions, such as MSCI, which even issued a proposal for a specific free float calculation method for Indonesia,” Mahendra said at the opening of stock exchange trading at the IDX building on Friday (January 2, 2026).

The second program involves increasing the investor base, both domestic and foreign, through the role of institutional investors, particularly mutual funds, insurance companies, and pension funds.

“We view the program to strengthen the capacity, governance, and risk management of insurance companies and pension funds as nearly complete, so they are now able to increase their investments in the capital market in line with their risk appetite and good risk management practices,” he explained.

In addition, the Financial Services Authority (OJK) continues to encourage increased protection for minority and retail investors through the enforcement of market conduct, including strengthening oversight of the behavior of financial influencers (finfluencers).

The third program includes the adoption and implementation of the latest stock market governance reforms, learning from the practices of other countries deemed successful in creating stock market growth stories.

These reforms include strengthening transparency, the quality of information disclosure, and disciplined corporate management to increase investor confidence and encourage market growth.

Finally, the Financial Services Authority (OJK) is also placing significant emphasis on strengthening risk management and information technology governance in the capital market. In addition, the OJK has imposed various sanctions in the capital market sector, including fines on 121 parties, license revocations on six parties, and warnings and written orders on 638 business actors.