The president’s directive was conveyed by Coordinating Minister for Economic Affairs Airlangga Hartarto in Jakarta on Saturday (Jan. 31), following a wave of resignations among the leadership of the two self-regulatory organizations (SROs).
“Mr. President has instructed the acceleration of measures to strengthen market integrity, including structural reforms of the capital market through stock exchange demutualization and efforts to improve liquidity by raising the minimum free float to 15 percent, in line with global standards,” Hartarto said.
He explained that increasing the free float would release more shares to the public, thereby enhancing transparency, liquidity, and overall market integrity.
To further strengthen transparency, Hartarto added, President Prabowo emphasized the need to tighten regulations on beneficial ownership and to improve public access to information on shareholder affiliations.
“This structural transformation also includes accelerating demutualization to align Indonesia’s capital market with modern international exchanges,” he said.
Regarding leadership transitions at the OJK and IDX, Hartarto confirmed that the president has instructed the Ministry of Finance to coordinate with both institutions to ensure uninterrupted market operations.
“Acting officials will ensure that regulatory functions, trading activities, and supervisory duties continue to run smoothly. Our institutions remain resilient as they are managed in line with good governance principles and best practices,” he said.
On Friday (Jan. 30), OJK Chairman Mahendra Siregar and Vice Chairman Mirza Adityaswara announced their resignations.
The same day, OJK’s Chief Executive for Capital Market, Financial Derivatives, and Carbon Exchange Supervision Inarno Djajadi, along with Deputy Commissioner for Issuer Supervision, Securities Transactions, Special Audits, Financial Derivatives, and Carbon Exchange Supervision I.B. Aditya Jayaantara, also stepped down.
IDX President Director Iman Rachman likewise resigned on Friday.
The following day, the OJK appointed Friderica Widyasari Dewi, Chief Executive for Market Conduct Supervision, Education, and Consumer Protection, to assume leadership responsibilities previously held by Mahendra and Mirza.
Meanwhile, IDX Director of Business Development Jeffrey Hendrik was appointed acting president director of the exchange.
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Translator: Uyu Septiyati, Tegar Nurfitra
Editor: Primayanti
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