IDX Chief Says Finance Ministry, Danantara and Bank Indonesia Need Not Take Stakes

Institutions weigh different roles

Jeffrey spoke after the Capital Market Summit & Expo in Jakarta, saying participation would be up to each institution. "This means there is no obligation. Therefore, each institution can determine whether they want to be shareholders or not," he said.

The Finance Ministry has already ruled out taking a stake. Finance Minister Suahasil Nazara said its role as a regulator places it in a different sphere from exchange ownership. In remarks reported by ANTARA on November 3, he pledged continued support for the capital market reforms led by IDX and the Financial Services Authority (OJK), including coordination and monitoring of progress against action-plan targets.

Danantara, meanwhile, is considering an investment. Chief Executive Rosan Perkasa Roeslani estimated a possible stake of 5% to 10%, but said discussions were continuing following the issuance of the relevant OJK regulation.

That range falls under rules that generally limit an investor to 5% of IDX's issued shares, with OJK approval required to exceed that threshold. No party may own more than 50%, either directly or indirectly, including through affiliates.

According to DealStreetAsia, applicants seeking more than 5% must demonstrate that they would bring value to the exchange. OJK's assessment includes financial strength, access to technology and trading infrastructure, domestic and international connectivity, liquidity, and market development.

Legal framework and completion milestones

The provision allowing the three institutions to choose whether to invest appears in Article 8B, paragraph (1), of Law No. 4 of 2026. That law amends Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector, known as the P2SK Law. OJK Regulation No. 13 of 2026 on Stock Exchange Shareholders provides the further rules.

OJK said the regulation took effect when it was promulgated on September 17, 2026, fulfilling a mandate in the 2026 law. The regulator's Investor Relations Unit explained in a September FAQ that demutualization was first mandated by the 2023 Financial Sector Omnibus Law, then mandated again and strengthened by the 2026 amendment. The amendment also moved implementation from a Government Regulation requiring parliamentary involvement to an OJK Regulation.

Jeffrey said the ongoing due diligence was following the applicable rules and procedures. Although no completion deadline has been set, the regulation specifies milestones once shareholders approve the ownership change.

As reported by DealStreetAsia, demutualization is deemed implemented on the date of the IDX shareholders' meeting that approves admitting new shareholders who are not exchange members. The exchange then has six months to complete the separation of board functions and put information barriers in place.

Rights issue planned, with no immediate IPO

IDX development director Iding Pardi said the exchange intends to use a rights issue for demutualization, according to DealStreetAsia. Issuing the new shares would dilute existing shareholders' holdings. The parties would agree on the price, which is expected to exceed the exchange's book value.

The regulation allows new shares, treasury share sales, or a combination of the two to be used for demutualization. Iding also said an initial public offering could take roughly one to two years, based on practices in other markets, but there is no immediate IPO plan.

Shareholders approve dividend and reserves

At their extraordinary general meeting on October 28, 2026, IDX shareholders approved the exchange's first special cash dividend. The payout totals Rp1.564 trillion, or Rp17 billion per share, for shareholders on the register as of October 27.

Shareholders also authorized setting aside Rp2 trillion in retained earnings for operational reserves and corporate development. They approved a 2027 Annual Work Plan and Budget totaling Rp596.4 billion and covering 51 work plans.