Indonesia Stock Exchange delays demutualization pending new OJK regulations

The Indonesia Stock Exchange (BEI) has postponed its Extraordinary General Meeting of Shareholders (RUPSLB) pending the issuance of technical regulations by the Financial Services Authority (OJK) regarding the exchange's demutualization.

Under the Law on the Development and Strengthening of the Financial Sector (UU PPSK), the ownership structure of the exchange will transition from its current model, where it is owned by brokerage members, to a state-held entity. The three designated state institutions eligible to hold shares are the Ministry of Finance, Bank Indonesia (BI), and the Daya Anagata Nusantara Investment Management Agency (Danantara).

While the draft OJK regulation (POJK) initially proposes a 5% ownership cap per entity, Hasan Fawzi, OJK Executive Head of Capital Market Supervision, noted that strategic shareholders—specifically the three state institutions—may be permitted to exceed this limit following a formal application and approval process. The OJK aims to finalize these regulations by September, with the full transition process targeted for early 2026.