Danantara, BI and Finance Ministry Now Can Become IDX Shareholders

JAKARTA, Jakartaweekly.com–The Indonesia Financial Services Authority (OJK) has officially introduced rules allowing Danantara, Bank Indonesia (BI), and the Ministry of Finance to become shareholders of the Indonesia Stock Exchange (IDX). 

OJK Regulation (POJK) No. 13 of 2026 on Stock Exchange Shareholders came into effect on September 15, 2026. 

Head of OJK’s Capital Market, Derivatives Finance, and Carbon Exchange Supervision Executive Hasan Fawzi explained that the regulation is part of the demutualization of the stock exchange, which will change the ownership structure of IDX shares. Previously, ownership was limited to stock exchange members under a mutual structure. Under the new demutualized structure, shares can be owned by Indonesian individuals and/or legal entities, whether or not they are stock exchange members. 

Hasan added the demutualization is a step toward accelerating reforms to strengthen the integrity of Indonesia’s capital market. The move not only changes the ownership structure of the stock exchange but also aims to build a more transparent, efficient, and innovative exchange. 

“A demutualized stock exchange structure that allows broader ownership by exchange members, strategic investors, and the public will help improve governance quality, provide broader access to capital, and accelerate the development of the stock exchange,” Hasan said in a press release cited on Wednesday, September 23, 2026. 

Hasan added the POJK 13/2026 continues to safeguard the independence of IDX, market integrity, and IDX’s regulatory and supervisory functions under OJK. 

The regulation also sets limits on stock exchange share ownership. Individuals and legal entities that are IDX shareholders may directly or indirectly hold a cumulative maximum of 5% of the total issued shares of IDX. 

Any party seeking to own more than 5% of IDX shares, or that already owns 5% and intends to increase its ownership, must obtain approval from OJK. However, no party is allowed to hold a majority stake or more than 50% of IDX shares, either directly or indirectly, including through its affiliates. 

IDX may therefore conduct a public offering of its shares after obtaining OJK approval to implement the stock exchange demutualization. In addition, IDX may distribute dividends to its shareholders, subject to the establishment and accumulation of operational and development reserve funds for IDX. 

Ownership of IDX shares by shareholders is also separated from IDX membership. Under the regulation, IDX is prohibited from granting trading access to parties other than stock exchange members. Likewise, stock exchange members are prohibited from granting trading access to other parties.