Jakarta. Indonesia Stock Exchange (IDX) has detailed how it flags stocks with concentrated ownership, as scrutiny intensifies over high shareholding concentration (HSC) names that risk exclusion from global benchmarks such as MSCI indexes.

IDX Trading and Member Regulation Director Irvan Susandy said the HSC list is jointly published by the bourse and Central Securities Depository (KSEI), covering stocks identified as having ownership concentrated among a limited number of investors.

“HSC is determined by a special committee consisting of IDX and KSEI, which reviews supervisory aspects, the listed company, and its shareholders,” Irvan told reporters on Wednesday.

He said the classification aims to improve transparency on ownership concentration in listed firms. “The HSC determination process starts from trigger factors, followed by HSC checking, and ends with public announcement,” he added.

Under the trigger phase, stocks flagged by the HSC committee undergo an assessment of their shareholding structure. The trigger factors include price volatility, supervisory considerations, liquidity, and other indicators.

If a stock is deemed to have concentrated ownership, IDX will disclose it publicly. Listed companies can later improve their status by restructuring ownership, for instance through refloating shares or conducting corporate actions.

“IDX will issue a recovery announcement once the listed company is proven to no longer have concentrated ownership,” Irvan said.

The clarification comes as MSCI maintains temporary restrictions on Indonesian equities in its May 2026 review, keeping a freeze on increases in the Foreign Inclusion Factor (FIF) and Number of Shares (NOS), while refraining from adding new constituents to its Investable Market Indexes (IMI) or upgrading stocks across market-cap segments.

MSCI said it may still use shareholder disclosure data of at least 1% ownership to adjust free float estimates if necessary, but other new data will not be incorporated until its review is completed and market feedback is assessed. The measures are intended to safeguard index stability while authorities implement reforms in Indonesia’s capital market.

Crucially, MSCI reiterated that stocks categorized as HSC may face removal from its indexes under global policies.

The market has already started to price in the risk. Shares of Barito Renewables Energy (BREN) fell 7.53% to Rp 5,550, while Dian Swastatika Sentosa (DSSA) slumped 10.79% to Rp 2,480 in the first trading session on Wednesday.

The declines followed sharp losses in the previous session after MSCI’s latest announcement, with BREN dropping 9.47% and DSSA also falling 10.79%.

Beyond global index risks, both stocks also face pressure from domestic index criteria. Under IDX rules, constituents of major indices such as IDX80 must meet a minimum free float of 10%, or higher under the latest regulations, maintain active trading with no more than one non-trading day in the past six months, and must not fall under the HSC category.

According to Stockbit Sekuritas, BREN and DSSA, both currently included in the LQ45 and IDX80 indices, are at risk of removal in the May 2026 review, potentially triggering outflows from passive funds.

BREN and DSSA are part of a broader group of nine stocks flagged under the latest HSC list released by IDX and KSEI, highlighting how concentrated ownership is not limited to a handful of names.

As of April 2, 2026, the following stocks were identified as having high shareholding concentration:

• Rockfields Properti Indonesia (ROCK): 99.85%
• Ifishdeco (IFSH): 99.77%
• Satria Mega Kencana (SOTS): 98.35%
• Samator Indo Gas (AGII): 97.75%
• Barito Renewables Energy (BREN): 97.31%
• Panca Anugrah Wisesa (MGLV): 95.94%
• Dian Swastatika Sentosa (DSSA): 95.76%
• Lima Dua Lima Tiga (LUCY): 95.47%
• Abadi Lestari Indonesia (RLCO): 95.35%

The HSC designation has become a key concern for investors, as elevated ownership concentration can limit free float and weigh on eligibility for global index inclusion.