Jakarta. Indonesia Stock Exchange (IDX) has identified 49 of the market’s largest listed companies as a priority group in a pilot program to comply with the upcoming 15% minimum free-float requirement, set to be implemented gradually over the next three years.

The 49 issuers account for nearly 90% of total market capitalization among approximately 267 companies that currently fall short of the new threshold.

IDX Director of Corporate Valuation I Gede Nyoman Yetna said the exchange, together with the Financial Services Authority (OJK), will provide intensive assistance to affected companies, including mapping out possible corporate actions to support gradual compliance.

“Out of around 267 companies that have yet to meet the 15% free-float requirement, there are 49 issuers representing about 90% of market capitalization. This group is our priority pilot project for phased compliance,” Nyoman said at the IDX building in Jakarta on Wednesday.

Alongside the free-float policy, IDX is also finalizing rule-making for stricter initial public offering (IPO) listing standards. Draft regulations have been published on the exchange’s official website and are currently open for feedback from industry associations and market participants.

“All new rules will take effect once the rule-making process is completed. We want to ensure that companies entering the exchange are high-quality firms with strong governance and operational readiness,” Nyoman said.

The tighter framework includes raising standards for the acceleration board to match the development board, adjusting development board requirements closer to the main board, mandatory good corporate governance (GCG) certification and training for directors, commissioners, and audit committee members, as well as Chartered Accountancy certification for financial statement preparers.

According to Nyoman, these measures are designed to improve the quality of new issuers and strengthen the overall market structure.

Despite the tougher listing requirements, IDX remains optimistic that IPO interest will stay resilient, supported by deeper market liquidity and expanding opportunities for institutional investors.

“With increasing market depth and the potential expansion of institutional investment space, we expect entrepreneurs’ interest in entering the capital market to remain strong,” he said.

Nyoman added that the tightening of regulations and free-float compliance will be carried out in a measured manner, taking into account issuers’ readiness and overall market stability.

IDX, he said, continues to coordinate closely with regulators and law enforcement agencies to safeguard market integrity, particularly in relation to ongoing cases involving several stocks.

“IDX fully supports law enforcement efforts related to the PIPA and MINA cases and ensures that market mechanisms operate in accordance with regulations. We continue to monitor trading patterns and disclosure. Trading suspensions may be imposed if necessary to protect investors,” Nyoman said.

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