Jakarta. Iman Rachman on Friday announced his resignation as President Director of the Indonesia Stock Exchange (IDX), following a two-day market sell-off that saw the Jakarta Composite Index (JCI) plunge as much as 10% and trigger trading halts twice in 2026.

“I, as President Director of IDX, and as a form of responsibility for what happened two days ago, hereby resign as President Director of IDX. I hope this will be the best decision for the capital market,” Iman said at the IDX building on Friday.

Just a week earlier, Iman had been widely regarded as a steady hand at the exchange as the JCI climbed past the 9,000 mark for the first time in its history, a milestone that reflected strong investor confidence in Indonesian equities. That optimism faded quickly as market sentiment reversed over the past two days.

The sell-off followed last week’s record-high rally and came amid renewed pressure after MSCI froze the addition of Indonesian stocks to its indexes over concerns about data transparency, free float, and ownership concentration. Sentiment was further weighed down after Goldman Sachs downgraded Indonesian equities to underweight.

A Chapter of Growth for the Capital Market
During his tenure, Iman oversaw a series of milestones that reshaped Indonesia’s capital market. The JCI reached an all-time high, briefly closing at 9,134.70 on Jan. 20, marking the strongest level in the benchmark’s history.

Market capitalization on the IDX also climbed to a record Rp 16.51 quadrillion in mid-January 2026, up sharply from around Rp 9 quadrillion when he took office in 2022. The growth reflected stronger liquidity, higher valuations, and broader investor participation.

The exchange also emerged as one of the world’s most active IPO venues under his leadership. In 2023 alone, the IDX listed 79 new companies, ranking it as the sixth-busiest stock exchange globally by number of IPOs. Indonesia consistently outpaced regional peers such as Singapore, Malaysia, and Thailand in both listings and funds raised.

Beyond equities, Iman led the launch of IDXCarbon in September 2023, marking Indonesia’s entry into organized carbon trading. The platform was designed to support the country’s net-zero emissions target and position the IDX as a regional player in sustainable finance.

His tenure also saw a strong push for digitalization and investor inclusion. The number of registered capital market investors rose past 14 million by early 2026, driven largely by Gen Z and millennial investors. The IDX expanded its Galeri Investasi program nationwide, extending financial literacy and market access to schools, universities, and rural communities.

Iman’s leadership earned industry recognition, including a Best CEO award in 2023 from SWA magazine and Dunamis. Before stepping down, he had also outlined an ambitious 2026–2030 master plan aimed at placing the IDX among the top 10 stock exchanges globally by market capitalization.

Iman, who was appointed President Director of the IDX in June 2022, brought extensive experience across Indonesia’s financial and state-owned enterprise sectors, having previously held senior roles in investment banking and corporate strategy, including at Mandiri Sekuritas and Pertamina.

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