Jakarta. The Financial Services Authority (OJK) is finalizing regulations that will pave the way for the demutualization of the Indonesia Stock Exchange (IDX), with the rules targeted for issuance this month.

The draft regulation is currently undergoing legal harmonization at the Law Ministry, the final stage before it can be formally enacted, OJK Capital Market Supervision Executive Chief Hasan Fawzi said.

Hasan said OJK hopes to complete the harmonization process this week, after which the regulation will proceed through numbering, formal approval, and promulgation.

“The regulation is now in the finalization stage and undergoing the harmonization process at the Law Ministry. We hope to complete the harmonization approval process this week,” Hasan told reporters recently.

“After that, we will proceed with numbering, formal approval and its immediate promulgation,” he added.

Hasan said OJK remains on track to issue the regulation in September.

The regulation will establish the legal framework for preparations and implementation of the IDX demutualization process.

“Hopefully, everything will proceed according to target. God willing, this September we will be able to issue the legal framework in the form of an OJK regulation on stock exchange shareholders,” Hasan said.

Separating Exchange Ownership from Membership
Demutualization would transform the IDX's ownership structure, which is currently controlled by its exchange members, by allowing a broader range of investors to become shareholders.

The reform is intended to separate exchange membership from ownership and is part of a broader effort to strengthen governance and reduce potential conflicts of interest in Indonesia's capital market.

It follows a mandate under the 2023 Financial Sector Development and Strengthening Law and subsequent changes to financial-sector regulations in 2026.

OJK has included IDX demutualization among its measures to accelerate capital-market integrity reforms.

The ownership restructuring will still require approval from IDX shareholders through an extraordinary general meeting. The exchange's existing shareholders are its member securities companies, totaling around 90.

Once the ownership restructuring receives shareholder approval, the IDX can determine the mechanism for bringing in new shareholders from outside its exchange membership.

The IDX previously postponed a shareholder meeting scheduled for Sept. 15 because it was still awaiting the OJK regulation that will provide the legal basis for the demutualization process.

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