Jakarta. The Financial Services Authority (OJK) has given companies listed on the Indonesia Stock Exchange (IDX) until March 2027 to comply with a new minimum public shareholding requirement of 15%, up from the previous threshold of 7.5%.

Hasan Fawzi, OJK’s chief executive for capital market supervision, said on Wednesday the move is aimed at improving liquidity and strengthening the domestic capital market.

For companies planning initial public offerings (IPOs) on the IDX, the 15% free float requirement will apply immediately, Hasan said.

In addition to enhancing liquidity, the regulator is also tightening corporate governance standards. The new rules include mandatory training for boards of commissioners and directors, as well as certification requirements for public accountants auditing listed companies’ financial statements.

Hasan said OJK would take firm action against issuers that fail to meet the requirement.

“The regulator has prepared an exit policy framework that allows for the delisting of companies unable to meet the 15% target within the stipulated timeline,” he said.

To ensure a smooth implementation, OJK will establish a joint task force involving self-regulatory organizations (SROs), asset managers, and the global investor community. The group will assess issuer readiness and monitor market absorption capacity to avoid excessive volatility in share prices.