Jakarta. Newly appointed Indonesia Stock Exchange (IDX) Chief Executive Officer Jeffrey Hendrik has pledged to strengthen transparency, integrity, and market governance to boost investor confidence and enhance the competitiveness of Indonesia’s capital market globally.

Jeffrey, who will lead the exchange for the 2026–2030 term, made the commitment after meeting the leadership of Indonesia’s Financial Services Authority (OJK) and members of parliament in Jakarta on Thursday.

“Our commitment is to continue improving transparency, integrity, and governance at the Indonesia Stock Exchange, while also deepening the market on both the demand and supply sides,” Jeffrey said.

The leadership transition comes after a turbulent period for Indonesia’s financial markets, triggered by uncertainty surrounding MSCI’s treatment of Indonesian equities. In January 2026, index provider MSCI postponed its review of Indonesian stocks and raised the possibility of downgrading the country from emerging market to frontier status, sparking heavy foreign outflows and a sharp decline in the benchmark index.

The Jakarta Composite Index fell nearly 7% at the time, wiping tens of billions of dollars from market capitalization and prompting regulatory scrutiny. The volatility later contributed to leadership changes at the exchange and within the Financial Services Authority.

Markets again saw heightened volatility in early June as investors awaited MSCI’s upcoming Global Market Accessibility Review and Annual Market Classification Review, which will determine whether Indonesia retains its emerging market status and whether the index provider will resume adjustments to its Indonesian constituents.

Regulators have since introduced a series of reforms aimed at stabilizing the market and improving transparency, including higher free-float requirements, expanded disclosure of shareholder ownership, and plans to publish a “shareholder concentration list” to identify stocks with highly concentrated ownership structures.

Jeffrey said the IDX will continue efforts to deepen the market by broadening the investor base and improving listed companies’ quality, adding that stronger governance will help position Indonesia alongside major global exchanges.

At the same parliamentary meeting, Deputy House Speaker Sufmi Dasco Ahmad said discussions focused on coordinated reforms between the new IDX leadership and the OJK to strengthen market governance.

“We discussed in depth how the new OJK leadership and the new exchange management can improve governance going forward,” he said.

OJK Chair Friderica Widyasari Dewi said the new IDX board was selected through a rigorous fit-and-proper process involving 28 candidates before seven directors were appointed.

The new IDX board, which will be formally approved at the exchange’s annual general meeting on June 29, 2026, includes Jeffrey Hendrik as CEO, alongside directors responsible for listings, trading, supervision, development, IT, and finance and human resources.

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