Jakarta. The Financial Services Authority (OJK) on Thursday began launching a High Shareholding Concentration List, a new indicator designed to identify listed companies whose ownership is dominated by a small number of investors.

Hasan Fawzi, OJK’s executive head of capital markets supervision, said the initiative forms part of broader efforts to accelerate capital market reforms, strengthen transparency, and enhance investor protection in line with global standards.

He said the list functions as an early warning system, enabling investors to identify stocks with potentially limited liquidity due to concentrated ownership structures.

“This list does not indicate any violation, but provides additional information so investors can assess the risks associated with ownership concentration,” Hasan said at a press conference in Jakarta.

Hasan noted that while transaction values have moderated in recent days, overall market conditions remain stable with liquidity intact. Despite a prevailing wait-and-see sentiment, the average bid-ask spread in March 2026 remained low at 1.55 times.

Stability is also reflected in the asset management industry. Total net asset value (NAV) of mutual funds reached Rp 695.71 trillion ($40.9 billion) as of March 31, 2026, up 3.02% year-to-date.

“Investor confidence in fund managers remains strong,” he said.

On the financing side, the capital market recorded fundraising of Rp 51.96 trillion ($3 billion) through the end of March. Hasan added that recent market pressures were largely driven by external factors unrelated to Indonesia’s underlying market fundamentals.

He said Indonesia is now among the most progressive jurisdictions in enforcing transparency in share ownership. OJK has imposed total fines of Rp 96.33 billion on 233 companies and individuals for various violations, including share price manipulation.