Jakarta. Indonesia’s financial regulator on Friday sought to calm markets following the resignation of Indonesia Stock Exchange (IDX) President Director Iman Rachman, stressing that the leadership change will not disrupt capital market operations.

Otoritas Jasa Keuangan (OJK) made the assurance after recent market volatility triggered a trading halt and sharp corrections in the Jakarta Composite Index over the past two sessions, amid negative sentiment following a review by MSCI.

“We respect Iman Rachman’s decision to step down from his position as President Director of the Indonesia Stock Exchange. OJK ensures that this resignation will not disrupt operational continuity, whether at the exchange, clearing, or custody level,” OJK Capital Market Supervision Chief Inarno Djajadi said at a press conference at the IDX building in Jakarta on Friday.

Iman’s resignation was framed as a moral responsibility following the market turmoil that emerged after MSCI froze its assessment of Indonesia’s equity market, citing concerns over public shareholding, or free float.

To ensure continuity, Inarno said OJK will promptly appoint an acting president director at Bursa Efek Indonesia (IDX) until a definitive replacement is selected.

Inarno also outlined four strategic measures to be executed before May 2026 to restore global investor confidence. “We will take the lead in sustainability reforms that we communicated yesterday. First is the disclosure requirement for shareholders with holdings below 5%, which we will implement,” he said.

The second key step is raising the minimum public float threshold. “A 15% free float requirement will be implemented,” Inarno added.

Third, OJK pledged to address all feedback from MSCI to fully restore Indonesia’s capital market status. “Before May, God willing, all of this can be resolved,” he said.

Finally, Inarno underscored the importance of advancing the exchange’s demutualization process, urging market participants to remain calm amid the current dynamics.

“We remind all investors to stay calm and rational in making their investment decisions,” he said.

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