Jakarta. Indonesia’s Financial Services Authority (OJK) is targeting a significant expansion of the country’s capital markets, aiming to lift total market capitalization to Rp 25 quadrillion ($1.5 trillion) by 2031, an official said on Wednesday.

The figure would be equivalent to roughly 80% of Indonesia’s current gross domestic product (GDP), underscoring the regulator’s ambition to deepen the role of capital markets in financing economic growth.

The vision was presented by Hasan Fawzi during a confirmation hearing at the parliament complex for his nomination as OJK’s Executive Head for Capital Markets, Derivatives, and Carbon Exchange Supervision. Lawmakers later approved his appointment.

“We have set a strategic projection for the next five years through 2031, targeting capital market capitalization to reach Rp 25,000 trillion, or around 80% of national GDP,” Hasan told members of the House of Representatives.

To support the target, OJK plans to raise the minimum free float requirement — the proportion of shares available for public trading — to at least 15%. The regulator also aims to address long-standing structural challenges in Indonesia’s capital market, including price manipulation and the use of affiliated accounts to artificially inflate certain stocks.

“Capital market integrity is the main foundation for maintaining stability and strengthening the market’s role as an engine of national development financing,” Hasan said.

Beyond expanding market capitalization, OJK has set additional targets for 2031, including increasing the number of capital market investors to 30 million and raising the average daily transaction value to Rp 35 trillion ($2 billion).

Hasan said these goals would be supported by broader capital market reforms aimed at improving transparency, liquidity, and investor confidence. He previously served as OJK’s Executive Head for Financial Sector Technology Innovation Supervision.

“Reforms to strengthen market integrity are not only about increasing quantitative indicators,” Hasan said. “They are also about ensuring the capital market remains credible, liquid, and sustainable.”