Prabowo Orders Capital Market Reforms Amid OJK, IDX Leadership Reshuffles

Jakarta: President Prabowo Subianto has instructed the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX) to safeguard capital market stability while accelerating reforms amid leadership changes at both institutions.

The directive was conveyed by Coordinating Minister for Economic Affairs Airlangga Hartarto in Jakarta on Saturday (Jan. 31), following a series of resignations among top officials at the two self-regulatory organizations (SROs).

“The president has ordered the acceleration of measures to strengthen market integrity, including structural reforms through stock exchange demutualization and efforts to boost liquidity by increasing the minimum free float to 15 percent, in line with global standards,” Hartarto said, as quoted by Antara on Monday, February 1, 2026.

Hartarto explained that raising the free-float requirement would release more shares to the public, improving transparency, liquidity, and overall market integrity.

To further enhance transparency, President Prabowo also emphasized the need to tighten regulations on beneficial ownership and expand public access to information on shareholder affiliations, he added.

“This structural transformation includes accelerating demutualization to align Indonesia’s capital market with modern international exchange practices,” Hartarto said.

Regarding leadership transitions at OJK and IDX, Hartarto confirmed that the president has instructed the Ministry of Finance to coordinate closely with both institutions to ensure uninterrupted market operations.

“Acting officials will ensure that regulatory functions, trading activities, and supervisory duties continue to run smoothly. Our institutions remain resilient and are governed according to principles of good governance and best practices,” he said.

On Friday (Jan. 30), OJK Chairman Mahendra Siregar and Vice Chairman Mirza Adityaswara submitted their resignations. The same day, OJK’s Chief Executive for Capital Market, Financial Derivatives, and Carbon Exchange Supervision Inarno Djajadi, along with Deputy Commissioner I.B. Aditya Jayaantara, also stepped down.

IDX President Director Iman Rachman likewise resigned on Friday.

On Saturday, OJK appointed Friderica Widyasari Dewi—Chief Executive for Market Conduct Supervision, Education, and Consumer Protection—to assume the leadership responsibilities previously held by Mahendra and Mirza. Meanwhile, IDX Director of Business Development Jeffrey Hendrik was named acting president director of the exchange.