Bourse Shifts Surveillance From Stock Suspensions to Targeted Accounts to Protect Liquidity

JAKARTA, Investortrust.id — The Indonesia Stock Exchange will roll out a targeted market surveillance framework starting in early November 2026, pivoting away from broad stock trading halts to focus enforcement directly on specific securities accounts suspected of illicit trading.

Under the new policy, the bourse operator will curtail its routine deployment of Unusual Market Activity notifications and full ticker suspensions. Instead, surveillance teams will isolate delinquent broker accounts to curb price manipulation without freezing trading access for the broader investing public.

Blanket trading suspensions have long drawn sharp criticism from domestic market participants for locking up retail capital and drying up liquidity across secondary market boards. By switching to account-level freezes and deploying automated surveillance to flag price distortions early, exchange authorities aim to penalize bad actors directly while keeping secondary market channels open for institutional and retail traders.

Market Liquidity

Speaking at a press conference at the exchange's Main Hall in Jakarta on Monday, Oct. 26, 2026, BEI President Director Jeffrey Hendrik explained that the overhaul directly addresses persistent market feedback regarding liquidity preservation.

"We have received considerable feedback that suspending share trading disrupts market liquidity," Jeffrey said. "It harms our retail investors, who represent a very large population and rely on that market liquidity."

To resolve that tension, the exchange operator coordinated with the Financial Services Authority (OJK) to reshape its daily enforcement toolbox.

"Therefore, in our upcoming surveillance actions, we choose not to suspend trading of the shares themselves," Jeffrey said. "Instead, we will suspend specific accounts indicated to have committed violations."

Alongside the account-level sanctions, the bourse will begin publicly announcing when formal probes into irregular transactions commence. Those disclosures will outline the specific transaction windows under investigation, as well as the counterparties and exchange member brokerages involved.

During active investigations, the exchange retains statutory authority to coordinate with the OJK to freeze offending trading accounts, restrict suspect activity, and conduct on-site audits of participating brokerage houses.

The exchange plans to socialize the revised surveillance rules with member brokerages this week ahead of full implementation in early November.