IDX to Publish Shareholders Above 1% Starting This Month

JAKARTA, Investortrust.id — Indonesia Stock Exchange or IDX will begin publishing monthly data on shareholders owning more than 1% of listed companies starting this month, as the Financial Services Authority or OJK moves to strengthen transparency and restore market confidence. The policy is targeted to take effect from February 2026 and is closely linked to the rollout of ultimate beneficial owner disclosure.

“It will be implemented gradually,” said Hasan Fawzi, a member of OJK’s Board of Commissioners, after an online discussion with MSCI at the IDX building on Monday, Feb 2, 2026. He added that the disclosure would be implemented gradually to ensure data accuracy and system readiness.

The new rule forms part of a standard operating procedure designed to improve transparency in share ownership across Indonesia’s capital market. Regulators expect clearer ownership data to address concerns raised by global index providers over coordinated trading and free float integrity.

Hasan said the disclosure would serve as a key reference for index providers when deciding whether certain shareholdings should be included in index weight calculations or excluded for failing to meet free float definitions. “They may decide not to count it if certain aspects do not meet the criteria of free float as defined by the index provider,” he said.

He argued that granular UBO data would significantly enhance surveillance and help prevent price manipulation. “We will be far more granular in supervising every transaction, knowing who is behind each buy and sell order,” Hasan said.

OJK set the disclosure threshold at 1%, lower than the previous common practice of above 5%, after considering MSCI’s focus on ownership structures below that level. Hasan said regulators were confident they could handle the expanded scope and had formally proposed the threshold to MSCI.

To support implementation, the Indonesian Central Securities Depository or KSEI will gather around 120 market participants starting Tuesday to begin socialization and detailed data collection. Hasan said the data input process would continue progressively over time.

OJK also plans to expand investor classification from nine main categories to 27 sub types that directly reference ultimate beneficial owners. Deputy Chair of OJK’s Board of Commissioners Friderica Widyasari Dewi said the enhanced data granularity was targeted for completion by March 2026.

Addressing concerns that manipulation could still occur below the 1% threshold, Hasan said disclosure must be matched with active supervision. “Disclosure is one preventive measure, but supervision by IDX and OJK must also be present. If there is price manipulation, we will conduct measured oversight of every transaction,” he said.