BEI CEO and OJK Senior Officials Resign, Banggar DPR Warns of Improving Free Float Shares

JAKARTA - Chairman of the House of Representatives Budget Agency (Banggar) Said Abdullah, reminded the improvement of rules regarding free float shares after the resignation of the President Director of the Indonesia Stock Exchange (IDX) Iman Rachman and a number of senior officials of the Financial Services Authority (OJK), namely Mahendra Siregar from the position of Chairman of the OJK, Inarno Djajadi from the position of Head of Capital Market, Derivatives Finance, and OJK Carbon Exchange.

Said assessed that the resignation of the leaders showed the integrity and responsibility of the managers, regulators, and supervisors of the capital market. According to him, this step is a good signal to strengthen investor confidence.

Even so, Said emphasized that the resignation of officials alone was not enough to rebuild investor confidence. He assessed that there was a need for a comprehensive policy reform, especially by OJK as a capital market regulator.

"One of the urgent policies to be improved is the rules regarding free float shares," said Said, Saturday, January 31.

Said revealed that Commission XI of the Indonesian House of Representatives together with OJK and the BEI ranks had held a working meeting on December 3, 2025.

The DPR, together with the IDX and OJK, also agreed on a number of improvement points related to the policy of free float trading of shares on the exchange.

Some of these agreements include the free float policy aimed at increasing the liquidity of the stock market, preventing the risk of price manipulation, increasing transparency, strengthening investor confidence, and encouraging the deepening of the capital market. In addition, said Said, the free float policy must also be designed gradually, measured, and differentiated.

"The policy is aimed at strengthening the domestic investor base, supported by effective incentives and supervision, without neglecting national strategic interests and the stability of the financial system," he explained.

In formulating the new free float policy, Said said, Commission XI of the DPR also encouraged that the calculation of free float at the time of initial listing only calculate the shares offered to the public, excluding pre-IPO shareholders.

"Newly listed companies are also proposed to be required to maintain a minimum free float limit for one year from the date of listing," he said.

In addition, said Said, the proposal to increase the free float obligation for continuous listing obligations from 7.5 percent to a minimum of 10-15 percent, adjusted to the market capitalization value and implemented with an adequate adjustment period for issuers.

Then, the capital market also has an important role for the national economy, especially in encouraging the strengthening of medium and small-scale companies.

Therefore, Said emphasized, improving the free float policy is an important part of strengthening the structure of the Indonesian capital market.

"These points will later be used as supervision during the improvement of the free float policy in the capital market," said Said.