IDX Director Conveys The Purpose Of Implementing Special Monitoring Boards

IDX Corporate Assessment Director Gede Nyoman Yetna. (Photo: Doc. Antara)

JAKARTA - Director of Corporate Assessment of PT Bursa Efek Indonesia (IDX) I Gede Nyoman Yetna reminded the purpose of implementing the Special Monitoring Board in the stock trading system on the IDX.

To the media crew in Jakarta, Friday, April 5, he explained, this goal is first, to increase protection for investors by placing stocks that are subject to certain criteria on separate listings, so that investors have enough information before investing.

"Second, to increase trade transactions and liquidity, especially stocks with low trading frequency and stock prices at IDR 50," he said, as reported by Antara.

Then, third, to reduce volatility by implementing smaller Auto Rejection, and fourth, implement best practices and common standards on other exchanges.

Then, fifth, give investors the opportunity to make transactions before the shares are subject to suspension and/or delisting, as well as sixth, to increase transparency over the condition of the listed company.

Finally, seventh, to minimize price manipulation and a more appropriate price disclosure process for stocks with low liquidity with periodic Call Auction trading.

The IDX has implemented a Phase II Special Monitoring Board or Full Periodic Call Auction starting Monday, March 25, 2024, and there are 11 stock criteria included in the Special Monitoring Board, namely:

1. The average share price for the last 6 months in the Regular Market and/or Regular Market Periodic Call Auction is less than IDR 51.00.

2. The Auditan Financial Report last received an opinion not expressing its opinion (disclaimer).

3. Not recording income or any changes in revenue in Auditan Financial Reports and/or the latest Interim Financial Report compared to previous financial reports.

4. Mining companies that have not received revenue from core business until the 4th financial year since they were listed on the Exchange.

5. Have negative equity on the latest Financial Report.

6. Not meeting the requirements to remain on the Exchange as stipulated in Regulation Number IA and I-V (public float).

7. Low liquidity with a daily average transaction value criterion of less than IDR 5,000,000.00 and daily average transaction volume of less than 10,000 shares over the past 6 months in the Regular Market and/or Regular Call Auction Market.

8. Companies recorded in conditions for Postponement of Debt Payment Obligations (PKPU), bankruptcy, or cancellation of peace.

9. A subsidiary whose income contribution is material, is in a condition where PKPU requests, bankruptcy, or the cancellation of peace.

10. Temporarily suspended Stock trading for more than 1 day the exchange caused by trading activities.

11. Another condition set by the Exchange after obtaining approval or order from the Financial Services Authority.