JAKARTA - In order to support the implementation of the 8 Action Plans for Accelerating Capital Market Reform, PT Bursa Efek Indonesia (BEI) has made changes to the Exchange Regulation Number I-A regarding the listing of shares and equity securities other than shares issued by listed companies.
In addition, the IDX also issued Circular Letter (SE) Number SE-00004/BEI/03-2026 which explains the provisions which will be effective on Tuesday, March 31.
The Company Secretary of the IDX, Kautsar Primadi Nurahmad, said that this change has gone through the Rule Making Rule (RMR) process and has received approval from the Financial Services Authority (OJK).
"This adjustment is part of the effort to accelerate the reform of the Indonesian capital market to improve the quality of listed companies, strengthen governance, and encourage more optimal investor protection," he said in a statement, Tuesday, March 31.
In the change, the IDX adjusted the definition of free float shares, raising the minimum free float limit to remain listed on the Exchange to 15 percent of the total listed shares, and changing the free float requirement for initial listing based on market capitalization with a new tier of 15 percent, 20 percent, and 25 percent of the number of shares to be listed.
In addition, the IDX also stipulates special provisions regarding free float for prospective listed companies with a certain public offering value.
He added that to support the fulfillment of the minimum free float provision, the IDX provides ease in the form of a submission mechanism for listed companies so that certain shareholders can be categorized as free float.
"Further explanation regarding the definition of free float shares and the criteria for certain shareholders who can be requested to be categorized as free float shares will be conveyed in the Circular," he explained.
Kautsar said the IDX also provided a sufficient transition period for listed companies to meet the minimum free float provision, namely the fulfillment is carried out gradually based on the value of share capital as of March 31, 2026.
Meanwhile, companies with a minimum share capital of IDR 5 trillion and a free float rate below 12.5 percent are required to meet 12.5 percent by no later than March 31, 2027, and reach 15 percent by no later than March 31, 2028.
Meanwhile, companies with a free float of between 12.5 percent and 15 percent are required to meet 15 percent by no later than March 31, 2027.
Meanwhile, companies with a stock capital of less than IDR 5 trillion are given until March 31, 2029 to meet the 15 percent free float requirement.
He added that the IDX would send a letter to each listed company as a form of notification regarding the position of the value of the stock capitalization, which is the basis for determining the transitional period category for fulfilling the free float provision.
"In order to support the implementation of this adjustment, the Stock Exchange will carry out continuous socialization and assistance to listed companies since the implementation of this I-A regulation. The Stock Exchange provides a hot desk and assistance for listed companies to help prepare for meeting the free float obligation," he said.
In addition, Kautsar said the IDX is trying to increase the absorption of free float in the market through various activities, such as roadshows and live public exposes that bring companies together with investors, as well as capacity building programs related to investor relations functions to strengthen strategic communication with stakeholders.
According to him, overall, this step is expected to increase the transparency, quality, and compliance of listed companies with applicable regulations, as well as strengthen investor confidence in the Indonesian capital market.
In terms of the implementation of Good Corporate Governance (GCG), he said the IDX also encourages the improvement of the quality of the financial statements of listed companies, this is done through the fulfillment of the competence of certified financial statement preparers or the appointment of public accountants with certain criteria as regulated in the Circular.
"This provision will increase the quality, accuracy and credibility of financial statements which are one of the important documents needed in the investor decision-making process," he said.
In addition, Kautsar said the IDX also requires the Board of Directors, Commissioners, and the Audit Committee to follow continuous education related to the capital market and corporate governance.
"This obligation is not only carried out in one time, but is required to be carried out on an ongoing basis, to ensure the understanding of the Board of Directors, Commissioners, and the Audit Committee on arrangements in the capital market and GCG fields," he explained.
He added that this step is expected to strengthen the transparency, accountability, and quality of reporting of listed companies' financial statements, thereby increasing investor confidence.
The changes to Regulation I-A also include improving the quality of other listed companies, including provisions regarding the balance of profits for prospective companies on the Main Board as well as the authority of the Exchange to determine the company's category to support sustainability aspects, and further provisions will be regulated in the Exchange's Decree.
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