P2SK Law Opens the Way for BI, Ministry of Finance, and Danantara to Become BEI Shareholders

BEI (between)

JAKARTA - The government opens opportunities for Bank Indonesia (BI), the Ministry of Finance (Kemenkeu), and the Nusantara Energy Investment Management Agency (Danantara) to own shares on the Indonesia Stock Exchange (IDX).

This provision is part of the process of institutional transformation of the IDX through the agenda of demutualization of the exchange.

The regulation is contained in Law Number 4 of 2026 concerning Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK).

Through Article 22 paragraph 4a, the government added Article 8B to the Capital Market Law which regulates parties that can become shareholders of the exchange.

Article 8B paragraph (1) states that the Ministry of Finance, Bank Indonesia, and Danantara may have shares on the Indonesia Stock Exchange.

"The Ministry of Finance, Bank Indonesia, and the Anagata Nusantara Power Investment Management Agency can become shareholders of the Stock Exchange," read Article 8B paragraph (1) of the rules, quoted on Monday, June 22.

This provision provides a legal basis for the three institutions to participate in the ownership structure of the IDX in the future.

This policy is part of the efforts of the IDX to demutualize, namely a change in the institutional model from a membership-based exchange (mutual exchange) to an exchange that has a shareholding structure (demutualized exchange) and operates with a more modern and profit-oriented business orientation.

Even though it opens up ownership space for state institutions, the government emphasizes that the operational independence of the IDX must be maintained.

Article 8B paragraph (2) emphasizes that the ownership of shares by the Ministry of Finance, Bank Indonesia, and Danantara shall not reduce or affect the independence of the Stock Exchange in carrying out its functions and authorities.

"Ownership of shares by the parties as referred to in paragraph (1) while maintaining the independence of the Stock Exchange," reads Article 8B paragraph (2).