DPR: Demutualization of the Stock Exchange Must Strengthen the Sovereignty of the National Capital Market

Illustration. (Photo: Dok. Antara)

Member of Commission VI of the Indonesian House of Representatives, Firnando Ganinduto, highlighted the plan of the Anagata Nusantara Power Investment Management Agency (Danantara) to become a shareholder of PT Bursa Efek Indonesia (BEI) after demutualization. According to him, the involvement of Danantara as a potential shareholder of the exchange can be a value added if directed to strengthen market stability and deepening the financial market.

"We welcome Danantara's interest, but the most important thing is to ensure that its presence really serves as a strategic anchor that strengthens the sovereignty of the Indonesian capital market, not opening up room for the dominance of certain interests," said Firnando, Saturday, January 31.

Firnando also assessed that the plan was a strategic step because it concerned the direction of the management of the national capital market in the future.

"Especially in ensuring that the exchange is not only oriented towards commercial profit but also plays a role as an instrument to strengthen the national economy," he added.

According to Firnando, the demutualization of the IDX is an important momentum to carry out improvements in capital market governance to be more transparent, professional, and accountable. Even so, he emphasized that changes in the exchange's ownership structure must still uphold the principle of national interest.

"As well as providing strong protection for all investors, especially retail investors," he said.

Furthermore, the Golkar Legislator also emphasized the importance of the role of the government and the Financial Services Authority (OJK) in preparing a clear, fair, and long-term regulatory framework. He assessed that the demutualization process must be carefully designed so as not to create conflicts of interest.

"And continue to maintain a balance between the efficiency of the exchange's business and the public function of the capital market as a means of raising funds for development," said Firnando.

He also emphasized that the DPR RI would closely monitor the entire demutualization process of the IDX, including the plan for Danantara to enter as a shareholder.

"The capital market is a strategic asset of the state. Every policy concerning its ownership and management must ensure the greatest benefit for the national economy, business actors, and the wider community," he concluded.