JAKARTA - Indonesian Audit Watch (IAW) considers the resignation of the President Director of the Indonesia Stock Exchange (IDX) cannot be seen as a single event, but rather a signal of the accumulation of old problems in the market supervision system that has not been substantially resolved.
IAW Founding Secretary Iskandar Sitorus emphasized that market turmoil that led to the resignation of the exchange's leadership should be a momentum for a thorough evaluation of the quality of supervision, not just personal moral responsibility.
"For us, this is not about one post or one person. This is a reflection that there is a problem of oversight that has been left for a long time. Administrative compliance looks neat, but the substance of public protection is actually lagging behind," said Iskandar in his statement, Monday.
He said the problem even had its roots in other sectors outside the capital market, such as the practice of expired quotas in the telecommunications industry involving companies listed on the IDX.
"Since 2025 we have written to regulators about unused quotas. Consumers have paid for services, but their rights are lost without compensation. The question is, how is the accounting treatment and is it transparently disclosed to investors," he said.
According to IAW, there are three main issues that regulators should test, namely the treatment of revenue from unrealized services, the materiality of information for investors on the sustainability of the business model, and the systemic economic impact on millions of consumers.
"The legal basis is clear, there is the Capital Market Law, the OJK information disclosure rules, to accounting standards that emphasize economic substance. But the response is often procedural, as long as the complete document is considered complete," said Iskandar.
IAW assessed that the formalistic approach created a dangerous precedent because the real risk was not tested as long as there was no written administrative violation.
He gave an example of the case of the property issuer PT Ciputra Development Tbk (CTRA) which was administratively assessed as compliant, but had a business affiliate that was being dragged into the investigation of alleged corruption of PTPN land.
"We never said that CTRA was designated as a criminal perpetrator. But in global market standards, the legal and reputational risks of affiliates are material information. Investors have the right to know," he said.
Iskandar added that in the last decade, the BPK Audit Report (LHP) has continued to find recurring problems, ranging from the lack of synchronization of ownership data to the weakness of beneficial ownership verification.
"The problem is systemic. The data of AHU, OJK, and BEI have not been fully integrated. If ownership alone is not transparent, how can the market be trusted," he said.
According to IAW, international standards such as those applied by IOSCO and MSCI assessments focus on the quality of the ecosystem, not just the completeness of documents.
"What is judged is the consistency of supervision, data integrity, and the courage to open risks. Not just a neat annual report," said Iskandar.
Therefore, IAW asked law enforcement and regulators to dare to test the substance if systemic negligence or risk allowance that harms the public is found.
"We are not talking about automatic criminalization, but the legal test room is there. It remains whether there is courage to enforce it," he said.
IAW emphasized that it did not encourage punishment alone, but rather accountability so that public confidence in the capital market recovered.
"A healthy market is built on honest openness, not just neat reports. If trust is lost, the cost is much more expensive. That is why we encourage accountability, so that the market and the country can be trusted again," concluded Iskandar.
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