Indonesia Stock Exchange (IDX) Strengthens Listed-Company Shareholding Disclosure Requirement to 1% Threshold from Previous 5% Threshold with Immediate Effect, Shareholders with Minimum 1% Shareholding Names Now Published on Indonesia Stock Exchange (IDX) Websites & Indonesia Central Securities Depository (KSEI)
4th March 2026 | Hong Kong
Indonesia Stock Exchange (IDX) has strengthened listed-company shareholding disclosure requirement to 1% threshold from previous 5% threshold with immediate effect. Shareholders with minimum 1% shareholding names are now published on Indonesia Stock Exchange (IDX) websites & Indonesia Central Securities Depository (KSEI). In 2026 February, Indonesia Stock Exchange (IDX) announced to implement 15% minimum free float requirement in stages for listed shares from current 7.5% minimum free float requirement. 2026 February Indonesian Stock Exchange (IDX) Free Float Requirement Update: 1) To Raise minimum free float for listed companies to 15% from 7.5%, 2) 267 companies of 900 companies will need to issue new shares, sell existing stakes or share buyback to delist, 3) $11 billion of shares will be released to public shareholders from 267 companies if no delisting of company. In 2026 February, Indonesian Stock Exchange (IDX) is proposing new regulations including minimum free float requirements for new share IPO listings following IDX Composite decreasing -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. In 2026 January, Indonesian Stock Exchange (IDX) CEO Iman Rachman submitted his resignation (30/1/26) to take accountability for recent Indonesia market condition. In 2026 January, Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility. Indonesian Stock Exchange (IDX Announcement (30/1/26): “As part of a commitment to accountability towards recent market condition, the President Director of the Indonesia Stock Exchange (IDX) has today, Friday (30/1), submitted his resignation. IDX Management will ensure that all subsequent processes are carried out in accordance with the applicable corporate governance framework and prevailing regulations, to maintain stability and continuity of the capital market.” MSCI Free Float Assessment of Indonesian Securities: 1) Interim freeze on certain index changes for Indonesian securities, 2) Next timeline on reassessment in 2026 may on necessary transparency, 3) Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, 4) More information required on shareholding structures for assessment of free float & investibility. MSCI (27/1/28): “Announcement for January 27, 2026 at 09:24 PM GMT THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI’s shareholder categorization. While there have been minor enhancements to PT Bursa Efek Indonesia’s (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation. To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities. Interim Treatment for Indonesian Securities – Effective Immediately In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows: – MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS); – MSCI will not implement index additions to MSCI Investable Market Indexes (IMI); – MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard. This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements. Market Accessibility and Classification – If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status. Subject to market consultation, this could result in: – A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities – A potential reclassification of Indonesia from Emerging Market to Frontier Market status MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted. THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES.”
“ Indonesia Stock Exchange (IDX) Strengthens Listed-Company Shareholding Disclosure Requirement to 1% Threshold from Previous 5% Threshold with Immediate Effect, Shareholders with Minimum 1% Shareholding Names Now Published on Indonesia Stock Exchange (IDX) Websites & Indonesia Central Securities Depository (KSEI) “
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Indonesia Stock Exchange (IDX) to Implement 15% Minimum Free Float Requirement in Stages for Listed Shares from Current 7.5% Minimum Free Float Requirement
28th February 2026 – Indonesia Stock Exchange (IDX) will implement 15% minimum free float requirement in stages for listed shares from current 7.5% minimum free float requirement. 2026 February Indonesian Stock Exchange (IDX) Free Float Requirement Update: 1) To Raise minimum free float for listed companies to 15% from 7.5%, 2) 267 companies of 900 companies will need to issue new shares, sell existing stakes or share buyback to delist, 3) $11 billion of shares will be released to public shareholders from 267 companies if no delisting of company. In 2026 February, Indonesian Stock Exchange (IDX) is proposing new regulations including minimum free float requirements for new share IPO listings following IDX Composite decreasing -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. In 2026 January, Indonesian Stock Exchange (IDX) CEO Iman Rachman submitted his resignation (30/1/26) to take accountability for recent Indonesia market condition. In 2026 January, Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility. Indonesian Stock Exchange (IDX Announcement (30/1/26): “As part of a commitment to accountability towards recent market condition, the President Director of the Indonesia Stock Exchange (IDX) has today, Friday (30/1), submitted his resignation. IDX Management will ensure that all subsequent processes are carried out in accordance with the applicable corporate governance framework and prevailing regulations, to maintain stability and continuity of the capital market.” MSCI Free Float Assessment of Indonesian Securities: 1) Interim freeze on certain index changes for Indonesian securities, 2) Next timeline on reassessment in 2026 may on necessary transparency, 3) Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, 4) More information required on shareholding structures for assessment of free float & investibility. MSCI (27/1/28): “Announcement for January 27, 2026 at 09:24 PM GMT THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI’s shareholder categorization. While there have been minor enhancements to PT Bursa Efek Indonesia’s (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation. To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities. Interim Treatment for Indonesian Securities – Effective Immediately In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows: – MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS); – MSCI will not implement index additions to MSCI Investable Market Indexes (IMI); – MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard. This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements. Market Accessibility and Classification – If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status. Subject to market consultation, this could result in: – A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities – A potential reclassification of Indonesia from Emerging Market to Frontier Market status MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted. THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES.”
Indonesia Stock Exchange (IDX) Free Float Requirement Update: 1) Raise Minimum Free Float for Listed Companies to 15% from 7.5%, 2) 267 Companies of 900 Companies Will Need to Issue New Shares, Sell Existing Stakes or Share Buyback to Delist, 3) $11 Billion of Shares Will be Released to Public Shareholders from 267 Companies if No Delisting of Company
21st February 2026 – Indonesian Stock Exchange (IDX) Free Float Requirement Update: 1) To Raise minimum free float for listed companies to 15% from 7.5%, 2) 267 companies of 900 companies will need to issue new shares, sell existing stakes or share buyback to delist, 3) $11 billion of shares will be released to public shareholders from 267 companies if no delisting of company. In 2026 February, Indonesian Stock Exchange (IDX) is proposing new regulations including minimum free float requirements for new share IPO listings following IDX Composite decreasing -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. In 2026 January, Indonesian Stock Exchange (IDX) CEO Iman Rachman submitted his resignation (30/1/26) to take accountability for recent Indonesia market condition. In 2026 January, Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility. Indonesian Stock Exchange (IDX Announcement (30/1/26): “As part of a commitment to accountability towards recent market condition, the President Director of the Indonesia Stock Exchange (IDX) has today, Friday (30/1), submitted his resignation. IDX Management will ensure that all subsequent processes are carried out in accordance with the applicable corporate governance framework and prevailing regulations, to maintain stability and continuity of the capital market.” MSCI Free Float Assessment of Indonesian Securities: 1) Interim freeze on certain index changes for Indonesian securities, 2) Next timeline on reassessment in 2026 may on necessary transparency, 3) Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, 4) More information required on shareholding structures for assessment of free float & investibility. MSCI (27/1/28): “Announcement for January 27, 2026 at 09:24 PM GMT THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI’s shareholder categorization. While there have been minor enhancements to PT Bursa Efek Indonesia’s (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation. To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities. Interim Treatment for Indonesian Securities – Effective Immediately In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows: – MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS); – MSCI will not implement index additions to MSCI Investable Market Indexes (IMI); – MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard. This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements. Market Accessibility and Classification – If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status. Subject to market consultation, this could result in: – A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities – A potential reclassification of Indonesia from Emerging Market to Frontier Market status MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted. THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES.”
Indonesian Stock Exchange (IDX) Proposed New Regulations Including Minimum Free Float Requirements for New Share IPO Listings Following Indonesia Major Stock Index IDX Composite Decreasing -7.35% in 1 Day (28/1/26) after MSCI Imposed Interim Freeze on Certain Index Changes for Indonesian Securities after Releasing Free Float Assessment of Indonesian Securities, Investors Highlighted Fundamental Investibility Issues Due to Ongoing Opacity in Shareholding Structures & Possible Coordinated Trading Behaviour, More Information Required on Shareholding Structures for Assessment of Free Float & Investibility
5th February 2026 – Indonesian Stock Exchange (IDX) is proposing new regulations including minimum free float requirements for new share IPO listings following IDX Composite decreasing -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. In 2026 January, Indonesian Stock Exchange (IDX) CEO Iman Rachman submitted his resignation (30/1/26) to take accountability for recent Indonesia market condition. In 2026 January, Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility. Indonesian Stock Exchange (IDX Announcement (30/1/26): “As part of a commitment to accountability towards recent market condition, the President Director of the Indonesia Stock Exchange (IDX) has today, Friday (30/1), submitted his resignation. IDX Management will ensure that all subsequent processes are carried out in accordance with the applicable corporate governance framework and prevailing regulations, to maintain stability and continuity of the capital market.” MSCI Free Float Assessment of Indonesian Securities: 1) Interim freeze on certain index changes for Indonesian securities, 2) Next timeline on reassessment in 2026 may on necessary transparency, 3) Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, 4) More information required on shareholding structures for assessment of free float & investibility. MSCI (27/1/28): “Announcement for January 27, 2026 at 09:24 PM GMT THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI’s shareholder categorization. While there have been minor enhancements to PT Bursa Efek Indonesia’s (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation. To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities. Interim Treatment for Indonesian Securities – Effective Immediately In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows: – MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS); – MSCI will not implement index additions to MSCI Investable Market Indexes (IMI); – MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard. This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements. Market Accessibility and Classification – If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status. Subject to market consultation, this could result in: – A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities – A potential reclassification of Indonesia from Emerging Market to Frontier Market status MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted. THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES.”
Indonesian Stock Exchange (IDX) CEO Iman Rachman Submitted Resignation (30/1/26) to Take Accountability for Recent Indonesia Market Condition, Indonesia Major Stock Index IDX Composite Decreased -7.35% in 1 Day (28/1/26) after MSCI Imposed Interim Freeze on Certain Index Changes for Indonesian Securities after Releasing Free Float Assessment of Indonesian Securities, Investors Highlighted Fundamental Investibility Issues Due to Ongoing Opacity in Shareholding Structures & Possible Coordinated Trading Behaviour, More Information Required on Shareholding Structures for Assessment of Free Float & Investibility
1st February – Indonesian Stock Exchange (IDX) CEO Iman Rachman has submitted his resignation (30/1/26) to take accountability for recent Indonesia market condition. In 2026 January, Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility. Indonesian Stock Exchange (IDX Announcement (30/1/26): “As part of a commitment to accountability towards recent market condition, the President Director of the Indonesia Stock Exchange (IDX) has today, Friday (30/1), submitted his resignation. IDX Management will ensure that all subsequent processes are carried out in accordance with the applicable corporate governance framework and prevailing regulations, to maintain stability and continuity of the capital market.” MSCI Free Float Assessment of Indonesian Securities: 1) Interim freeze on certain index changes for Indonesian securities, 2) Next timeline on reassessment in 2026 may on necessary transparency, 3) Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, 4) More information required on shareholding structures for assessment of free float & investibility. MSCI (27/1/28): “Announcement for January 27, 2026 at 09:24 PM GMT THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI’s shareholder categorization. While there have been minor enhancements to PT Bursa Efek Indonesia’s (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation. To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities. Interim Treatment for Indonesian Securities – Effective Immediately In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows: – MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS); – MSCI will not implement index additions to MSCI Investable Market Indexes (IMI); – MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard. This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements. Market Accessibility and Classification – If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status. Subject to market consultation, this could result in: – A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities – A potential reclassification of Indonesia from Emerging Market to Frontier Market status MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted. THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES.”
Indonesia Major Stock Index IDX Composite Decreased -7.35% in 1 Day (28/1/26) after MSCI Imposed Interim Freeze on Certain Index Changes for Indonesian Securities after Releasing Free Float Assessment of Indonesian Securities, Investors Highlighted Fundamental Investibility Issues Due to Ongoing Opacity in Shareholding Structures & Possible Coordinated Trading Behaviour, More Information Required on Shareholding Structures for Assessment of Free Float & Investibility
29th January – Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities. Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility. MSCI Free Float Assessment of Indonesian Securities: 1) Interim freeze on certain index changes for Indonesian securities, 2) Next timeline on reassessment in 2026 may on necessary transparency, 3) Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, 4) More information required on shareholding structures for assessment of free float & investibility. MSCI (27/1/28): “Announcement for January 27, 2026 at 09:24 PM GMT THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI’s shareholder categorization. While there have been minor enhancements to PT Bursa Efek Indonesia’s (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation. To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities. Interim Treatment for Indonesian Securities – Effective Immediately In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows: – MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS); – MSCI will not implement index additions to MSCI Investable Market Indexes (IMI); – MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard. This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements. Market Accessibility and Classification – If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status. Subject to market consultation, this could result in: – A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities – A potential reclassification of Indonesia from Emerging Market to Frontier Market status MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted. THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES.”
MSCI Free Float Assessment of Indonesian Securities: 1) Interim Freeze on Certain Index Changes for Indonesian Securities, 2) Next Timeline on Reassessment of Necessary Transparency in 2026 May, 3) Investors Highlighted Fundamental Investibility Issues Due to Ongoing Opacity in Shareholding Structures & Possible Coordinated Trading Behaviour, 4) More Information Required on Shareholding Structures for Assessment of Free Float & Investibility
29th January – MSCI Free Float Assessment of Indonesian Securities: 1) Interim freeze on certain index changes for Indonesian securities, 2) Next timeline on reassessment of necessary transparency in 2026 May, 3) Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, 4) More information required on shareholding structures for assessment of free float & investibility. MSCI (27/1/26): “ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES – MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI’s shareholder categorization. While there have been minor enhancements to PT Bursa Efek Indonesia’s (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation. To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities. Interim Treatment for Indonesian Securities – Effective Immediately In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows: – MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS); – MSCI will not implement index additions to MSCI Investable Market Indexes (IMI); – MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard. This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements. Market Accessibility and Classification – If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status. Subject to market consultation, this could result in: – A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities – A potential reclassification of Indonesia from Emerging Market to Frontier Market status MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted. THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES.”
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