December 11, 2025 | 07:44 pm
TEMPO.CO, Jakarta - The Ministry of Finance is moving to kick-start the demutualization of Indonesia Stock Exchange (IDX) by the first half of 2026. The process is expected to transform IDX from a member-owned exchange into a publicly owned corporation.
Director General of Financial Services Sector Stability and Development at the Ministry of Finance, Masyita Crystallin, said they are currently filtering inputs from the Financial Services Authority (OJK), the stock exchange, and market participants. "(The target is) next year, the first semester, first half," she said at the Indonesia Stock Exchange building on December 8, 2025.
Masyita previously explained that demutualization is not a new concept in capital market development. According to her, IDX (BEI, or Bursa Efek Indonesia), currently holds a mutual structure, while various other countries like Singapore, Malaysia, and India have already implemented demutualization.
"This is a strategic step to reduce potential conflicts of interest, strengthen governance, enhance professionalism, and boost the global competitiveness of Indonesia’s capital market," she said at the end of November.
According to Masyita, demutualization allows exchanges to adopt more professional, adaptive, and responsive governance in line with global financial dynamics. This new structure will also promote product and service innovation, ranging from derivative instruments, exchange-traded funds (ETFs), to infrastructure financing instruments and energy transition, thus deepening and enhancing market liquidity.
BEI Development Director, Jeffrey Hendrik, said the demutualization plan is still under review. He also explained that this step is not a corporate action taken solely by IDX, but carried out by exchange shareholders.
The process follows the mandate of the Financial Sector Development and Strengthening Law (P2SK Law). "The parties involved carry out the mandate as regulated in the P2SK Law. We follow the entire process, then coordinate with all parties involved in doing so," he said.
Adil Al Hasan contributed to the writing of this article
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