February 10, 2026 | 10:07 am
TEMPO.CO, Jakarta - The threat by Morgan Stanley Capital International (MSCI) to downgrade Indonesia’s stock market from emerging market to frontier market status sent shockwaves through the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK). MSCI questioned the transparency of share ownership data and the quality of price formation on the exchange. The issue quickly escalated because MSCI serves as a key benchmark for global investors.
The turmoil that has gripped the market since the end of January 2026 led to the resignation of four senior officials on Friday, January 30, 2026. The following day, the OJK Board of Commissioners appointed Friderica Widyasari Dewi as acting Chair and Deputy Chair, and Hasan Fawzi as the new Chief Executive of Capital Market Supervision.
Friderica—known as Kiki—moved swiftly to calm the situation, urging all stakeholders to remain composed. She stressed the importance of collaboration in strengthening capital market integrity and advancing governance reforms in the financial sector. “We are in this together. We understand the problem, and we will work together to find a solution,” she said at the IDX building in Jakarta on Sunday, February 1, 2026.
In a written response to Tempo, conveyed through OJK’s Chief of Financial Literacy, Inclusion, and Communications M. Ismail Riyadi, Kiki outlined the efforts to reform the exchange and restore investor confidence. The OJK said MSCI’s input served as momentum to accelerate capital market reform. The following excerpts are drawn from Ismail’s explanation on Friday, February 6, 2026.
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