Iman Rachman officially declared his resignation as President Director of the Indonesia Stock Exchange (IDX), noting that his decision came in the wake of a two-day market downturn that resulted in the Jakarta Composite Index (JCI) experiencing a significant 10 percent decline and necessitating trading suspensions on two occasions in 2026.
One week prior, Iman was commonly perceived as a reliable leader at the stock exchange when the JCI surpassed the 9,000 threshold for the first time, signifying robust investor trust in Indonesian stocks.
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However, this positive outlook diminished rapidly as market sentiment shifted in the last two days. The decline in stock prices occurred after a recent surge in the market, coinciding with renewed concerns as MSCI decided to halt the inclusion of Indonesian stocks in its indexes due to issues regarding data transparency, free float, and ownership concentration.
Investor sentiment was dampened further by a downgrade of Indonesian equities to underweight by Goldman Sachs.
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Throughout his time in office, Iman supervised a number of significant developments that fundamentally altered the landscape of Indonesia's financial market. This included the Jakarta Composite Index (JCI) hitting a record high of 9,134.70 on January 20, representing the highest point the benchmark had ever achieved.
The market capitalization of the IDX reached a historical high of Rp 16.51 quadrillion in mid-January 2026, marking a significant increase from approximately Rp 9 quadrillion at the start of his term in 2022. This growth can be attributed to enhanced liquidity, elevated valuations, and increased involvement of a wider range of investors.
Under his guidance, the exchange became renowned as one of the most dynamic IPO platforms globally.
During the year 2023, the IDX introduced 79 new companies, placing it as the sixth busiest stock exchange worldwide in terms of initial public offerings. Indonesia continuously surpassed neighboring countries like Singapore, Malaysia, and Thailand in terms of both companies going public and capital raised. Iman spearheaded the introduction of IDXCarbon in September 2023, signaling Indonesia's debut in the structured carbon trading market.
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This initiative was crafted to bolster the nation's goal of achieving net-zero emissions and elevate the IDX's stature as a prominent figure in sustainable finance within the region. During his time in office, there was a significant emphasis on advancing digitalization and expanding investor participation. By early 2026, the number of individuals registered in the capital market had exceeded 14 million, with a notable increase attributed to upcoming investors.
The Indonesian Stock Exchange (IDX) successfully broadened its Galeri Investasi initiative across the country, enhancing financial education and market opportunities for educational institutions, including schools and universities, as well as rural communities. Iman received accolades for his exemplary leadership skills, notably being honored as Best CEO in 2023 by SWA magazine and Dunamis. Prior to his departure, he had developed an ambitious master plan for the period of 2026 to 2030 with the goal of positioning the IDX within the top 10 global stock exchanges based on market capitalization.
Iman, who assumed the role of President Director at the IDX in June 2022, brings a wealth of experience in Indonesia's financial and state-owned enterprise industries, with a background that includes key positions in investment banking and corporate strategy at Mandiri Sekuritas and Pertamina.