President Prabowo Subianto has called on the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX) to maintain the stability of the capital market during a period of policy changes and organizational restructuring.
Coordinating Minister for Economic Affairs Airlangga Hartarto relayed this directive in Jakarta on Saturday, January 31, following a series of resignations from the leadership of these two self-regulatory bodies.
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Hartarto elaborated that increasing the free float of shares would make more available to the public, thus boosting transparency, liquidity, and the overall integrity of the market.
To further enhance transparency, President Prabowo stressed the importance of stricter rules regarding beneficial ownership and improved public access to information about shareholder connections.
He also noted that this structural reform includes speeding up demutualization to bring Indonesia's capital market in line with contemporary global exchanges.
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Concerning the leadership changes at the OJK and IDX, Hartarto confirmed that the president has directed the Ministry of Finance to work with both organizations to ensure that market operations continue without interruption.
He assured that acting officials will guarantee the smooth continuation of regulatory duties, trading activities, and oversight functions, emphasizing that the institutions are robust and managed according to good governance and best practices.
OJK Chairman Mahendra Siregar and Vice Chairman Mirza Adityaswara announced their resignations.
On the same day, OJK's Chief Executive for Capital Market, Financial Derivatives, and Carbon Exchange Supervision Inarno Djajadi, along with Deputy Commissioner for Issuer Supervision, Securities Transactions, Special Audits, Financial Derivatives, and Carbon Exchange Supervision I.B. Aditya Jayaantara, also resigned. IDX President Director Iman Rachman also submitted his resignation.
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On the subsequent day, the OJK designated Friderica Widyasari Dewi, who serves as the Chief Executive for Market Conduct Supervision, Education, and Consumer Protection, to take over the leadership roles formerly occupied by Mahendra and Mirza.
Concurrently, Jeffrey Hendrik, the IDX Director of Business Development, was named as the acting president director of the exchange.