Indonesia exchange plans to exclude HSC shares from benchmark index
Shares on the High Shareholding Concentration list account for 18% of the IHSG, according to the exchange. Implementation dates have yet to be announced.
The Indonesia Stock Exchange (BEI) plans to exclude all shares designated as having High Shareholding Concentration (HSC) from its IHSG benchmark, president director Jeffrey Hendrik said in Jakarta on 19 October 2026. The measure is one of two additional capital-market reforms announced by the exchange.
Jeffrey said the exclusion would not amount to delisting and would carry no additional sanctions for affected issuers. Shares would become eligible for inclusion in the IHSG again once removed from the HSC list. Such stocks are already barred from several other exchange indices, including IDX30, LQ45 and IDX80.
The other initiative concerns disclosures identifying shareholders with holdings above 1%. BEI plans to add information indicating whether those shareholders are affiliated or unaffiliated. Jeffrey said implementation dates for both measures would be announced soon.
The plans follow MSCI's announcement of a proposal to move Indonesia's equity market from Emerging Market to Standalone Market status. Consultation runs from 15 October 2026 until April 2027, with a final decision scheduled by 30 June 2027 at the latest.
MSCI said institutional investors wanted consistent implementation and evidence that announced policies were producing sustained, material effects. It also cited a lack of evidence of meaningful enforcement, while acknowledging reforms already introduced. A freeze on certain index changes involving Indonesian shares remains in place until further notice.
