Indonesia Stock Exchange plans random checks on free-float reports
Directors could face action over inaccurate disclosures as the exchange also prepares to make share-trading investigations more visible.
The Indonesia Stock Exchange (BEI) plans to randomly check listed companies’ reports on publicly held shares and affiliated owners, with president director Jeffrey Hendrik warning of action against directors responsible for inaccurate disclosures.
In remarks at a media gathering in Lombok reported on 3 November 2026, Jeffrey said the exchange had briefed all listed companies on their reporting obligations. The checks will seek to establish whether shares reported as free float are actually held by affiliates or parties connected to a company’s controlling shareholders.
BEI is also updating its trading surveillance procedures and technology to make investigations into suspected market manipulation visible to investors. Jeffrey said investigations have so far been conducted privately, in coordination with supervisors at the Financial Services Authority (OJK).
Under the planned arrangements, indications of manipulation would prompt public disclosure of the shares under investigation, the trading period concerned, potentially involved parties and relevant exchange members. During an investigation, BEI may restrict activity in securities accounts or suspend them.
Jeffrey said the existing surveillance process uses unusual market activity announcements to alert investors. These can be followed by temporary trading suspensions, or cooling-down periods, and further suspensions where necessary.
The changes form part of market-supervision reforms following MSCI’s scrutiny of enforcement in Indonesia, Jeffrey said. OJK board chair Friderica Widyasari Dewi told reporters in Jakarta on 27 October 2026 that authorities had met MSCI’s expectations on disclosure, transparency and liquidity, but enforcement still needed improvement.
