April 21, 2026 | 04:22 pm
TEMPO.CO, Jakarta - Indonesia Stock Exchange (IDX) has spoken out following Morgan Stanley Capital International's (MSCI) decision to maintain its freeze on Indonesian stock rebalancing. IDX acting chief Jeffrey Hendrik said the agency had met with MSCI on April 16 as part of an ongoing dialogue to enhance the quality and transparency of the Indonesian capital market.
"We appreciate that the four key proposals that we have submitted along with stakeholders—including increasing ownership transparency, more granular investor classification, the High Shareholding Concentration (HSC) framework, and a roadmap to raise the minimum free float—have been recognized by MSCI as constructive steps in line with international best practices," Jeffrey said in a written statement on Tuesday, April 21, 2026.
Jeffrey said IDX is optimistic about the direction of capital market reform while expressing the agency's commitment to strengthen communication with various index providers and global investors to gain input.
IDX believed these strategic measures would enhance investor confidence, strengthen market integrity, and position the Indonesian capital market to be more competitive.
In its statement, MSCI acknowledged a series of reforms to enhance transparency in the Indonesian capital market. "MSCI is assessing the scope, consistency and effectiveness of these data sources and new policies in the context of determining free float and broader investability," MSCI wrote on Monday, April 20, 2026.
MSCI has also decided to maintain the measures announced last January for May 2026 index review.
MSCI confirmed there will be no increases in Foreign Inclusion Factors (FIF) and Number of Shares (NOS), no additions of new stocks to the MSCI Investable Market Indexes (IMI), and no upgrades in the stock size classifications in the index.
Additionally, MSCI will remove stocks identified as having high ownership concentration. MSCI may also use shareholder data above 1 percent to adjust free float estimates. According to MSCI, this treatment is consistent with other country markets.
Read: Indonesia's IDX Introduces Liquidity Providers to Boost Trading
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