The Coordinating Ministry for Economic Affairs held a consultative meeting with capital market players to review progress on exchange reform and to shape follow-up steps to strengthen the quality of Indonesia's capital market.

Who took part

Deputy Coordinating Minister for Economic Affairs Dradjad Hari Wibowo said the meeting followed directions from the President and the Coordinating Minister for Economic Affairs to support the domestic economy while strengthening the national capital market. The meeting involved the Indonesia Stock Exchange (IDX), the Indonesia Clearing and Guarantee Corporation (KPEI), the Indonesian Central Securities Depository (KSEI), the Indonesian Securities Companies Association (APEI), the Indonesian Issuers Association (AEI) and the Financial Services Authority (OJK).

At the meeting, the government pushed three main agendas: raising the value of listed companies, or valuing up; speeding up enforcement of capital market rules; and improving education for shareholders and investors.

"What I can say, first, is that the IDX's reform is already very advanced, in terms of transparency, liquidity and surveillance. It is very advanced, and many things not yet done in other countries we have already done," Dradjad said at a press conference at the Coordinating Ministry for Economic Affairs office in Jakarta.

Agenda 1: valuing up

The government wants to encourage Indonesian issuers to raise company value through better governance and more efficient use of capital. Dradjad cited capital market reforms in Japan and South Korea. In Japan, one approach has been to push company boards to improve capital efficiency so that performance and company value rise.

"On the Coordinating Ministry's part, because we coordinate policy, we asked for input on which real-economy policies need to be taken so that the value of our issuers rises," he said. Market players raised a range of proposals, from taxation and import duties to green energy and other real-sector policies. That input will be followed up through coordination meetings with relevant ministries and agencies.

Agenda 2: faster enforcement

The second agenda is to speed up enforcement of all provisions and laws that apply in the capital market. Dradjad said the government and market players agreed on the need for faster follow-up on decisions and enforcement, using practice in several countries as a benchmark. "We use benchmarks from other countries, where some can do it in 1 week and some in 3 weeks," he said.

He rejected the view that capital market supervision in Indonesia is lacking. "Actually there is a mistaken myth that capital market supervision is lacking. No, it is already running; it turns out the communication just has not been intensive enough," Dradjad said.

Agenda 3: educating shareholders and investors

The government judges that public literacy about the capital market still needs strengthening as participation grows. According to Dradjad, about 15% of the working-age population has entered the financial market, and the government hopes that figure keeps rising.

"So we see the capital market as no longer only a means for issuers to raise funds, not only that. We already see this capital market as a savings vehicle for our people," he said. That change in function, he said, means the government must pay more attention to protecting the public's assets invested in the exchange. "So the ups and downs of the exchange will have a big effect on the ups and downs of the assets of friends who have already entered the exchange. They are Indonesian citizens who need the state's attention. So the state will do its utmost so that the value of their assets on the exchange is preserved," he said.

IDX and OJK confirm reform continues

IDX President Director Jeffrey Hendrik said the IDX and all capital market stakeholders had reported the progress of reform to the government and received direction that the agenda be carried out consistently, whether to improve transparency, liquidity or the effectiveness of supervision. He stressed that reform is not meant solely to answer the concerns of index providers. "Of course this reform is not merely to answer the concerns of one or two global index providers, but more broadly it is aimed at improving the quality of our capital market in general," he said at a press conference at the Coordinating Ministry office in Jakarta on Thursday (12/11/2026).

Jeffrey added that market deepening must be pursued on both demand and supply sides. On the demand side, retail investor participation needs to be complemented by greater involvement of foreign investors and domestic institutional investors. On the supply side, the market needs quality investment instruments, higher free float and new products that investors can choose from.

IDX President Commissioner Nurhaida stressed the importance of giving the capital market a bigger role as a source of economic growth. "That is why we hope that supply will also be increased and then demand will be increased as well," she said. On the demand side, she highlighted the need for education so investor participation widens, and for continued strengthening of fundamentals and issuer disclosure alongside better market quality.

OJK Securities Institutions Supervision Department head Edi Broto said the reform is serious and sustained, carried out with the IDX and all industry stakeholders. "So the reform we are carrying out is serious and sustained. The aim is not only to anticipate what is happening now, but also for the future, to make our capital market better and of global quality, recognized by all players, global and domestic alike," Edi said.

With the three agendas, the government hopes reform will go beyond improving transparency, liquidity and supervision, and will also lift issuer valuations, strengthen investor confidence and deepen Indonesia's capital market.

Sources

• Pemerintah, BEI & OJK Ungkap 3 Agenda Besar Reformasi Pasar Modal RI — CNBC Indonesia (Robertus Andrianto), 12 November 2026 15:54. https://www.cnbcindonesia.com/market/20261112154616-17-784717/pemerintah-bei-ojk-ungkap-3-agenda-besar-reformasi-pasar-modal-ri