The Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX) stressed that capital market reforms will continue regardless of the outcome of MSCI's index review announcement on Thursday (12/11/2026), at around 05:00 WIB.

OJK: reform is not merely about following index providers

OJK Chair Friderica Widyasari Dewi said at the IDX on Tuesday (10/11/2026) that the reforms are not carried out solely to satisfy global index providers or investors. She described their input as very positive, so improvements continue, and said every aspect will be followed up to strengthen governance.

Background: MSCI's standalone option

On October 16, MSCI opened the option of downgrading Indonesia's stock market to Standalone Market. IDX then met MSCI to seek clarification, and that meeting led to several policies: excluding high shareholding concentration (HSC) stocks from the IHSG calculation, disclosure of shareholder affiliations, and other measures.

IDX Development Director Iding Pardi said IDX will meet MSCI again this week to discuss the reforms already carried out, including better information quality, disclosure, surveillance and enforcement together with OJK. He stressed that the MSCI announcement is MSCI's prerogative and that November's announcement will not dampen regulators' commitment to continue reforms.

IDX: meetings with index providers are routine

IDX President Director Jeffrey Hendrik said that over the past two and a half weeks IDX has met many global investors to give updates and hear feedback. Meetings with MSCI, FTSE and global investors, he said, are routine and may or may not be tied to a particular index evaluation schedule.

What is at stake

MSCI continues to freeze additions of new stocks to the Investable Market Indonesia index and promotions to higher segments, while deletions and moves to lower segments remain possible. Composition changes will be applied at the close on Monday (30/11/2026).

Foreign investors are expected to sell heavily if MSCI downgrades Indonesia's equity market from emerging to standalone market in the second quarter of 2027. Bank Danamon chief economist Irman Faiz estimated capital outflows of US$2 billion to US$6 billion, or Rp36 trillion to Rp108 trillion at Rp18,000 per US dollar, made up of active and passive funds.

Sources

• Jelang Review MSCI, OJK Tegaskan Reformasi Pasar Modal Tak Akan Berhenti — Bisnis.com, 10 November 2026. https://market.bisnis.com/read/20261110/7/2020062/jelang-review-msci-ojk-tegaskan-reformasi-pasar-modal-tak-akan-berhenti
• Jelang Pengumuman MSCI, Reformasi Pasar Modal Jadi Andalan — CNBC Indonesia (Redaksi), 11 November 2026. https://www.cnbcindonesia.com/market/20261111054909-17-784073/jelang-pengumuman-msci-reformasi-pasar-modal-jadi-andalan
• Jelang Pengumuman MSCI, Bos BEI Intens Bertemu Investor Global — CNBC Indonesia (Zefanya Aprilia), 11 November 2026. https://www.cnbcindonesia.com/market/20261111104447-17-784166/jelang-pengumuman-msci-bos-bei-intens-bertemu-investor-global