The Indonesia Stock Exchange (BEI) says Indonesia still has a chance to remain in MSCI’s emerging-market classification. BEI president director Jeffrey Hendrik linked that view to market reforms focused on transparency, liquidity and market depth, and trading surveillance. He spoke at a capital-market journalists’ workshop in Lombok on October 31.

Jeffrey said the exchange has been in contact with market participants since January 2026. In the two weeks following October 19, it held discussions with hundreds of participants, particularly global investors, about market developments and reforms.

On disclosure, BEI has published the names of shareholders with stakes above 1%. The data is supplemented by investor classification, expanded from nine to 39 categories, and is expected to include information on shareholder affiliations. Jeffrey said Indonesia and India are the two exchanges disclosing shareholders above that threshold.

The exchange has also flagged shares with high shareholding concentration (HSC). Jeffrey said the designation is an investor notice and does not automatically mean that a stock fails free-float requirements. For liquidity and market depth, BEI cited new listing rules, a gradual increase in the minimum free float from 7.5% to 15%, and removal of the Rp50 minimum share-price rule.

Surveillance is the third reform pillar. Jeffrey said BEI would make investigations into suspected market manipulation more transparent and could restrict activity or suspend certain securities accounts during reviews. The HSC committee now has nine members, four from self-regulatory organizations and five independent members. The exchange also plans random checks of issuers’ free-float and affiliation disclosures.

Jeffrey referred to 18 MSCI market-classification criteria: Indonesia had received fully positive assessments on 10, met six with room for improvement, and remained negative on two related to currency convertibility policy and information flow. He cited Danantara adviser Chapman Taylor’s view that Indonesia’s chance of remaining an emerging market was above 50%. That is a source’s assessment, not an MSCI decision or a guarantee of classification.

Source: “BEI Optimis RI Pertahankan Status Emerging Market MSCI,” Bisnis.com, Hafiyyan, November 1, 2026. https://market.bisnis.com/read/20261101/7/2017349/bei-optimis-ri-pertahankan-status-emerging-market-msci