Finance Minister Purbaya Yudhi Sadewa has commented on the planned demutualization of the Indonesia Stock Exchange (IDX), which forms part of the implementation of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law). The policy aims to transform the IDX from a member-owned exchange into a corporate entity with broader ownership participation.

Purbaya described the initiative as a constructive policy that could enhance investor confidence and attract greater participation in the capital market. He emphasized that capital market investors are forward-looking and tend to respond to tangible policy execution rather than rhetoric.

“Capital market investors focus on the future. If they do not trust our actions, no matter how much I explain, the market can still fall and investors will stay away. But when they see real implementation, even if it is not perfect, they will believe the outlook is improving,” Purbaya said at the Ministry of Finance office on Thursday (January 8, 2026).

However, when asked about the technical details of the demutualization process, Purbaya acknowledged that he had not examined them closely and advised journalists to seek clarification from the Financial Services Authority (OJK). He also stressed that market manipulation practices should be addressed before the demutualization is carried out.

“I’m not fully aware of the details; that should be directed to the OJK. In my view, stock price manipulation needs to be resolved first before moving forward with demutualization,” he stated.

Previously, the Director General for Financial Sector Stability and Development at the Ministry of Finance, Masyita Crystallin, noted that improvements in IDX governance are necessary to enhance its competitiveness among global exchanges. Strong governance and competitiveness are seen as key prerequisites for deepening the capital market and expanding long-term financing sources for the national economy.

Masyita explained that demutualization would separate exchange ownership from membership, allowing parties other than securities companies to hold shares in the IDX. She described the move as a strategic step to reduce conflicts of interest, strengthen governance, improve professionalism, and boost the global competitiveness of Indonesia’s capital market.

She added that demutualization is a common practice in global capital market development. Among major stock exchanges worldwide, the IDX is now one of the few that still operates under a mutual structure, while other countries, including Singapore, Malaysia, and India, have already transitioned.

This transformation is expected to enable more professional governance and greater agility in responding to global financial dynamics. Furthermore, the demutualized structure is anticipated to foster innovation in products and services, such as derivatives, exchange-traded funds (ETFs), and financing instruments for infrastructure and energy transition, ultimately enhancing market depth and liquidity.

“Through demutualization, we aim to ensure that the IDX’s governance aligns with international best practices while continuing to safeguard public interest and market integrity,” Masyita concluded.