TEMPO.CO, Jakarta - The Indonesian Issuers Association (AEI) has expressed its support for the government's policies and actions regarding market reform. However, the AEI believes this reform must be implemented while considering the readiness of the business world.
"From the issuers' perspective, we view this reform as an opportunity to strengthen market quality, provided it is carried out with a proportional, dialogical, and long-term oriented approach," said AEI Chairperson Armand Wahyudi Hartono in a press release on Sunday, February 1, 2026.
The AEI views the government's commitment to improving governance, transparency, and market quality as a positive signal for both domestic and global investors.
Armand emphasized that strengthening the free float, ownership transparency, and liquidity are prerequisites for making Indonesia's capital market more credible and competitive. However, from the issuers' perspective, market reform must be carried out with a measured, inclusive approach that considers the readiness of the business world.
"Of course, market reform needs to be carried out by considering the readiness level of various companies," said Armand. He believes that a gradual approach, accompanied by adequate transition periods and policy flexibility, is important so that the adjustment process proceeds healthily without disturbing market stability.
In addition, the reform is expected not only to add compliance obligations but also to provide incentives that drive improvements in governance and transparency. Therefore, according to Armand, the reform can build a liquid, fair, and sustainable market based on company fundamentals rather than solely focusing on global indicators.
During a press conference, Coordinating Minister for Economic Affairs Airlangga Hartarto conveyed a message from President Prabowo Subianto that the government remains committed to supporting the development of Indonesia's capital market. "The government stands firmly behind our financial market, and we are committed to a transparent, fair, and world-class investment climate," said Airlangga at Wisma Danantara, Saturday, January 31, 2026.
The Composite Stock Price Index (CSPI) was briefly affected after an announcement from Morgan Stanley Capital International (MSCI), which questioned the transparency of Indonesia's free float data and raised concerns over stock price manipulation. Following the MSCI release, Indonesia Stock Exchange (IDX) Director Iman Rachman and four Financial Services Authority (OJK) officials announced their resignations on Friday, January 30, 2026.
Those resigning include OJK Board of Commissioners Chair Mahendra Siregar, Deputy Chair Mirza Adityaswara, Executive Head of Capital Market Supervision Inarno Djajadi, and Deputy Commissioner I.B. Aditya Jayaantara.
Mahendra's position was filled by Friderica Widyasari Dewi, the Executive Head of Behavioral Supervision of Financial Service Business Practitioners. Meanwhile, Inarno's position was replaced by Hasan Fawzi, the Executive Head of Financial Technology Innovation Supervision.
Read: OJK Monitors Influencers to Prevent Stock Manipulation
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