Key Differences Between OJK Circular Letter No. 25/SEOJK.04/2025 and No. 15/SEOJK.04/2020 on Electronic IPO Order Verification and Allotment

12th December 2025

OVERVIEW

The Indonesian Financial Services Authority (OJK) has issued OJK Circular Letter No. 25/SEOJK.04/2025 (“SEOJK 25/2025”) to replace OJK Circular Letter No. 15/SEOJK.04/2020 (“SEOJK 15/2020”). The new circular updates the rules on order and fund verification, and pooling allotment in electronic IPOs.

SEOJK 25/2025 aims to strengthen investor protection and ensure fair allotment, and has been effective since 17 November 2025.

This article, provided by Agniya Anggraeni (Partner) and Cecilia I (Senior Associate) from IMCO Law, outlines the key changes introduced under SEOJK 25/2025 compared with SEOJK 15/2020