28th April 2026
OVERVIEW
Following recent market developments, the Indonesia Stock Exchange (“IDX“) has issued the Decree of the Board of Directors of IDX No. Kep-00045/BEI/03-2026 concerning the Amendment to Regulation No. I-A on the Listing of Shares and Equity Securities Other than Shares Issued by Listed Companies, dated 31 March 2026 (the “New IDX Rule I-A“), revoking the previous IDX Rule I-A, stipulated under the Decree of Board of Directors of IDX No. Kep-00101/BEI/12-2021 concerning Amendment to Regulation No. I-A on the Listing of Shares and Equity Securities Other than Shares Issued by Listed Companies, dated 21 December 2021(“IDX Rule I-A 2021“). This amendment forms part of the IDX’s broader regulatory initiative, in alignment with the policy direction of the Financial Services Authority (Otoritas Jasa Keuangan), to further strengthen and reform the Indonesian capital market.
This article, prepared by Michael Cecio Bangun (Partner) and Rania Nasir (Associate) from IMCOLaw, aims to introduce the key changes under the new IDX Rule I-A, namely: (i) the increase in the minimum free float threshold; (ii) the introduction of a new tiered free float framework; and (iii) further clarification and refinement of the criteria for shares to qualify as free float.