Published on January 30, 2026, by Bloomberg Technoz
By Recha Tiara Dermawan
Bloomberg Technoz, Jakarta – Danantara Chief Executive Officer (CEO) Rosan Roeslani said Danantara is open to becoming a shareholder of the Indonesia Stock Exchange (IDX) after the exchange’s demutualization process is complete.
However, he emphasized that this step is still pending the demutualization structure and stages currently being prepared by the government and capital market authorities. “We are open. If demutualization occurs, Danantara will certainly want to join,” Rosan said in Jakarta on Friday (30/01).
When asked whether Danantara’s entry would be through an initial public offering (IPO), Rosan declined to provide any confirmation.
“We’ll see, we’ll determine the best structure,” he said.
Rosan also did not specify the size of the share ownership Danantara would acquire if it eventually becomes a shareholder of the IDX.
“Well, we’ll see. What’s important is that with this courage, we want to be better and more open,” he said.
Regarding the mechanism for entering the IDX, Rosan emphasized that Danantara does not have to go through a securities company.
“No, it can be done immediately. It can be done immediately. Basically, we’re just waiting. We’re just waiting. Because right now, the stage isn’t ours. We’re still waiting. But basically, we’re always ready,” he said.
The potential for Danantara’s entry as a shareholder in the IDX aligns with the government and the Financial Services Authority (OJK)’s plan to accelerate the exchange’s demutualization. The OJK is targeting the issuance of a government regulation (PP) regarding the IDX’s demutualization in the first quarter of 2026 as part of capital market reforms and increased transparency.
Coordinating Minister for Economic Affairs Airlangga Hartarto assessed that the exchange’s demutualization is a crucial step to prevent the downgrade of the Indonesian capital market’s status from an Emerging Market to a Frontier Market.
According to Airlangga, demutualization will strictly separate the exchange’s management from its members, thereby improving independence and governance.
“With demutualization, the exchange’s management will be separated from its members because there will be investors coming in. This way, the exchange will be more independent of its members’ interests,” Airlangga said.
He added that demutualization also opens up opportunities for the IDX to go public in the future and strengthens the exchange’s authority to take action against those who distort the market.
OJK Chairman Mahendra Siregar previously stated that the government is preparing regulations for exchange demutualization.
“We understand from discussions with the government that regulations related to exchange demutualization will be issued in the first quarter of this year,” Mahendra said.
The demutualization issue intensified amid market concerns over the results of Morgan Stanley Capital International’s (MSCI) consultation regarding the free float calculation methodology, which could potentially downgrade Indonesia’s stock market status. Harry Su, Managing Director of Research at Samuel Sekuritas Indonesia, assessed that the change in methodology could have a significant impact on foreign capital flows.
“This is the worst-case scenario for Indonesia. If Indonesia’s status is downgraded to a Frontier Market, foreign capital outflows will be enormous,” said Harry.
According to Harry, the main issue highlighted by MSCI is transparency and clarity of share ownership structure. Therefore, he believes that collaboration between all stakeholders, including the Financial Services Authority (OJK), the Indonesian Stock Exchange (BEI), the Indonesian Central Securities Depository (KSEI), Danantara, and issuers, is crucial for improving capital market governance.