New IDX Listing Rule I-A

On 31 March 2026, the Indonesia Stock Exchange (Bursa Efek Indonesia) issued a major revision to Listing Rule I-A on equity securities listing requirements, alongside implementing guidance under Circular Letter SE-00004/2026.

This reform represents a clear regulatory response to structural concerns in Indonesia’s equity market, particularly those highlighted by global index providers (including MSCI) around:
– substantive tightening of free float definition
– progressive increase in free float shares at the time of listing
– increase in ongoing free float requirements
– mandatory post-listing lock-up
– governance and professional standards enhancements

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