Friderica Pledges Capital Market Overhaul to Lift Issuer Quality

JAKARTA, Investortrust.id — Financial Services Authority, or OJK, has committed to accelerating a broad overhaul of Indonesia’s capital market under interim chairwoman Friderica Widyasari Dewi on Saturday, Jan 31, 2026 in Jakarta to improve issuer quality, strengthen governance, and restore market confidence after recent volatility.

The pledge was delivered by Friderica, who is serving as Interim Chair and Vice Chair of the OJK Board of Commissioners while also heading consumer and market conduct supervision.

“We are fully committed to continuing and accelerating Indonesia’s capital market reform program,” Friderica said during a press conference at Wisma Danantara.

She said the regulator had closely reviewed recent market turbulence and feedback from stakeholders, prompting a more holistic reform approach across regulation, supervision, and market structure.

The reform agenda includes improving the quality of listed issuers and traded shares, expanding investor education, and strengthening protection for retail investors alongside consistent law enforcement.

OJK also plans to deepen market liquidity by raising the minimum free float requirement to 15 percent, optimizing liquidity providers, and strengthening the role of institutional investors.

“The focus is particularly on state-owned insurance firms and pension funds by increasing their maximum equity investment limits while maintaining prudence, governance, and risk controls,” Friderica said.

She added that banks’ participation in capital market activities would be expanded through revisions to the Financial Sector Development and Strengthening Law.

On transparency, OJK will mandate stricter disclosure of ultimate beneficial ownership, affiliated party transactions, and enhanced due diligence and know-your-customer procedures by securities firms.

Market supervision and enforcement will be intensified, including immediate investigations into widespread stock price manipulation and tighter oversight of market conduct and financial influencers.

Institutionally, OJK will pursue exchange demutualization to reduce conflicts of interest and reform governance across self-regulatory organizations, including the exchange, clearing house, and central depository.

Friderica stressed there was no leadership vacuum at OJK following the resignations of Chairman Mahendra Siregar, Vice Chairman Mirza Adityaswara, and capital markets supervisor Inarno Djajadi.

She was formally appointed interim chairwoman by a Board of Commissioners meeting under Law No. 21 of 2011 and the Financial Sector Development and Strengthening Law.

“We ensure all OJK policies and programs continue to run properly, always prioritizing financial system stability and long-term economic growth,” Friderica said.