Maximilianus Nico Demus, Associate Director of Research and Investment at Pilarmas Investindo Sekuritas, believes that the shareholders concentration list policy will enhance transparency and promote better governance in the Indonesian capital market. This, in turn, will increase the credibility of the Indonesian capital market, attracting foreign investment or capital inflow. Nico emphasized that the policy will bolster the credibility of the Indonesia Stock Exchange (IDX), subsequently attracting capital inflow. The concentration list reveals the extent to which a company’s shares are held by specific entities, allowing investors to assess ownership distribution within a company. Nico elaborated that high concentration indicates limited ownership, while low concentration implies diverse ownership spread across numerous investors, thereby characterizing varying ownership patterns. Enhancing transparency in the Indonesian capital market may evoke contrasting perspectives, potentially disrupting stock movements for some stakeholders. However, maintaining transparency, supported by effective governance, is crucial for the IDX to uphold its standing as a financial market in Indonesia. Nico stressed the significance of transparent transactions to uphold the IDX’s role as an economic indicator in Indonesia. While volatility may increase, he emphasized that a company’s fundamentals remain unchanged, based on valuations and future projections. The IDX plans to release the shareholders concentration list by late February or early March 2026, disclosing ownership exceeding 1 percent. The issuance is part of the IDX’s efforts to enhance information transparency within the Indonesian capital market, aligning with MSCI’s concerns about transparency. The concept of the concentration list arose following MSCI’s feedback in October 2025, prompting self-regulatory organizations to conduct various studies based on experiences of other exchanges facing similar scenarios.
