MSCI cuts Indonesia information flow score as OJK plans 8 reforms
Indonesia remains an emerging market, but MSCI flagged transparency, ownership structure and stock price integrity.
MSCI kept Indonesia in the emerging market category, but lowered its assessment of information flow in the Global Market Accessibility Review 2026 released June 18 local time. The note prompted the government, Otoritas Jasa Keuangan and Bursa Efek Indonesia to accelerate capital market reforms.
Airlangga Hartarto said MSCI's focus was mainly on transparency and market integrity. OJK said the improvements will center on issuer disclosure, ultimate beneficial owner reporting, share ownership structure and trading supervision. The government also outlined eight steps to strengthen the exchange, including a gradual increase in the free float requirement from 7.5 percent to 15 percent.
MSCI said access, size and liquidity in Indonesia's market remained adequate, and it found no issues with restrictions on foreign ownership. The annual market classification decision is scheduled to be announced again on June 23, 2026.