Analysis: P2SK Law offers problematic path to IDX demutualization - Academia - The Jakarta Post

Indonesia has taken a significant step toward overhauling the governance of its capital market after lawmakers approved revisions to the Financial Sector Development and Strengthening (P2SK) Law, paving the way for the eventual demutualization of the Indonesia Stock Exchange (IDX). The reform seeks to end the longstanding model in which the exchange is owned by its member brokerages, while also allowing institutions such as Bank Indonesia (BI), the Finance Ministry and state asset fund Danantara to become shareholders. However, rather than eliminating governance concerns, the new framework may simply shift them from conflicts among market participants to more complex questions about the state's role in owning the country's capital market infrastructure.

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