KONTAN.CO.ID - The demutualization process of the Indonesia Stock Exchange (IDX) is moving forward step by step. Most recently, the IDX has amended its articles of association so that exchange share ownership is no longer restricted to exchange members (AB).

This change received shareholder approval during an Extraordinary General Meeting of Shareholders (EGMS) held on Wednesday (10/28).

In addition, the IDX distributed a special cash dividend to shareholders recorded in the Register of Shareholders on October 27, 2026. The total dividend reached IDR 1.56 trillion, equivalent to IDR 17 billion per share.

Capital market observer Irwan Ariston noted that demutualization is a positive step because it separates IDX ownership from exchange membership, allowing the ownership structure to become more open and professional.

"The entry of Danantara as a prospective shareholder also has the potential to strengthen the IDX's capitalization and development," he told Kontan recently.

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However, Irwan assessed that changing the ownership structure does not automatically make the IDX more competitive. According to him, the success of demutualization still depends on strengthening governance, transparency, efficiency, liquidity, and investor protection.

"For foreign investors, the most important factor is not who owns the IDX, but whether the IDX is still viewed as independent, professional, and possessing strong governance," Irwan said.

Irwan stated that if state institutions such as Danantara are involved, the independence of the IDX must still be maintained and communicated exceptionally well to investors.

Ultimately, he said the success of demutualization needs to be measured by its impact on market quality. Ideally, the reform should make Indonesia's capital market deeper, more liquid, efficient, and attractive to investors.

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