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View all search resultsHeads roll at IDX, OJK, as govt vows to fix stock market
It is not immediately clear whether the resignations of five high-ranking officials at the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) were voluntary or forced. Senior minister Airlangga Hartarto said President Prabowo Subianto is monitoring the stock exchange following the market meltdown.
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Financial Services Authority (OJK) chairman Mahendra Siregar (front row, center) speaks to the media at the Indonesia Stock Exchange (IDX) in Jakarta on January 29, 2026, following a market collapse triggered by an MSCI warning over transparency and trading manipulation. Mahendra along with IDX president director Iman Rachman (front row, left) and OJK commissioner Inarno Djajadi (front row, right) and deputy commissioner I.B. Aditya Jayaantara (back row, second from right) announced their resignation on the next day. (AFP/Yasuyoshi Chiba)
T
op officials of Indonesia’s financial authorities stepped down on Friday following a two-day market rout at the country’s stock exchange caused by panic over a transparency warning from global index compiler Morgan Stanley Capital International (MSCI).
Indonesia Stock Exchange (IDX) president director Iman Rachman announced his resignation in the morning, which was followed by Financial Services Authority (OJK) chairman Mahendra Siregar and two other OJK commissioners, Inarno Djajadi who supervised capital markets, financial derivatives and carbon exchange, and I.B. Aditya Jayaantara, who supervised issuers, securities transactions and capital market investment.
“This is a form of moral responsibility and support for the necessary recovery steps [for the stock exchange],” said Mahendra in a statement.
As of Saturday Morning, OJK deputy chairman Mirza Adityaswara has also announced his resignation. It is not immediately clear whether the resignations of the five officials were voluntary or forced.
MSCI had flagged the IDX for its lack of transparency in share ownership and “possible” coordinated trading behavior that undermines proper price formation, suspending tracking of the exchange until the relevant authorities address its concerns.
The warning triggered a massive sell-off in Indonesian stocks and the steepest two-day share price fall since April, and leading to suspensions in trading twice this week.
Read also: What's behind Indonesia's worst stock crash in decades?
