Jakarta, January 31, 2026— Indonesian Business Council (IBC) examines the latest developments in the Indonesian capital market, including leadership dynamics at key institutions and market responses to reform directions and governance policies. IBC views these dynamics as part of an institutional process that must be managed prudently, predictably, and with a medium- to long-term focus to maintain investor confidence and financial system stability. IBC emphasizes that a credible capital market is a crucial foundation for investment financing, financial market deepening, and national economic competitiveness amidst increasing global volatility.
IBC Chief Operating Officer William Sabandar, stated that investor confidence is largely determined by policy consistency, legal certainty, and strong institutional governance. “The market can accept change, as long as it is managed with clear direction, transparent processes, and a commitment to good governance principles. Policy credibility and institutional continuity are key factors for market stability,” said William.
As a constructive contribution to the business world, IBC presents the following six strategic recommendations:
- Certainty and Predictability of Capital Market Policy.
IBC believes that sustainable market stability requires a consistent and predictable policy environment. Every policy initiative—including plans to increase free float—needs to be accompanied by a clear roadmap, realistic implementation stages, and transparent communication to avoid creating market uncertainty. - Certainty of Institutional Leadership.
The IBC encourages the timely, professional, and merit-based appointment of replacement officials at strategic capital market institutions. Leadership certainty is crucial to maintaining policy continuity and avoiding a policy vacuum that could affect investor sentiment. - Policy Coordination and Market EnhancementSurveillance
Effective coordination among authorities is crucial to maintaining market stability while respecting each institution’s independence. The IBC also emphasized the importance of strengthening data-based market surveillance and a risk-based supervision approach to enhance early detection of potential market disruptions. - Consistent and Proportional Regulation Enforcement
The IBC emphasizes the importance of consistent, independent, professional, and proportional regulatory enforcement, supported by a clear mandate and adequate legal protection for supervisory officials. This is necessary to ensure the supervisory process is effective without creating excessive regulatory uncertainty for market participants. - Certainty of Due Process and Protection of Investor Rights
Domestic and global investor confidence depends heavily on legal certainty, protection of property rights, respect for contracts, and consistent and non-discriminatory application of due process. These principles are the foundation of a healthy investment climate. - Financial System Stability as a Common Interest
IBC views financial system stability as a common good that must be maintained through aligned policies, strong governance, and close collaboration between authorities, market participants, and the business community. The active participation of all stakeholders is key to maintaining market confidence.
“IBC is committed to continuing to collaborate with the government and stakeholders through constructive policy dialogue and research-based input from business perspectives, to strengthen the credibility of the Indonesian capital market and increase its attractiveness to long-term investors,” concluded Chief Economist IBC Denni Purbasari.