IDX Refines Watchlist Board Provisions, Prioritizing Price Discovery and Investor Protection

15 hours ago

3 min read

Jakarta, 28 September 2026

These refinements retain criteria that remain fundamentally relevant, while adjusting other provisions related to liquidity to enhance price discovery.

To enhance the effectiveness and quality of trading mechanisms in the Indonesian Capital Market, Indonesia Stock Exchange (IDX) has refined the provisions governing the Watchlist Board through amendments to IDX Regulation Number I-X concerning the Placement of Equity Securities on the Watchlist Board and IDX Regulation Number II-X concerning the Trading of Equity Securities on the Watchlist Board. The amendments to both regulations were issued on Friday (25/9) and became effective today, Monday (28/9).

The refinements are part of IDX’s commitment to continuously evaluate and develop its policies through continuous improvement, taking into consideration the results of post-implementation monitoring of the Full Call Auction mechanism, as well as the comprehensive alignment with other policies implemented in the Indonesian Capital Market. The adjustments are intended to ensure that the placement criteria for the Watchlist Board remain relevant to market conditions, including alignment with policies on transparency reforms and provisions concerning minimum price, liquidity, free float, and trading activity in the Secondary Market.

IDX Development Director Iding Pardi explained, “The evaluation of the Watchlist Board is part of the IDX’s efforts to ensure that trading and surveillance mechanisms continuously evolve in line with market dynamics while maintaining the philosophy of the Watchlist Board as a form of investor protection. These refinements retain criteria that remain fundamentally relevant, while adjusting other provisions related to liquidity to enhance price discovery.”

Previously, the Watchlist Board had undergone several stages of development, including the implementation of the Hybrid Call Auction on 12 June 2023, the Full Call Auction on 25 March 2024, and a post-implementation review on 21 June 2024. Through the amendment to Regulation Number I-X, IDX has adjusted the criteria for the placement of Equity Securities on the Watchlist Board. These adjustments include the removal of Criteria 1, 6, 7, and 10 concerning trading price and liquidity, certain requirements for maintaining a listing on the Exchange (free float), and temporary suspension of trading due to trading activity. These adjustments are intended to enhance price discovery for shares traded on the Exchange.

Meanwhile, other criteria for the Watchlist Board relating to a company’s fundamental conditions remain in place, including criteria concerning financial statement conditions, revenue, negative equity, conditions related to Suspension of Debt Payment Obligations (PKPU) or bankruptcy, as well as other conditions determined by the Exchange upon obtaining the approval or instruction of Financial Services Authority (OJK). This is intended to ensure that the Watchlist Board continues to serve as a key investor protection mechanism for all investors in making investment decisions in the Indonesian Capital Market.

In addition, through the amendment to Regulation Number II-X, IDX has refined the trading mechanism for Securities on the Watchlist Board, including the implementation of a Non-Cancellation Period within the Full Call Auction mechanism. The implementation of this mechanism is part of the efforts to improve the quality of the price formation process by reducing order amend and cancellation activities shortly before the process, thereby enabling the resulting price to more accurately reflect fair demand and supply conditions. The Non-Cancellation Period on the Watchlist Board will be implemented concurrently with the implementation of the Trading and Surveillance System Update (Pembaruan Sistem Perdagangan dan Pengawasan/PSPP), with the effective implementation date to be announced separately.

With the refined provisions governing the Watchlist Board taking effect today (28/9), a total of 92 Securities have been removed from the Watchlist Board as they no longer meet Criteria 1, 6, 7, and/or 10 that have been removed. Meanwhile, 42 Securities remain on the Watchlist Board as they continue to meet the applicable fundamental criteria.

Further information regarding the refinement of the Watchlist Board provisions and the Securities listed on the Watchlist Board is available at:

Amendments to Regulations I-X and II-X: idx.co.id > > Peraturan > Peraturan BEI > Tab Peraturan Pencatatan dan Perdagangan or https://www.idx.co.id/id/peraturan/peraturan-bei/
Announcements and List of Securities on the Watchlist Board:
www.idx.co.id > > News > Announcement, or through the following link: https://www.idx.co.id/en/news/announcement/
www.idx.co.id > Listed Companies > Securities on Watchlist Board, or through the following link: https://www.idx.co.id/en/listed-companies/list-of-securities-under-special-monitoring