On 27 January 2026, MSCI Inc. (MSCI) announced an immediate interim freeze on certain index-related changes for Indonesian securities following its index reviews, raising points relating to transparency in shareholding structures and potential coordinated trading behaviour that undermine proper price formation. This announcement triggered a US$80 billion market sell-off and the resignations of several senior officials in the Indonesian Financial Services Authority (OJK).
In response, the OJK announced a general comprehensive package of capital market reforms organised around an eight-point action plan and, together with the Indonesian Stock Exchange and the Indonesian Central Securities Depository, proposed three measures to specifically address points raised by MSCI.
In this update, WongPartnership and Makes & Partners Law Firm (Makes) take a look at the response of the regulators to the foregoing market dynamics.
If you would like information on this or any other area of law, you may wish to contact the Partner at WongPartnership or Makes whom you normally work with or the following:
Dr Yozua MAKES
Founder and Managing Partner
d +62 21 547 7181
e ymakes@makeslaw.com
Click here to view Dr Yozua’s CV.
Mark CHOY
Partner
d +65 6416 8014
e mark.choy@wongpartnership.com
Click here to view Mark’s CV.
Iwan SETIAWAN
Senior Partner
e setiawan@makeslaw.com
Click here to view Iwan’s CV.
James CHOO
Partner
d +65 6416 2418
e james.choo@wongpartnership.com
Click here to view James' CV.
FRANSISCA
Partner
e fransisca@makeslaw.com
Click here to view Fransisca's CV.
Lesley TAN
Partner
d +65 6416 8111
e lesley.tan@wongpartnership.com
Click here to view Lesley's CV.
Niki SATYAPENI
Partner
e niki@makeslaw.com
Click here to view Niki's CV.
Muhammad KARNOVA
Partner
e karnova@makeslaw.com
Click here to view Muhammad's CV.