MSCI keeps RI status, flags possible downgrade in November 2026
MSCI says Indonesia’s market-transparency reforms are not enough without consistent enforcement, including a 15 percent minimum free float.
MSCI kept Indonesia’s stock market classification at emerging market, but placed the RI market under close watch until the November 2026 index review. The global index provider acknowledged transparency reforms introduced by Otoritas Jasa Keuangan, Bursa Efek Indonesia and Kustodian Sentral Efek Indonesia, including disclosure of shareholders above 1 percent, more detailed investor classifications, a High Shareholders Concentration framework and a roadmap to raise the minimum free float to 15 percent. But MSCI said global institutional investors are still waiting for consistent implementation. If progress is judged insufficient in November 2026, MSCI may consult on lowering Indonesia from emerging market to frontier market.