Indonesia’s stock market faced sharp volatility in late January 2026, prompting an unprecedented wave of resignations at the Financial Services Authority (OJK).

Chairman Mahendra Siregar, Vice Chairman Mirza Adityaswara, Capital Market Supervisor Inarno Djajadi, and Deputy Commissioner I.B. Aditya Jayaantara all stepped down in a single day following dramatic swings in the Jakarta Composite Index (IHSG).

Acting Leadership and Succession Mechanism

OJK quickly activated its formal succession procedures to prevent any leadership vacuum. Friderica Widyasari Dewi was appointed Acting Chair and Vice Chair simultaneously, effective January 31, 2026, in accordance with the OJK Law and the Financial Sector Development Act.

Profiles of the New Leadership

Friderica Widyasari Dewi: Seasoned Market Veteran

Friderica, born in Cepu, Central Java, on November 28, 1975, has decades of experience in Indonesia’s capital market.

• BEI (2006–2015): Head of Corporate Communication (2006), Corporate Secretary (2007–2009), Director of Development (2009–2015)
• KSEI (2015–2019): Director (2015–2016), CEO (2016–2019)
• PT BRI Danareksa Sekuritas (2020–2022): CEO
• OJK Commissioner (2022–2027): Oversaw market conduct, investor education, and consumer protection
• Anti-Scam & Financial Crime: Coordinator of Satgas PASTI and Indonesia Anti-Scam Centre (IASC) since 2023
• International Roles: Advisory Board member for OECD/INFE and Governing Council member of FinCoNet

Education & Certifications:

• Bachelor’s in Economics, UGM (2001)
• MBA, California State University (2004)
• Doctor of Education (EdD, cum laude), UGM (2019)
• Certified Investment Manager (WMI) & Underwriter (WPEE, 2019)

Friderica also lectured at several universities, including UI, Atma Jaya, and Universitas Trilogi STEKPI, and served as staff and assistant lecturer in early academic roles.

Hasan Fawzi and Agusman: Technocrats Behind Reform

Hasan Fawzi, appointed Acting Head of Capital Market Supervision, previously served as Director of Development at BEI. His career spans:

• PT Kliring Depositori Efek Indonesia (1993–1997)
• KPEI: Head of IT Division (1997–2008), Director of PHEI (2008–2012), CEO of KPEI (2012–2018)

Education: Bachelor’s in Engineering, ITB (1993); MBA, Université Pierre Mendes, Grenoble; MM, FEUI (2008)

Agusman, overseeing non-bank financial institutions, has extensive experience in market surveillance and development:

• OJK: Head of Surveillance (2016–2017), Communication (2017–2019), Market Development (2019)
• Education: Bachelor’s in Accounting, Universitas Andalas (1989); Master’s in Economics & Finance, Curtin University (1998); PhD in Banking & Finance, Australian National University (2006)

Their appointments reinforce OJK’s technocratic foundation, signaling stability and expertise amid market turbulence.

OJK Reform Agenda: Seven Priority Initiatives

Under the new leadership, OJK launched an accelerated reform agenda to stabilize and modernize Indonesia’s capital market:

1. Strengthen Market Trust & Independence – Ensure OJK remains professional, impartial, and free from political influence.
2. Increase Free Float Requirements – Raise minimum public shareholding from 7.5% to 15% to enhance liquidity.
3. Expand Transparency on Ownership – Disclose ultimate beneficial owners (UBO) and shareholder affiliations for all listed companies.
4. Enforce Against Price Manipulation – Crack down on coordinated trading, stock speculation, and market distortions.
5. Regulate Social Media Use by Securities Firms – Ensure online communications are accurate, ethical, and certified.
6. Review Insurance Investments in Stocks – Limit high-risk exposure of policyholder funds to protect against market shocks.
7. Reassess Pension Fund Investments – Evaluate long-term risks of allocating pension funds to equities and bonds to safeguard liquidity.

These measures aim to reduce volatility, increase transparency, and align Indonesia’s capital market with global standards, building investor confidence and market sustainability.

Presidential Directive: Maintain Market Stability

Coordinating Minister for Economic Affairs Airlangga Hartarto reported that President Prabowo Subianto instructed OJK, the Ministry of Finance, and BEI to ensure market operations run smoothly during the leadership transition.

“There should be no gaps in supervision,” said Airlangga.

Prabowo also reassured investors, “To domestic investors, international partners, and all Indonesians, the fundamentals of Indonesia’s economy remain strong. The government stands firmly behind our financial markets and is committed to a transparent, fair, and world-class investment climate.”

Experts View Leadership Shake-Up as Reform Opportunity

Economists see the resignations as both a warning and an opportunity. Director Executive of Celios, Bhima Yudhistira, noted that the resignations were influenced by political pressure, particularly regarding plans to increase the portion of pension fund and insurance investments in stocks from 8% to 20%.

He warned of risks similar to a potential “Asabri 2” scenario, where BUMNs might enter speculative equities, highlighting the stakes for market integrity.

The exits put regulatory credibility and market stability under intense scrutiny, raising questions about whether Indonesia’s capital market can navigate both internal and external pressures effectively.

Meanwhile Reza Priyambada, Director of Reliance Sekuritas Tbk, observed that the leadership changes could increase IPO interest if the new appointees demonstrate integrity and a clear vision.

Hendra Wardana, Capital market observer and Founder of Republik Investor, added that reform measures, including free float enforcement, exit policies, ownership transparency, and governance strengthening, would be key to reducing volatility and restoring investor confidence.

PHOTO: OJK

This article is a summary of several original articles. The full versions can be read at the following links:

https://www.ojk.go.id/id/Default.aspx

https://news.detik.com/berita/d-8335166/said-abdullah-sampaikan-7-prioritas-utama-ojk-di-bawah-kepemimpinan-baru/amp

https://money.kompas.com/read/2026/02/01/084625826/profil-friderica-widyasari-dewi-plt-ketua-ojk-pengganti-mahendra-siregar?page=all#page2

https://www.idxchannel.com/banking/terpilih-jadi-anggota-dewan-komisioner-baru-ojk-ini-profil-hasan-fawzi-dan-agusman/all

https://www.cnbcindonesia.com/market/20260131203843-17-707007/instruksi-presiden-prabowo-setelah-ketua-ojk-hingga-dirut-bei-mundur

https://www.bloombergtechnoz.com/detail-news/98222/respons-ekonom-hingga-dpr-soal-pengunduran-diri-petinggi-bei-ojk/2

https://www.antaranews.com/berita/5387822/analis-sebut-mundurnya-petinggi-bei-ojk-jadi-momentum-benahi-pasar

This article was created with AI assistance.

We make every effort to ensure accuracy; some information may be incorrect or outdated. Corrections are welcome at [email protected].

This article is for information only and is not an investment recommendation.