AEI Meets with KPPU: Advancing Transparency and Fair Competition in Indonesia’s Capital Market

JAKARTA, February 26, 2026 – The Indonesian Public Listed Companies Association (AEI) attended a strategic discussion today with the Indonesia Competition Commission (KPPU) to address financial market transparency from a competition law perspective. Held at the Nabiel Makarim Room, KPPU Building, Jakarta, the meeting serves as a crucial step in aligning the interests of public listed companies with fair business competition oversight in Indonesia.

In this meeting, the Executive Director of AEI, Gilman Pradana Nugraha, represented the General Chairman of AEI, Armand Wahyudi Hartono, accompanied by representatives from AEI’s various committees.

Strengthening the Capital Market Foundation During the session, Gilman Pradana Nugraha presented a keynote titled "Capital Market Transparency and Business Competition." AEI emphasized that while the Indonesian capital market has shown resilience with rapid growth in the number of investors, several structural challenges remain that require collective resolution.

"A fair market is defined not only by the completeness of its regulations but also by the consistency of law enforcement and the perception of fairness among all market participants. AEI is fully committed to supporting KPPU’s efforts in fostering a competitive and transparent business environment," said Gilman.

Strategic Points Addressed The discussion highlighted several fundamental issues critical to listed companies, including:

• Combating Market Manipulation: AEI advocates for the integration of Artificial Intelligence (AI) in monitoring systems to detect practices such as pump and dump or wash sales with higher precision.

• Ultimate Beneficial Ownership (UBO) Transparency: Strict enforcement of UBO disclosure is considered vital to prevent market abuse and boost the confidence of global investors.

• Liquidity Optimization: Regarding the 15% free float policy and evaluations by global index providers (such as MSCI), AEI views these as a momentum for governance improvement and enhancing the international competitiveness of Indonesian issuers.

• Issuer Protection: AEI raised concerns regarding protection from unsynchronized regulatory pressures and the planned increase in fees (such as Annual Listing Fees and e-RUPS levies) that could potentially burden the performance of public companies.

Looking Forward Through this constructive dialogue, AEI hopes that KPPU will continue to play an active role in monitoring financial market dynamics to prevent monopolies or unfair competition that could harm the capital market ecosystem. This synergy between regulators and the association is expected to create a strong domestic liquidity buffer and a more credible market for both institutional and retail investors.