Regulation Watch · Business Licensing · Indonesia. The rule applies to equity securities traded on the Indonesia Stock Exchange in the Regular Market and Cash Market. It directly affects domestic and foreign investors, PT PMA and PT PMDN companies holding listed shares, shareholders, directors and treasury teams, securities companies, investment managers, custodians, margin-account users and trading-system operators. It does not change a listed company's corporate licence or create a new filing for an ordinary operating company that does not trade listed equities.
IDX Tightens Temporary Downside Limits for Share Trading
IDX Decisions Kep-00157/BEI/10-2026 and Kep-00158/BEI/10-2026 temporarily cut the lower auto-rejection limit for equity trading, with the replacement decision setting a nominal Rp1 lower limit for shares priced from Rp11 to Rp14.
- Published
- IDX adopted Board of Directors Decision Kep-00157/BEI/10-2026 on 19 October 2026 and published the initial official implementation announcement on the same date. IDX adopted replacement Decision Kep-00158/BEI/10-2026 and published its official announcement on 20 October 2026.
- Effective
- The temporary asymmetric limits took effect on 19 October 2026. The revised Rp11 to Rp14 price band took effect on 20 October 2026. The temporary arrangement is scheduled to apply through the close of trading on 31 December 2026 and may be evaluated again in response to market conditions.
- Added to Watch
- 20 October 2026
- Updated
- 20 October 2026
Who is affected
Foreign and domestic investors, PT PMA and PT PMDN companies with listed-equity investments, shareholders, directors and corporate treasury teams, securities companies and exchange members, investment managers, custodians, margin and leveraged investors, risk and compliance teams, and operators of order-management, algorithmic-trading and portfolio-monitoring systems.
Practical impact
IDX replaced the prior 15 percent lower auto-rejection limit for shares priced above Rp10 with a temporary asymmetric structure. From 20 October, shares priced from Rp1 to Rp10 have nominal Rp1 upper and lower limits; shares priced from Rp11 to Rp14 retain a 35 percent upper limit but use a nominal Rp1 lower limit; shares priced from Rp15 through Rp200 retain a 35 percent upper limit and use a 7 percent lower limit; shares above Rp200 through Rp5,000 retain a 25 percent upper limit and use a 7 percent lower limit; and shares above Rp5,000 retain a 20 percent upper limit and use a 7 percent lower limit. Orders outside the applicable daily price band are rejected by the exchange trading system. The limit controls executable prices but does not guarantee that a buyer will be available at the lower limit or that an investor can exit a position.
The Indonesia Stock Exchange adopted Board of Directors Decision Kep-00157/BEI/10-2026 on 19 October 2026 and applied it on the same date. The decision replaced the relevant provisions in the September 2026 version of Regulation II-A on equity-securities trading and introduced a temporary asymmetric lower auto-rejection structure for the Regular Market and Cash Market.
The initial implementation reduced the lower auto-rejection limit from 15 percent to 7 percent for shares priced above Rp10, while keeping the existing upper auto-rejection limits. IDX stated that the temporary measure would apply through the close of trading on 31 December 2026 and would be evaluated again in light of market developments.
IDX replaced Kep-00157 with Board of Directors Decision Kep-00158/BEI/10-2026 on 20 October. Shares priced from Rp1 to Rp10 continue to use nominal Rp1 upper and lower limits. Shares priced from Rp11 to Rp14 use a 35 percent upper limit and a nominal Rp1 lower limit. The 7 percent lower limit begins at Rp15. The upper limits remain 35 percent through Rp200, 25 percent above Rp200 through Rp5,000 and 20 percent above Rp5,000.
Auto rejection is an exchange-system control. JATS rejects an order outside the permitted daily price range. It is not a guaranteed sale price, a circuit breaker that creates buyers or a promise that the position can be closed. A share can remain at its lower limit with insufficient bids and can reach the applicable lower limit again on later trading days.
Foreign investors, PT PMA companies and other corporate investors should update risk models and dealing controls immediately. A corporate treasury should also confirm that listed-equity holdings remain authorised under its investment mandate and that management reporting captures price, liquidity, margin, collateral and concentration exposure under the temporary bands.
The two decisions form one continuous operational change, so this article consolidates the 19 October measure and its 20 October replacement rather than publishing overlapping updates. Investors and intermediaries should follow the official IDX regulation and announcement pages because IDX may review, replace or allow the temporary arrangement to expire before or on 31 December 2026.
Required action
- Update portfolio, treasury, margin, collateral and liquidity scenarios to use the 20 October price bands, including the nominal Rp1 lower limit for shares priced from Rp11 to Rp14.
- Confirm that brokers, order-management systems, trading algorithms, risk dashboards and internal dealing limits have implemented the revised bands and do not still apply the earlier 15 percent or blanket 7 percent assumption.
- Review stop-loss, margin and concentration controls because an order may be rejected outside the daily band and a position can remain difficult to sell when there is no matching bid within the permitted range.
- For a company investing corporate funds, document that listed-equity exposures remain within the approved treasury or investment mandate and that directors receive timely reporting on liquidity, valuation and concentration risk.
- Describe the measure as temporary in investor, client and internal communications and distinguish the Rp11 to Rp14 nominal Rp1 limit from the 7 percent limit applying to shares priced at Rp15 or above.
- Monitor the official IDX regulation and announcement pages for another evaluation, replacement or expiry notice before the close of trading on 31 December 2026.