(Jakarta, 1st) Indonesia’s stock market has plunged for several consecutive days, prompting senior officials of the Financial Services Authority to collectively resign to take responsibility. Friderica Widyasari Dewi, the agency’s former Executive Director of Market Conduct Supervision, Education, and Consumer Protection, has been appointed Acting Chair of the board in a critical moment to ensure financial services regulation continues unaffected.
The Indonesia Financial Services Authority (OJK) announced in a statement on Saturday (January 31) that besides Friderica serving as acting chair, Hasan Fawzi, Executive Director of Financial Technology Innovation, Digital Financial Assets, and Crypto Asset Supervision, was also appointed as the Acting Chief Executive of Capital Markets, Financial Derivatives, and Carbon Trading Regulation. Both appointments are effective immediately.
The statement said these measures follow the mechanisms outlined in the OJK Board Regulations, and are aimed at maintaining institutional stability so as to fulfill its duties.
OJK will also adjust its policies, work plans, and strategic agendas in order to face various developments in the financial sector. The agency will closely cooperate with all stakeholders to restore public services, safeguard financial sector stability, and strengthen consumer protection.
The Indonesian stock market over the past two days has seen its steepest decline in nearly 30 years, raising concerns about a lack of transparency in market shareholding structures. After Indonesia Stock Exchange CEO Iman resigned on Friday (30th) to take responsibility, OJK Board Chair Mahendra, Vice Chair Mirza, Inarno—the Chief Executive of Capital Markets, Financial Derivatives, and Carbon Trading Supervision—and Adita, the Deputy Commissioner responsible for Issuer Supervision, Trading Supervision, and Special Audits, also announced their resignations later that day.
Mahendra stated that resigning was an act of moral responsibility and an important step to help revive the stock market. Relevant procedures will be handled in accordance with regulations to ensure that regulatory functions remain unaffected.
The statement said these measures follow the mechanisms outlined in the OJK Board Regulations, and are aimed at maintaining institutional stability so as to fulfill its duties.
OJK will also adjust its policies, work plans, and strategic agendas in order to face various developments in the financial sector. The agency will closely cooperate with all stakeholders to restore public services, safeguard financial sector stability, and strengthen consumer protection.
The Indonesian stock market over the past two days has seen its steepest decline in nearly 30 years, raising concerns about a lack of transparency in market shareholding structures. After Indonesia Stock Exchange CEO Iman resigned on Friday (30th) to take responsibility, OJK Board Chair Mahendra, Vice Chair Mirza, Inarno—the Chief Executive of Capital Markets, Financial Derivatives, and Carbon Trading Supervision—and Adita, the Deputy Commissioner responsible for Issuer Supervision, Trading Supervision, and Special Audits, also announced their resignations later that day.
Mahendra stated that resigning was an act of moral responsibility and an important step to help revive the stock market. Relevant procedures will be handled in accordance with regulations to ensure that regulatory functions remain unaffected.