JAKARTA. 2016 coming to an end. A number of rules relating to the capital market has been released by the Financial Services Authority (FSA) and the Indonesia Stock Exchange (IDX) this year.
Nonetheless, some rules of the stock exchange that become concerns of market participants have not taken into effect this year. Some of the rules are still under planning and scheduled to be released in the next year. "Because those (the stock exchange rules) will have direct effects to the market," stock market analyst Vicella Tjhin told KONTAN, Sunday (25/12).
One of the concerns of market participants is the regulation on restoring symmetrical automatic price limit rejection or auto rejection. The auto rejection is stipulated under the Decree of the Board of IDX Directors on the Stock Exchange Rule Number II-A on the Equity Securities Trading. This regulation will take into effect on 3 January 2017.
Market participants also have concern on the elimination of the floor price of Rp 50 per share. In the future, the price of below Rp 50 per share will no longer be traded at negotiation market, but directly in the regular market.
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Those rules, especially the auto rejection are potentially to make the prices of certain shares be more volatile. In this case, the prices could rise more freely. On the other hands, the prices can also drop much further.
Meanwhile, the share price could fall even to Rp 0 if the regulation on floor price of Rp 50 per share is removed. "But this precisely illustrates the real price, which is in line with the fundamental condition," Vicella added.
Analyst at First Asia Capital David Sutyanto said that the auto rejection was effective to hold the decline of JCI (Jakarta Composite Index) when the index was overwhelmed by negative sentiment. But, the stock market became unconducive "The regulation was made due to the special conditions. Now the market has been normal," said David.
Stock exchange also provides 50% discount on listing fee of bonds and sukuk. The discount provision aims at supporting tax amnesty. This regulation has started taking into effect since 1 December 2016.
For example, the amount of the debt securities of up to Rp 200 billion will be charged with listing fee of 0.0125% of the nominal value, while the securities worth more than Rp 600 billion are charged with only 0.011% of the nominal value.
Meanwhile, the FSA has released a total of 14 regulations and 9 circulation letters. Those focus on three main points, namely the market deepening, strengthening the capital market, and supporting priority economic programs.
In an official statement, Director of Capital Market Regulation at the FSA Luthfy Zain Fuady said that the regulations aim at supporting government’s economic programs. (Muhammad Farid/Translator)
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