PT Bursa Efek Indonesia (BEI) and PT Kustodian Sentral Efek Indonesia (KSEI) announced the evaluation results of the Concentrated Share Ownership Committee, placing 383 listed companies into the High Shareholding Concentration (HSC) category effective November 13, 2026, as reported by EmitenNews.com.
IHSG Calculation Structure Shifts on November 13, 2026
- Constituent Adjustments: The evaluation shifts the calculation structure of the Indeks Harga Saham Gabungan (IHSG) starting on Friday, November 13, 2026.
- Methodology Shift: Ajaib reports that the exchange eliminated the Rp5 trillion market capitalization threshold and the Price Impact Ratio criteria, replacing them with a broad threshold where 10 or fewer shareholders hold 92.5% or more of total shares.
- Index Rebalancing: CNBC Indonesia notes that PT Mitra Adiperkasa Tbk. (MAPI), PT Trimegah Bangun Persada Tbk. (NCKL), and PT Pertamina Geothermal Energy Tbk. (PGEO) were simultaneously removed from the LQ45 index due to high shareholding concentration.
Evaluation Metrics and Market Methodology Shifts
The joint announcement, numbered Peng-HSC-00088/BEI.WAS/11-2026 and Peng-00032/PWS/KSEI/1126, utilized ownership data evaluated through October 30, 2026. Under the revised methodology outlined by Ajaib, the total count of HSC constituent stocks increased from 83 to 383 companies.
The screening criteria evaluate the cumulative holdings of up to the 10 largest scripless and scrip shareholders reaching an aggregate threshold of 92.5% or higher. Ajaib notes that the newly included stocks collectively contribute 6.16% to the total market capitalization of the IHSG.
The exchange clarified in its official release that the designation does not automatically imply any regulatory violation under capital market laws.
| Evaluation Metric | Previous Methodology | Current Methodology |
|---|---|---|
| Total HSC Entities | 83 Emiten | 383 Emiten |
| Market Capitalization Threshold | Exclusive evaluation above Rp5 Trillion | Applied across all listed companies |
| Price Volatility Filter | Price Impact Ratio (PIR) utilized | PIR criteria removed |
| Ownership Concentration Limit | Committee scoring points | 92.5% or more held by 10 or fewer parties |
LQ45 Index Constituents Change on November 18, 2026
CNBC Indonesia reported that three prominent constituents were ejected from the LQ45 index during an incidental evaluation announced on November 11, 2026.
The affected companies include MAPI, which recorded a concentration ratio of 96.75%; PGEO, registering 95.22%; and NCKL, standing at 92.66%. To replace these companies, the exchange inducted PT Erajaya Swasembada Tbk. (ERAA), PT Gudang Garam Tbk. (GGRM), and PT Pakuwon Jati Tbk. (PWON), which carry free float ratios of 37.84%, 16.45%, and 30.89% respectively.
The newly adjusted LQ45 index constituents take effect from November 18, 2026, and will remain in place through January 29, 2027, according to CNBC Indonesia.
