By Irvin Avriano A.
for Bisnis Indonesia
Bapepam-LK wants to accelerate the discussion of IDX's membership rules
JAKARTA: Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) want to accelerate the discussion of Indonesia Stock Exchange (IDX/Bursa Efek Indonesia)'s membership rules. The authority hopes the rules can be passed in the 1st Q/2010 quickly.
Securities Transaction and Institution Bureau Chief of Bapepam-LK Nurhaida said the eight of membership rules being discussed by the capital market authority and wait for approval.
"The process [approval] takes time because there are many rules that we studied. Regulation membership [from IDX] was eight and there are another seven trading rules, it's all there are 27 rules in the line for approval," he told the press today.
He explained the current regulations that being discussed with the IDX mostly are membership rules that limit the behavior of the stock market's members.
Associated with membership rules, Nurhaida said the authority also setting new limits for the rules on net adjusted working capital on rules No.V.D.5 about Maintenance and Reporting of Net Adjusted Working Capital (modal kerja bersih disesuaikan/MKBD).
According to him, MKBD limits is also still waiting inputs from capital market participants, so it is not closed the possibility of a further proposal from the Association of Indonesian Securities Companies (Asosiasi Perusahaan Efek Indonesia/APEI) whose in charge of all the members of the bourse (anggota bursa/AB).
"If their feedback [from ABs] are reasonable, we must consider it, so the choice is still opened."
Previously, APEI suggest the capital market authority to review again about the plan of tightening of MKBD's calculation method. In the regulations' draft which released by Bapepam-LK in 2008, they proposed the limit of MKBD at level Rp25 billion or 6.25% of total liabilities plus its ranking liabilities.
6.25% clause is a new thing in the MKBD regulations draft, because in the current rules No.V.D.5, there is no such clause.
According to Nurhaida, she was asking for priority to the statutory and legal aid bureau of Bapepam-LK related to the numbers of IDX rules to be immediately passed.