MITIGASI REGULATORY CAPTURE DEMUTUALISASI BEI MELALUI INDEPENDENT LISTING AUTHORITY BERBASIS KOMPARASI AUSTRALIAN SECURITIES EXCHANGE

Authors

  • A’an Ilham Ardiyansah Universitas Negeri Semarang Author
  • Sang Ayu Putu Rahayu Universitas Negeri Semarang Author

DOI:

https://doi.org/10.69714/vm0yes23

Keywords:

Demutualization, Independent Listing Authority, Regulatory Capture, Indonesia Stock Exchange, Investor Protection

Abstract

The demutualization of the Indonesia Stock Exchange (IDX) has triggered a paradigm shift, transforming the exchange from a non-profit organization into a profit-oriented corporate entity. However, this transformation carries a latent risk of regulatory capture, where the exchange's supervisory functions are vulnerable to being co-opted by commercial interests in pursuit of listing fees. This article analyzes the failure of the current Self-Regulatory Organization (SRO) structure in mitigating institutional conflicts of interest, as evidenced by the declining trend in issuers' fundamental quality amidst aggressive IPO growth. Utilizing normative legal research and a comparative approach with the Australian Securities Exchange (ASX), this study finds that separating supervisory functions through an independent authority is an absolute prerequisite for market integrity. This article reconstructs the urgency of establishing an Independent Listing Authority (ILA) in Indonesia as a juridical firewall. This solution aims to sever the regulator's financial dependence on issuers, ensuring that listing decisions are based entirely on legal compliance and investor protection rather than the exchange's financial performance targets.

References

[1] Al’afghani, M. M., & Bisariyadi. (2020). Konsep Regulasi Berbasis Risiko dalam UU Cipta Kerja. Jurnal Konstitusi. https://jurnalkonstitusi.mkri.id/index.php/jk/article/view/1814

[2] Chandranegara, I. S., & Marfungah, L. (2024). Regulatory capture on emergency law-making. Cogent Social Sciences. https://www.researchgate.net/publication/380790464_Regulatory_capture_on_emergency_due_process_of_law-making

[3] IOSCO. (2018). Objectives and Principles of Securities Regulation. https://www.iosco.org/library/pubdocs/pdf/IOSCOPD561.pdf

[4] Novemyanto, A. D., et al. (2024). Reforming Regulatory Impact Assessment in Indonesia. Jurnal Pemerintahan dan Politik. https://ejournal.uigm.ac.id/index.php/PDP/article/view/6136

[5] Prihandono, I., & Widiati, E. P. (2023). Regulatory capture in energy sector: Evidence from Indonesia. The Theory and Practice of Legislation. https://www.tandfonline.com/doi/full/10.1080/20508840.2023.2248837

[6] Soekanto, S. (1983). Faktor-Faktor yang Mempengaruhi Penegakan Hukum. Jakarta: Rajawali Pers.

[7] Sumarno, D. A. (2025). Power Dynamics and Regulatory Capture in Governance. Khazanah Sosial. https://journal.uinsgd.ac.id/index.php/ks/article/view/44593

[8] Widiati, E. P. (2024). Regulatory Capture: Tantangan Pembentukan Peraturan yang Baik. Prosiding APHTN-HAN. https://www.researchgate.net/publication/393915624_Regulatory_Capture_Tantangan_Pembentukan_Peraturan_Perundang-Undangan_Yang_Baik_Di_Negara_Demokrasi

Downloads

Published

2026-06-23

Issue

Vol. 3 No. 3 (2026): Juni : Jurnal Ilmiah Multidisiplin Ilmu (JIMI)

Section

Articles

License

Copyright (c) 2026 Jurnal Ilmiah Multidisiplin Ilmu

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

How to Cite

MITIGASI REGULATORY CAPTURE DEMUTUALISASI BEI MELALUI INDEPENDENT LISTING AUTHORITY BERBASIS KOMPARASI AUSTRALIAN SECURITIES EXCHANGE (A’an Ilham Ardiyansah & Sang Ayu Putu Rahayu, Trans.). (2026). Jurnal Ilmiah Multidisiplin Ilmu, 3(3), 266-275. https://doi.org/10.69714/vm0yes23