Fee Relief for Equity Securities Transactions in the Negotiated Market under Kep-00120/BEI/08-2026, KEP-081/DIR/KPEI/0826, KEP-0045/DIR/KSEI/0826

Introduction 

On 14 August 2026, PT Bursa Efek Indonesia (BEI), PT Kliring Penjaminan Efek Indonesia (KPEI), and PT Kustodian Sentral Efek Indonesia (KSEI) issued Joint Decree Number Kep-00120/BEI/08-2026, KEP-081/DIR/KPEI/0826, and KEP-0045/DIR/KSEI/0826 concerning the Policy on Relief of Exchange Transaction Fees, Clearing Fees for Exchange Transactions, and Settlement Fees for Exchange Transactions in the Negotiated Market (“Joint Decree”). The Joint Decree regulates improvements to the structure and scheme for granting fee relief and/or fee waivers for Equity Securities transactions conducted in the Negotiated Market, including exchange transaction fees, clearing fees, and transaction settlement fees.

The Joint Decree was issued following an evaluation of the implementation of the previous fee relief policy, which had been in effect since 2020. Under this framework, BEI, KPEI, and KSEI are afforded broader policy discretion to establish specific schemes for the relief or waiver of transaction fees in accordance with particular needs and circumstances. This policy enhancement is expected to support the implementation of strategic state policies, while providing greater flexibility for the Self-Regulatory Organizations (SROs) to respond to the development needs of the Indonesian Capital Market and promote the sustainable advancement of the Capital Market industry.

Key Provisions

• Base Tariff and Automatic Fee Relief Scheme

As stipulated in Dictum 1, the total Transaction Fee in the Negotiated Market is set at 0.03% of the transaction value, consisting of the Exchange Transaction Fee (0.018%), Clearing Fee (0.009%), and Settlement Fee (0.003%). Pursuant to Dictum 2, the Exchange shall automatically grant fee relief on each transaction executed at a price at least equal to the lower limit of the Auto Rejection threshold in the Regular Market, with the following discount rates:

 

• Aggregation of Transaction Values for Certain Corporate Actions

Referring to Dictum 4 and Dictum 5, Securities Exchange Members may apply for the aggregation of transaction values in the Negotiated Market in order to obtain Transaction Fee relief in accordance with the applicable thresholds (tiering). This facility may be used for transactions carried out in connection with a merger or consolidation of public companies, an acquisition of a public company, a share buyback, a voluntary tender offer, or price stabilization to facilitate a public offering, in accordance with the applicable OJK regulations.

To obtain such facility, a Securities Exchange Member must submit an application letter to the Exchange, with copies to KPEI and KSEI. The application letter must contain at least the following 13 (thirteen) items of information:

1) Date or planned date of execution of the transaction;

2) Transaction number;

3) Order type (Sell/Buy);

4) Name or code of the Securities;

5) Number of Securities;

6) Price;

7) Transaction value;

8) Selling Securities Exchange Member;

9) Buying Securities Exchange Member;

10) Selling Customer SID;

11) Buying Customer SID;

12) Reason for conducting the transaction; and

13) Supporting documents relating to the transaction

• Fee Relief or Waiver to Support State Policies 

Dictum 7 letter b and Dictum 8 authorize BEI, KPEI, and KSEI to grant relief and/or waivers of Transaction Fees under terms different from the general scheme, based on certain considerations. This policy is intended to support state policies, taking into account the background of the transaction and its benefits to the Capital Market industry.

To obtain such facility, a Securities Exchange Member must submit an application to the Exchange, with copies to KPEI and KSEI, accompanied by an official government document stating that the transaction is conducted to support a state policy. The application must also contain the background, purpose, and benefits of the transaction, as well as transaction details, including the date, transaction number, order type, Securities, quantity, price, transaction value, Exchange Members, and customer SIDs. In addition, documents serving as the basis for the assignment, mandate, approval, or determination of the transaction price by the government or the competent state institution must be attached.

• Application Cut-Off Time and Granting of Fee Relief

Dictum 6 and Dictum 9 stipulate that an application letter for the aggregation of transaction values, as well as an application for fee relief and/or waiver to support a state policy, must be received by the Exchange no later than 17:00 WIB on the 1st Exchange Day of the following month, after all transactions have been completed.

If the application is approved, Dictum 10 provides that additional relief shall be granted based on the difference between the approved relief and/or waiver and the fee relief already granted automatically. Furthermore, pursuant to Dictum 11, fee relief for transactions satisfying the requirements of Dictum 3 and Dictum 4, namely transactions receiving automatic fee relief and certain corporate action transactions for which the transaction values are submitted for aggregation, shall be granted in the following month's billing. Meanwhile, relief and/or waivers for transactions carried out to support a state policy shall be granted in the billing for the second month following the transaction period.

Closing 

With the issuance of this Joint Decree, BEI, KPEI, and KSEI provide a more flexible mechanism for granting relief and/or waivers of fees for transactions in the Negotiated Market. In addition to relief granted automatically based on transaction value, the regulation also provides a facility for aggregating transaction values for certain corporate actions, as well as scope for granting special relief for transactions supporting state policies.