Indonesia is intensifying its overhaul of the capital market framework in a bid to prevent a potential downgrade by global index provider MSCI.
The push comes as the country faces a pivotal review of its status as an emerging market, with authorities moving to address structural concerns that have drawn scrutiny from international investors.
The reform effort follows a warning from MSCI in January that Indonesia risked being demoted from emerging to frontier market status.
That announcement triggered a wave of volatility, sell-offs, and wild trading swings in local equities.
Six months on, Jakarta is stepping up efforts to restore confidence and stabilize market conditions.
Investment chief Rosan Roeslani has framed the overhaul as a move to build trust with global investors, rather than simply pleasing index providers.