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Jakarta, June 2026 — Global index provider FTSE Russell has once again excluded several Indonesian companies from its equity benchmarks, underscoring persistent concerns about market eligibility and compliance.
Four stocks GoTo Gojek Tokopedia (GOTO), Trimegah Bangun Persada (NCKL), BUMA Internasional Grup (DOID), and Nusantara Sejahtera Raya (CNMA) will be removed from FTSE’s Global Equity Index Series (GEIS) effective June 22, 2026.
The Latest Exclusions
FTSE Russell confirmed that GoTo and NCKL will be dropped from the Mid Cap Index after being reclassified to the “ineligible board” category. Meanwhile, DOID and CNMA are set to exit the Micro Cap Index following failures in surveillance screening.
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All four companies are currently listed on the Papan Pengembangan of the Indonesia Stock Exchange (IDX), a board that FTSE Russell deems ineligible for inclusion in its global indices.
A Pattern of Removals
This latest move follows a similar decision just weeks earlier, when FTSE Russell removed DSSA, DAAZ, HILL, and MLIA from its indices.
Those exclusions were attributed to issues such as high shareholding concentration and insufficient free float, both of which limit investor access and liquidity.
The repeated removals highlight structural challenges in Indonesia’s capital market, particularly around governance standards and compliance with international index requirements.
For investors, the implications are significant reduced visibility exclusion from global indices diminishes exposure to international investors.
Liquidity pressure passive funds tracking FTSE benchmarks may divest holdings, potentially lowering trading volumes.
Valuation risks forced selling could weigh on share prices, especially for companies already facing volatility.
Market analysts warn that these developments could erode confidence in Indonesian equities, making it harder for listed firms to attract foreign capital.
Indonesia’s repeated exclusions raise questions about the country’s ability to meet global standards.
While the IDX has sought to expand listings and attract new issuers, the reliance on boards deemed ineligible by FTSE Russell remains a stumbling block.
Corporate governance and transparency are likely to come under greater scrutiny, with regulators and issuers facing pressure to align more closely with international practices.
The exclusions serve as a reminder of the challenges Indonesia faces in strengthening its equity market.
Without reforms to improve free float, governance, and board eligibility, more companies could risk removal from global benchmarks.
For investors, the message is clear: caution is warranted when navigating Indonesian equities, particularly those listed on boards not recognized by international index providers.
