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The Indonesian Stock Exchange (BEI) opened a voice related to the alleged Singapore intervention behind the MSCI statement the Indonesian stock market status can go down to the standalone market. Indonesian capital market status threatened to descend from Emerging Market to Standalone Market.

Main Director of the Indonesian Stock Exchange (BEI) Jeffrey Hendrik said, his side remains convinced that the global index provider agency works independently. Therefore, he calls choosing to focus on technical measures to improve the Indonesian capital market.

"We will focus very much on technical things and we will always believe and still believe that the global index provider has always been independent," Jeffrey said when found at the BEI building, Jakarta, Tuesday (20 / 10 / 2026).

Jeffrey confirmed, BEI will continue to run on various market reform efforts. The move became the main focus of BEI's response to the proposal for the changes in Indonesian market classification by MSCI.

"So, therefore, we'll just focus on the technical things that we can do in the effort to reform the stock market," plus Jeffrey.

It was reported earlier that former Indonesian Trade Minister Muhammad Lutfi spoke of MSCI opened the option of lowering Indonesian capital market status from Emerging Market to Standalone Market

He assessed the threat of a status decline due to Singapore's interference. The institution of Singapore's investment, Temasek and Government of Singapore Investment Corporation (GIC), has a huge impact on MSCI.

In fact, he claims to have been informed that Rachel Goh of GIC is pressing MSCI to lower the status of Indonesian capital market. The goal was to trigger a panic in the stock market so foreign investors could buy back shares of Indonesia at a cheap price.

In origin, Lutfi assesses the status of the Standalone Market for which the country implements a capital captal control or restriction. While for Lutfi, this did not happen in Indonesia.

"Did Indonesia apply capital control? Not at all. Then, why is Singapore going through their giant institutions like Temasek and GIC with huge influence in MSCI so insistent on pressing Indonesia? I even got a live feed on the inside, Rachel Goh in GIC being angry and pressing the MSCI to get the Indonesian ratings down," It's being quoted from her personal Instagram, Tuesday (20 / 10 / 2026).