IDX Stock Notation Update: What's Changed

The Indonesia Stock Exchange updated the method of presenting special notation for listed company codes starting August 3, 2026.

This change allows investors to see certain conditions of the issuer more quickly through the letters that appear behind the stock code and additional information in the column.Remarksin the Jakarta Automated Trading System or JATS.

This policy is regulated through Circular Letter Number SE-00009/BEI/07-2026 and SE-00010/BEI/07-2026 which was issued on July 31, 2026.

BEI added notbutP,adjusting a number of definitions, as well as planning to remove the old notations E, D, A, and S after a transition period.

However, not all changes will take effect simultaneously on August 3. The P notation has a phased implementation schedule, while some of the old notations will remain in use until November 30, 2026.

Therefore, investors need to understand the effective date of each provision so as not to misread the code on the securities application.

Key Takeaways

• The new notation display takes effect August 3, 2026, but the P notation is implemented gradually based on the recording board.
• The notations E, D, A, and S may still appear until November 30, 2026 during the transition period.
• Special notations are information about the issuer's condition, not automatic sanctions or recommendations to buy or sell shares.

What is Special Stock Notation?

 

Special notations are letters placed after a stock code to indicate certain conditions, characteristics, or status of a listed company.

The information may relate to financial reports, legal cases, bankruptcy proceedings, regulatory sanctions, voting rights structures, and share placement on the Special Monitoring Board.

For example, a code may appear asABCD.LX. 

The letter L indicates that the company has not submitted its financial report by the deadline, while X means that the shares are placed on the Special Monitoring Board.

One issuer can have more than one notation if it meets several conditions simultaneously.

Additions and deletions are made based on information disclosure, Stock Exchange announcements, OJK information, and BEI monitoring results.

BEI emphasized that the notation is not a punishment.

The marker only explains the actual status of the company based on public information so that investors can conduct further investigation before making a decision.

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What Will Change Starting August 3, 2026?

The main change is the improvement of the display of notation on the listed company code and column.RemarksIn JATS, information regarding issuer conditions is expected to be clearer and not scattered across multiple sources that are difficult for investors to connect.

BEI also added the notationPto mark companies that have not fulfilled the provisions for shares circulating in the public orfree floatin accordance with Regulation Number I-A and I-V.

At the same time, the Exchange plans to remove the notations E, D, A, and S. These four previously had the following meanings:

This elimination does not mean that information regarding equity, auditor's opinion, or operating income becomes unimportant.

This information can still be known through financial reports, information disclosure, columnsRemarks, as well as the criteria for placement on the Special Monitoring Board.

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Transition Period for Old Notation Still in Effect

Although the new circular letter is effective from August 3, 2026, the notationE, D, A, and S are still valid until 30 November 2026. 

This transition period provides time for trading systems, securities firms, data providers, and investors to adjust to the appearance and way of reading issuer information.

This means that investors may still see codes like ABCD.EX before the end of November. The notation E indicates negative equity under the old terms, while X indicates the stock is on the Special Monitoring Board.

After the transition period is over, investors should not take the disappearance of the E, D, A, or S letters as a sign that the company's problems are automatically resolved. The financial condition and auditor's opinion should still be reviewed through the latest report.

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P Notation Occurs Gradually

NotationPwill not be immediately applied to all companies on August 3, 2026. The implementation schedule is:

The P notation indicates that the company has not fulfilled the provisions. Free float to remain listed on the Stock Exchange.

Free float are shares that are available and can be traded by the public, outside of controlling ownership and certain categories of shareholders.

Because the implementation is gradual, the absence of the letter P before the effective date does not necessarily mean that an issuer has complied with the provisions.

Investors should adjust their readings to the listing board and its effective schedule.

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Meaning of the Letters N, K, I, and X

The notations N, K, and I relate to the voting rights structure and the New Economic Board.

Nused for companies that implement shares with multiple voting rights ormultiple voting shares, but not listed on the New Economic Board.

Kindicates that the company implements shares with multiple voting rights and is listed on the New Economic Board.

IThis means that the company does not implement shares with multiple voting rights, but is listed on the New Economic Board.

Meanwhile, Xis a sign that the company's equity securities are placed on the Special Monitoring Board.

Such placement may be related to fundamental conditions, liquidity, compliance, or other criteria determined by the Exchange.

Investors need to differentiate between X and P. The notation X indicates placement on the Special Monitoring Board, while P specifically indicates non-compliance with the provisions.free float. An issuer can obtain both if it meets each criteria.

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Late AGMS Notation and OJK Sanctions

NotationANDgiven to issuers who have not held an Annual General Meeting of Shareholders until six months after the end of the financial year.

If a company's fiscal year ends on December 31st, the AGM must generally be held no later than the end of June. If this obligation is not met, the stock code may receive the letter Y.

For administrative sanctions or written orders from the OJK, the IDX uses three levels of notation:

• Ffor minor category violations;
• Gfor moderate category violations;
• Infor serious category violations.

The notation helps investors differentiate the level of violations without having to equate all regulatory actions as issues of the same risk level.

List of Notations Applicable in the New System

Besides P, N, K, I, X, Y, F, G, and V, there are several other notations that remain important:

IDX Notation Update Schedule

The IDX updates the special notation once each trading day. If the information is received by the Exchange before 2:00 PM WIB, the notation change will be applied on the following trading day.

If information is received after 14.00 WIB, the changes will take effect on the second Trading Day after the information is received.

This mechanism explains why the notation does not always change on the same day the company submits the disclosure information.

Investors need to check the publication date, time of receipt of information, and updates to the trading system.

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How to Read Notations Before Buying Stocks

Notations should be used as a starting point for investigation, not a final decision. When looking at a letter after a stock code, look for the notation's meaning, the date it was imposed, and the specific reason.

For notation L, check which reports are late. For Y, look for an explanation of the AGM schedule.

If there's an F, G, or V, review the OJK's decision and the nature of the violation. For stocks with an X, check the criteria that led to the company being placed on the Special Monitoring Board.

A notation doesn't necessarily mean a stock should be avoided. Conversely, the absence of a notation doesn't guarantee a company's fundamentals are sound.

Investors still need to examine revenue, profits, cash flow, debt, governance, and valuation.

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Conclusion

Changes to the BEI stock notation starting August 3, 2026 clarify the presentation of company conditions through stock codes and columns.Remarksat JATS.

The new notation P is used for the termsfree float, but its implementation will be gradual: November 30, 2026 for the Acceleration Board and April 30, 2027 for the Main Board and Development Board.

Meanwhile, the old notations E, D, A, and S will remain valid until November 30, 2026. Investors should pay attention to this transition period to avoid mistakenly assuming the old codes are no longer relevant or that the P code should immediately appear on all issuers.

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FAQ

When will the BEI stock notation update come into effect?

The new appearance of special notation will come into effect on August 3, 2026 based on a circular issued by the IDX on July 31, 2026.

Does the P notation apply directly to all issuers?

No. The P notation is effective from November 30, 2026 for the Acceleration Board and April 30, 2027 for the Main Board and Development Board.

What does the X notation in stock codes mean?

The X notation indicates that the company's equity securities are placed on the Special Monitoring Board.

What is the difference between P and X notation?

P indicates that the company has not fulfilled the requirements.free float. X indicates the stock is on the Special Monitoring Board based on the Exchange criteria.

Have the E, D, A, and S notations been removed on August 3, 2026?

Not completely. The four old notations remain in effect during the transition period until November 30, 2026.

What does the letter Y mean on stocks?

The letter Y means that the company has not held an AGM until six months after the end of the financial year.

Is special notation a penalty?

No. The IDX explains that the special notation is information about the company's actual status, not a penalty or transaction recommendation.