Sometimes, but on harder terms. Shares on the IDX Special Monitoring Board trade by full call auction rather than continuously, so price discovery and liquidity are thinner. A lender may lower the advance, tighten triggers or wait until the shares return to regular trading.
Key takeaways
- A warning board, not a ban. IDX places a listed company on the board when it meets criteria the exchange sets, such as going-concern doubts, as a form of special oversight.
- Prices form in batches. Orders are collected through each call-auction session and matched at one price when it ends, so the share has only a few price points a day.
- Lenders price the exit. Batched, thinner trading makes the collateral harder to value and slower to sell, which can mean a smaller advance or wider buffers.
- A move during the loan needs a plan. The loan documents decide whether placement leads to a revaluation, a top-up request or other steps.
- IDX revised the board in 2026. According to OJK, the exchange deleted four placement criteria and added a ten-minute non-cancellation period before each call-auction session ends.
What is the Special Monitoring Board?
The Special Monitoring Board (Papan Pemantauan Khusus) is an IDX board for listed companies that meet criteria set by the exchange, such as going-concern doubts. Announcing it for 2023, OJK described it as special oversight by the exchange and an extra warning to investors.
In a statement on 5 October 2026, OJK reported that IDX had revised the board's placement criteria and its trading mechanism. Four criteria were deleted to refocus the board on indicators that better reflect a listed company's fundamental condition. The current list is set in IDX's rules and is worth checking for any stock you hold.
Placement concerns the company, not the holder. Every shareholder in the stock is affected in the same way, whether or not their shares are pledged.
How does full call auction trading work?
In a full call auction, buy and sell orders are collected during a session and matched at a single price when it ends, instead of trading continuously as orders arrive. Trading on the board runs as a series of such sessions through the day.
The matching price is set from the orders in the book when each session closes, so the price can move sharply from one session to the next if the balance of orders shifts. Between the matching points, no trades take place.
OJK's statement says IDX now applies a non-cancellation period that starts ten minutes before the end of every call-auction session. During it, investors cannot cancel or amend orders already entered, which is meant to improve order certainty and price formation before matching.
IDX publishes the session times and any price limits for call-auction trading. Both have changed over time, so check the current figures on the exchange's website rather than older summaries.
| Feature | Regular trading | Full call auction (Special Monitoring Board) |
|---|---|---|
| Price formation | Continuous: orders match as they arrive, at prices in the order book | Batched: orders are collected and matched at one price at the end of each session |
| Sessions | Continuous matching through each trading session | A series of call-auction sessions each day; orders cannot be cancelled or amended in the last ten minutes of each |
| Price limits | IDX auto-rejection limits | IDX price limits for the board; check the current parameters |
| Liquidity | A trade can happen whenever a matching order exists during a session | Concentrated at a few matching points a day; a large order may need several sessions |
Sources: OJK press release SP 185/OJK/DKPU/X/2026 (5 October 2026) on IDX's changes to the board; IDX trading rules. Session times and price limits change, so confirm them with IDX.
Why does it matter to a lender?
A lender values collateral at the market and relies on selling it if the borrower defaults. On the board, there are fewer prices to mark against and only a few chances a day to sell, so both the valuation and the exit carry more risk than in regular trading.
That shows up in the terms. A lender may offer a lower loan-to-value, set wider buffers before a margin call, ask for more collateral, or decline until the shares return to regular trading. Each of these is a credit judgement on the specific stock; no rule sets them.
The reason for placement matters as well. A company on the board because of going-concern doubts carries risk beyond liquidity, and our guide to which Indonesian stocks qualify for a stock loan explains how liquidity, free float and concentration are weighed together.
The board is separate from a High Shareholding Concentration announcement, which describes how concentrated a company's ownership is. A stock can be subject to one, both or neither, and a lender will look at each.
What happens if pledged shares move onto the board during a loan?
The pledge stays in place, because board placement changes how the shares trade, not who holds them or how they are recorded at KSEI. What changes is the lender's view of the collateral, and the loan documents decide what the lender can do about it.
Read the facility for clauses on eligible collateral, valuation and changes in a share's trading status. Depending on the terms, placement could lead to a lower valuation, a request for a top-up or partial repayment, or a review of the facility.
IDX publishes announcements when it places a company on the board or removes it, so a borrower will usually learn of a move at the same time as the lender. Agreeing in advance how a move will be handled, and how long a top-up can take, avoids a rushed response when liquidity is thinnest.
Selling pledged shares to repay part of the loan needs the lender's agreement: shares frozen for a pledge cannot be transferred to settle a trade until the lender releases them, and on the board each sale can only match at the end of a session.
How do shares return to regular trading?
IDX moves a company back to its previous board once it no longer meets the placement criteria and satisfies the exit conditions in the exchange's rules. The trading mechanism then returns to normal, and a lender may revisit the advance at the next valuation.
The 2026 changes matter here. With four criteria deleted, companies that were on the board only because of those criteria no longer meet them; whether and when a particular stock moved back is a matter for IDX's announcements.
For a borrower, the practical step is to agree with the lender what happens on exit: whether the original terms come back automatically or are reassessed. A lender that cut the advance on placement will not necessarily restore it the day the shares return.
This article is general information about share-backed financing in Indonesia and is not legal, tax, or financial advice. IDX's rules for the Special Monitoring Board, including its criteria, session times and price limits, change from time to time; confirm the current position with IDX and your Indonesian counsel before relying on it.
