TRANSFORMATION AND STRENGTHENING OF CAPITAL MARKET ORGANIZATIONAL STRUCTURE: EFFORTS TO CREATE A TRANSPARENT, EFFICIENT, AND ACCOUNTABLE MARKET
Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia 
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Accountable, Capital Market, Capital Market Organizational Structur
Abstract
This study aims to analyze the transformation of the organizational structure of the Financial Services Authority (OJK) and Self-Regulatory Organizations (SROs) following the enactment of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK). The research method used is descriptive-qualitative with a library research design, where data was collected through documentation studies of regulations, policy documents, and capital market performance reports for the 2020-2025 period. The results show that the OJK's institutional restructuring through the establishment of a Chief Executive for Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto has successfully integrated functional supervision and eliminated regulatory fragmentation. Furthermore, the modernization of SRO technology through a partnership with Nasdaq and investment in an artificial intelligence (AI)-based supervisory system has driven real market growth, with a capitalization reaching IDR 16,004 trillion and an investor base of 19.1 million individuals by the end of 2025. The conclusion of this study is that strengthening an adaptive, transparent, and accountable organizational structure is the main foundation for creating market efficiency and building resilience in the national financial sector. It is recommended (suggested) for the OJK and SROs to continue accelerating the synchronization of derivative regulations of the P2SK Law, strengthening human resource (HR) capacity building in the field of digital supervision, and expanding market education to mitigate the risks of new instruments for retail investors.
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Copyright (c) 2026 Dea Karina Septiani, Dila Purnamasari, Mutya Azzahra, Nurul Ain Safrizon, Rizka Annisa Fitri, Fitri Yenti
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