History
The agency was created in 2011 under the Law No. 21 of 2011 as an independent institution responsible for regulating and supervising Indonesia's financial sector. [3] It was created to replace the financial oversight functions previously held by Bank Indonesia (BI) and the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), ensuring a more integrated and comprehensive supervision of banking, capital markets, and non-bank financial institutions. OJK officially began operations on 31 December 2012, taking over capital market and non-bank financial supervision from Bapepam-LK, and later, on 1 January 2014, assuming banking regulatory duties from BI. [4] In response to financial sector challenges, the Indonesian government strengthened OJK's authority through the Financial Sector Development and Strengthening Law (UU P2SK), passed in 2023, granting it broader powers to enhance financial stability, consumer protection, and law enforcement coordination. [5]
On 30 January 2026 Mahendra Siregar resigned as OJK chair together with two other senior OJK officials, explaining their departures as a "form of moral responsibility to support the creation of the necessary recovery steps" following a large drop in stock prices on the Jakarta Stock Exchange, whose CEO resigned on the same day. [6]
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