2012

Visi Vision Menjadi bursa yang kompetitif dengan kredibilitas tingkat dunia. To become a competitive and credible world-class exchange.

Misi Mission

Broadening Opportunities, Entering The Next Level

Laporan Tahunan 2012 Annual Report

Menciptakan daya saing untuk menarik Investor dan Emiten, melalui pemberdayaan Anggota Bursa dan Partisipan, penciptaan nilai tambah, efisiensi biaya, serta penerapan good governance. To create competitive edge in order to attract Investors and Issuers through the empowerment of Exchange Members and Participants, the creation of added values, cost efficiency, and the implementation of good governance.

Daftar isi Contents

Nilai Value Dalam rangka mencapai visi dan misi perusahaan, BEI menetapkan tata nilai perusahaan yang terdiri dari Teamwork, Integrity, Professionalism dan Service Excellence (TIPS). The Company formulated values consisting of Teamwork, Integrity, Professionalism, and Service Excellence (TIPS) in order to achieve its vision & mission.

TIPS Teamwork Kerjasama

Integrity Profesionalisme

Service Excellence Pelayanan Terbaik

194 • Profil Dewan Komisaris Board of Commissioners’ Profile

PENGANTAR INTRODUCTION

2

INDIKATOR PASAR MARKET INDICATORS

4

SEKILAS BEI IDX AT A GLANCE

70 • Tinjauan Bisnis Business Overview

198 •

8

TONGGAK SEJARAH PASAR MODAL CAPITAL MARKET MILESTONES

94 FUNGSI PENDUKUNG SUPPORTING FUNCTIONS

200 • Pojok BEI IDX Corners

11

PENCAPAIAN ACHIEVEMENTS

12

KILAS PERISTIWA 2012 2012 EVENT HIGHLIGHTS

18

IKHTISAR STATISTIK STATISTIC HIGHLIGHTS

Integritas

Professionalism

48 ANALISIS & PEMBAHASAN MANAJEMEN MANAGEMENT DISCUSSION & ANALYSIS

1

20

IKHTISAR KEUANGAN FINANCIAL HIGHLIGHTS

22

LAPORAN MANAJEMEN MANAGEMENT REPORT

24

• Laporan Dewan Komisaris Board of Commissioners’ Report

34

• Laporan Direksi Board of Directors’ Report

50 • Tinjauan Keuangan Financial Overview

126 TATA KELOLA PERUSAHAAN CORPORATE GOVERNANCE 181 TANGGUNG JAWAB SOSIAL PERUSAHAAN CORPORATE SOCIAL RESPONSIBILITY 187 PERNYATAAN MANAJEMEN ATAS LAPORAN TAHUNAN 2012 MANAGEMENT STATEMENT ON 2012 ANNUAL REPORT 188 DATA PERUSAHAAN CORPORATE DATA 190 •

Struktur Pasar Modal Indonesia Indonesia Capital Market Structure

191 • Komite Committee 192 • Struktur Organisasi Organizational Structure

196 • Profil Direksi Board of Directors’ Profile Pusat Informasi Pasar Modal Capital Market Information Centers

206 • Layanan Services 208 •

Anggota Bursa dan Partisipan Exchange Members and Participants

212 •

Lembaga dan Profesi Penunjang Institutions and Supporting Professions

213 • Entitas Anak & Asosiasi IDX Subsidiaries & Associates 214 LAPORAN KEUANGAN 2012 2012 FINANCIAL STATEMENTS

BROADENING OPPORTUNITIES, ENTERING THE NEXT LEVEL Pasar modal Indonesia secara konsisten tetap tumbuh di tengah melambatnya perekonomian dunia akibat krisis keuangan di kawasan Eropa dan Amerika Serikat. Didukung oleh pertumbuhan ekonomi yang stabil, Indonesia tetap menjadi salah satu alternatif portofolio investasi pasar global. Konsumsi domestik yang tinggi telah mendorong pertumbuhan laba Emiten yang signifikan sehingga menjadi daya tarik investor di Bursa Efek Indonesia (BEI). Sebagai salah satu barometer aktivitas perekonomian nasional, kinerja BEI tahun 2012 yang tetap positif menunjukkan tingkat kepercayaan dan optimisme investor yang tinggi terhadap Indonesia. Untuk memenangkan dan mempertahankan kepercayaan investor terhadap pasar modal, BEI berupaya terus-menerus memperbaiki infrastruktur perdagangan, memperkuat pengawasan dan pembinaan terhadap para pelaku pasar, serta melindungi dan melayani sebaik mungkin kepentingan investor. Pengembangan BEI sepanjang 2012 terfokus pada pemastian bahwa pasar berjalan dengan teratur, wajar, dan efisien. Melalui berbagai faktor pendukung dan disertai dengan upaya meningkatkan transparansi dan keamanan berinvestasi, BEI terus melangkah ke depan memperkuat diri menjadi center of excellence. Dengan meningkatkan jumlah dan kualitas Emiten serta memperkuat basis investor lokal, BEI siap memasuki tingkat selanjutnya menuju Bursa yang kompetitif dengan kredibilitas tingkat dunia. The capital market in Indonesia has consistently grown amid a slowing world economy resulting from the financial crisis in Europe and the United States. Supported by stable economic growth, Indonesia has remained an alternative for global market investment portfolios. High domestic consumption has helped drive significant income growth among issuers, which has attracted investors to the Indonesia Stock Exchange (IDX). As one of the barometers of national economic activity, IDX performance in 2012 remained positive, demonstrating a high level of trust and optimism among investors toward Indonesian markets. In order to secure and maintain public confidence in the capital markets, the IDX continually strives to improve its trading infrastructure, to strengthen its supervision on and guidance for market players, as well as protecting and serving to the best for its investors’ interests. Developments at the IDX during 2012 focused on ensuring that the market was conducted orderly, fair, and efficient. Through a number of supporting factors and accompanied by efforts to increase investment transparency and security, the IDX continues to forge ahead and develop itself as a center of excellence. By increasing the number as well as the quality of Issuers, along with boosting its local investor base, the IDX is entering the next level to become a competitive stock exchange with worldclass credibility.

Indikator Pasar Market Indicators

23 68

Emisi Baru senilai New Issuances total of

137

1

Emiten Saham Baru New Equity Issuers

Rp69,45

triliun dari trillion from

ETF Baru New ETF

52

Rp197,55

Seri Surat Berharga Negara senilai Series of Government Securities total of

Total Pengumpulan Dana* (Rp triliun)

Total Fund Raised (Rp trillion)

296,96 271,36 241,31

186,32 139,16

2008

2009

2010

2011

2012

* Meliputi: Saham, Obligasi Korporasi dan Pemerintah, Sukuk, serta EBA * Including: Equity, Corporate Bond and Government, Sukuk, and ABS

PT Bursa Efek Indonesia

2

Emiten Obligasi & EBA Bond & ABS Issuers

Laporan Tahunan 2012

triliun trillion

Kapitalisasi Pasar dan IHSG Market Capitalization and JCI

4.316,687 3.821,992

IHSG Jakarta Composite Index (JCI)

4.126,99

3.703,512

3.537,29 3.247,10 2.534,356

Kapitalisasi Pasar (Rp triliun) Market Capitalization (Rp trillion)

2.019,38

1.355,408

1.076,49

2008

2009

2011

2010

2012

Rata-rata Nilai Transaksi Harian Saham (Rp miliar) Average Daily Stock Trading Values (Rp billion)

8,40%

2012

4.537

2011

4.953

2012

4.284

2011

4.873

2012

121.712

2011

113.454

Rata-rata Volume Transaksi Harian Saham (juta saham) Average Daily Stock Trading Volume (million shares)

12,09% Rata-rata Frekuensi Transaksi Harian Saham (kali) Average Daily Number of Stock Trading (times)

7,28% Indonesia Stock Exchange

3

2012 Annual Report

Sekilas BEI IDX at A Glance


4



Sejarah keberadaan pasar modal di Indonesia dapat ditarik jauh ke belakang sejak zaman Hindia Belanda, tepatnya pada 14 Desember 1912. Ketika itu Amsterdamse Effectenbeurs (pasar modal Amsterdam) membuka cabang bursa efek di Batavia (Jakarta), terutama untuk memperjualbelikan efek saham dan obligasi perusahaan perkebunan Belanda yang beroperasi di Indonesia, serta obligasi pemerintah Belanda.

The existence of a capital market in Indonesia dates back to the era of the Dutch East Indies, specifically to 14 December 1912. On that day, the Amsterdam capital market (Amsterdamse Effectenbeurs) established a branch stock exchange in Batavia (Jakarta), primarily to trade stocks and bonds belonging to Dutch plantation companies operating in Indonesia, as well as Government bonds.

Perkembangan pasar modal ketika itu mengalami pasang surut sempat terhenti antara tahun 1914-1918 akibat berkecamuknya Perang Dunia I, lalu beroperasi kembali dan membuka cabang di Surabaya dan Semarang (1925-1942), sebelum akhirnya ditutup kembali selama Perang Dunia II. Setelah kemerdekaan Indonesia dan terjadi perpindahan kekuasaan, Pemerintah Indonesia mengeluarkan kebijakan untuk menasionalisasi perusahaan Belanda. Meski sebelumnya pemerintah telah membentuk ulang pasar modal Indonesia melalui Undang-Undang Darurat No. 13 Tahun 1951 dan Undang-Undang No. 15 Tahun 1952, namun pengambilalihan perusahaan Belanda semakin membuat bursa efek tidak aktif.

The evolution of the capital market experienced a number of ups and downs over the years. Activity was halted between 1914 and 1918 as a result of World War I; then operations began again and two branches were opened in Surabaya and Semarang (1925-1942), before being halted once more during World War II. After Indonesia gained its independence and power was transferred, the Indonesian Government issued a policy to nationalize Dutch companies. Although previously the Government had reformed Indonesia’s capital market via Emergency Law No. 13 Year 1951 and Law No. 15 Year 1952, the acquisition of the Dutch companies resulted in the stock exchange becoming increasingly inactive.

Setelah dua dasawarsa (1956-1977) bursa efek mengalami kevakuman, akhirnya Presiden Soeharto meresmikan beroperasinya bursa efek yang dijalankan oleh Badan Pelaksana Pasar Modal (Bapepam), pada 10 Agustus 1977. Aktifnya kembali pasar modal ini ditandai dengan perdagangan saham PT Semen Cibinong sebagai Emiten pertama yang go public.

After two decades (1956-1977) of a virtual vacuum within the stock market, President Soeharto officially inaugurated stock market operations, to be run by the Capital Market Executive Agency (Bapepam), on 10 August 1977. This reactivation of the capital market was marked by the trading of shares in PT Semen Cibinong, the first publicly-listed company.

Selama sepuluh tahun, perdagangan di bursa efek sangat lesu karena masyarakat lebih memilih instrumen perbankan. Selama periode itu telah beroperasi Bursa Paralel Indonesia (BPI) yang dikelola oleh Persatuan Perdagangan Uang dan Efek dengan anggota para broker dan dealer. Pada akhir 1988, Pemerintah menerbitkan serangkaian deregulasi di bidang perbankan dan pasar modal untuk meningkatkan aktivitas Bursa. Pada tahun 1989, Bursa Efek Surabaya (BES) mulai beroperasi. Pada tahun 1990, bursa efek yang dijalankan oleh Bapepam memasuki proses

During the following ten years, trading on the stock exchange was extremely sluggish as the public preferred banking instruments. This same period saw the operation of the Indonesia Parallel Exchange (IPE), which was managed by the Association of Currency and Securities Trading whose members were brokers and dealers. At the end of the 1988, the Government issued a deregulation package for the banking sector and capital market to increase market activity. Then in 1989, the Surabaya Stock Exchange (SSX) began operating. In 1990, the stock market overseen by Bapepam entered a process of privatization and was

Indonesia Stock Exchange

5

2012 Annual Report


swastanisasi dan resmi berdiri sebagai Bursa Efek Jakarta (BEJ) pada 13 Juli 1992. Badan Pelaksana Pasar Modal berubah nama dan fungsi menjadi Badan Pengawas Pasar Modal.

officially established as the Jakarta Stock Exchange (JSX) on 13 July 1992. The Capital Market Executive Agency changed its name to the Capital Market Supervisory Agency.

Langkah-langkah untuk memperkuat infrastruktur BEJ sudah mulai dilakukan sejak tahun 1995. Penggunaan sistem otomasi perdagangan JATS (Jakarta Automated Trading Systems) mulai dilaksanakan pada tahun itu. Kemudian BEJ juga mengaplikasikan sistem perdagangan tanpa warkat (scripless trading) sejak tahun 2000, dan pelaksanaan sistem perdagangan jarak jauh (remote trading) pada tahun 2002.

Steps to strengthen exchange infrastructure began to be taken in 1995. That year saw the introduction of an automated trading system at the JSX in the form of the computer-based JATS (Jakarta Automated Trading System). Thereafter, the JSX went on to introduce scripless trading in 2000 and remote trading in 2002.

Pada tahun 1995, Pemerintah menerbitkan UndangUndang No. 8 Tahun 1995 tentang Pasar Modal yang menetapkan peran BEJ dan BES sebagai bagian dari Self Regulatory Organization (SRO) pasar modal Indonesia. Di tahun ini juga, BPI melakukan merger dengan BES. Selanjutnya pada tahun 2007, BES akhirnya menggabungkan diri dengan BEJ dan berubah nama menjadi Bursa Efek Indonesia (BEI).

In 1995, the Government issued Law No. 8 Year 1995 on Capital Markets, which specified the roles of the JSX and SSX as part of a Self Regulatory Organization (SRO) in Indonesia’s capital market. Also in this year, the IPE merged with the SSX. Later in 2007, the SSX joined together with the JSX to become the Indonesia Stock Exchange (IDX).

Penggabungan BEJ dan BES berdampak positif bagi pergerakan indeks harga saham. Di awal tahun 2008, Indeks Harga Saham Gabungan (IHSG) berhasil mencapai angka tertinggi dalam sejarahnya, yaitu 2.830,263, walaupun akhirnya turun ke level 1.355,41 di penutupan tahun 2008 akibat krisis ekonomi Amerika yang melanda dunia. Namun, setahun kemudian (2009) IHSG berhasil bangkit dan mencatatkan pertumbuhan sebesar 86,98% dan pada tahun berikutnya (2010) sebesar 46,13%.

The merging of the JSX and SSX had a positive effect upon the movement of the stock price index. At the start of 2008, the Jakarta Composite Index (JCI) reached its highest-ever level of 2,830.263, although it eventually fell to 1,355.41 at the end of the year due to the economic crisis in the United States that swept across the world. However, one year later (2009), the JCI rallied and recorded growth of 86.98%, and the following year (2010), growth of 46.13%.


6



Dalam rangka menjawab tantangan untuk bangkit dari krisis global, maka pada awal tahun 2009, BEI meluncurkan sistem perdagangan baru bernama JATS-NextG yang memiliki kapasitas lebih besar dari sistem sebelumnya dan mampu menangani multi products dalam single platform.

As a response to challenges in the wake of the global financial crisis, IDX launched at the start of 2009 a new trading system called JATS-NextG, which had far greater capacity than the previous system and allowed for the handling of multi-products in a single platform.

Perkembangan pasar modal juga menuntut dukungan sumber daya manusia, baik dari segi kualitas maupun kuantitas. Untuk memenuhi kebutuhan itu, pada tahun 2010, BEI bekerja sama dengan SRO lainnya, dan Universitas Indonesia, di bawah koordinasi dari Bapepam-LK mendirikan The Indonesia Capital Market Institute (TICMI) sebagai lembaga edukasi khusus tentang dunia pasar modal.

Developments to the capital market also required support from human resources, both in terms of quality and quantity. In order to meet these needs, the IDX collaborated in 2010 with other SROs and the University of Indonesia to found, under the coordination of Bapepam-LK, The Indonesia Capital Market Institute (TICMI) as a special educational institute on world capital markets.

Sejalan dengan perkembangan teknologi informasi khususnya infrastruktur remote trading, maka lantai perdagangan (trading floor) di BEJ tidak diperlukan lagi. Dengan begitu, sejak tahun 2011, BEI telah mengubah area transaksi jual beli efek itu menjadi Galeri BEI yang berfungsi sebagai Pusat Edukasi dan Informasi pasar modal Indonesia.

Improvements to information technology, especially data network infrastructure and the Internet, made the trading floor of the stock exchange obsolete. Consequently in 2011, the IDX turned trading floor into the IDX Gallery, which serves as the Indonesia Capital Market Education and Information Center.

Sebagai regulator dan fasilitator, pengembangan BEI tidak berhenti sampai di sini. BEI terus-menerus mengembangkan diri dan meluncurkan produkproduk investasi pasar modal baru dalam upaya memperluas kesempatan untuk mencapai tingkat yang lebih tinggi dalam berkompetisi dengan bursabursa tingkat dunia.

As a regulator and facilitator, IDX improvements do not stop here; on the contrary, the exchange continues to develop and create new products in an effort to expand opportunities so as to achieve even higher levels and to be able to compete with other world exchanges.


7

2012 Annual Report

Tonggak Sejarah Pasar Modal Capital Market Milestones

18 Desember 2012 Peluncuran Infrastruktur Pasar Modal The Launch of the Capital Market Infrastructure 4.301,436

6 Agustus 1996 Berdirinya KPEI Establishment of KPEI 554,790

2 Maret 2009 Implementasi JATS-Next G Implementation of JATS-NextG 1.256,109

21 Juli 2000 Perdagangan Tanpa Warkat Scripless Trading 512,617

22 Mei 1995 Implementasi JATS Implementation of JATS 461,389

8 Oktober 2008 Penghentian Perdagangan Trading Suspension 1.451,669

23 Desember 1997 Didirikannya KSEI Establishment of KSEI 397,031

3500 13 Juli 1992 Swastanisasi BEJ Privatization of JSX 321,544

3000

7 Desember 2012 Pendirian PT Penyelenggara Program Perlindungan Investor Efek Indonesia Establishment of Securities Investor Protection Fund 4.290,796

28 Maret 2002 Penerapan Remote Trading Implementation of Remote Trading 481,775

24 Juli 1995 Bursa Paralel Indonesia Bergabung ke dalam BES Merger of Indonesia Parallel Exchange into SSX 4500 509,532

4000

9 September 2002 Perubahan Penyelesaian Transaksi dari T+4 ke T+3 Expedited Settlement Date from T+4 to T+3 430,271

23 Juli 1997 Krisis Moneter Monetary Crisis 718,189

30 November 2007 Penggabungan BES ke dalam BEJ Menjadi BEI Consolidation of the SSX into JSX to Become the IDX 2.688,332 6 Oktober 2004 Peluncuran Kontrak Opsi Saham The Launch of Stock Option 856,060

2500

2000

1500

1000

500

0

‘92

‘93

‘94

‘95

‘96

‘97

‘98

‘99

‘00


‘01

‘02

8

‘03

‘04

‘05

‘06


‘07

‘08

‘09

‘10

‘11 ‘12

Tonggak Sejarah Pasar Modal Capital Market Milestones

1977

Diaktifkannya kembali Pasar Modal di Indonesia. Reactivation of the Capital Markets in Indonesia.

1988

Dikeluarkannya Paket Kebijakan Oktober dan Desember 1988. The Launch of Government’s Policies Packages October and December 1988.

1989

Berdirinya Bursa Efek Surabaya (BES). Establishment of The Surabaya Stock Exchange (SSX).

1992

• • • •

1995

• Perdagangan ekuitas di BEJ memasuki era komputerisasi, beralih dari penggunaan sistem perdagangan manual ke Jakarta Automated Trading System (JATS). • Bergabungnya Bursa Paralel Indonesia ke dalam BES. • Diberlakukannya Undang Undang Republik Indonesia No. 8 Tahun 1995 tentang Pasar Modal sebagai landasan hukum penyelenggaraan pasar modal. • Equity trading at JSX entered the era of automation, switching from a manual trading system to the Jakarta Automated Trading System (JATS). • The merger of Indonesian Parallel Exchange into SSX. • Enactment of the Law No.8 Year 1995 concerning the Capital Market as the legal basis for the capital markets’ activities.

1996

Didirikannya PT Kliring Penjaminan Efek Indonesia (KPEI). Establishment of the Indonesian Clearing and Guarantee Corporation (KPEI).

1997

• • • •

Didirikannya PT Kustodian Sentral Efek Indonesia (KSEI). Peluncuran Indeks LQ45. Establishment of the Indonesian Central Securities Depository (KSEI). The Launch of LQ45 Index.

2000

• • • •

Penerapan Scripless Trading System dimulai (proses selesai pada bulan Agustus 2002). Peluncuran Jakarta Islamic Index. Implementation of Scripless Trading System (The process was completed in August 2002). The Launch of Jakarta Islamic Index.

2002

• • • •

Penerapan Remote Trading System. Hari penyelesaian Transaksi dipersingkat dari T+4 menjadi T+3. Implementation of Remote Trading System. Expedited settlement date of transaction from T+4 to T+3.

2004

Peluncuran perdagangan Kontrak Opsi Saham. The Launch of Stock Option.

2005

Penyediaan fasilitas Bursa di Disaster Recovery Center. Sertifikat ISO 9001:2000. Establishment the Disaster Recovery Center facility. ISO 9001:2000.

2006

Implementasi prosedur Business Contingency Plan. Sertifikat ISO 9001:2000. Implementation of Business Contingency Plan procedure. ISO 9001:2000.

2007

• • • •

2008

Sertifikasi ISO 9001:2000 untuk fungsi Perdagangan, Pencatatan, & Manajemen Keuangan. ISO 9001:2000 certification for the functions of Trading, Listing, and Financial Management in IDX.

Swastanisasi Bursa Efek Jakarta (BEJ). Badan Pelaksana Pasar Modal berubah fungsi menjadi Badan Pengawas Pasar Modal. Privatization of The Jakarta Stock Exchange (JSX). The Function of Bapepam was change to become The Capital Market Supervisory Agency.

Penggabungan BES ke dalam BEJ menjadi BEI. Peluncuran Indeks Kompas100. Consolidation of the SSX into JSX to become IDX. The Launch of Kompas100 Index.


9

2012 Annual Report

2009

• • • • • • • •

Penerapan JATS-NextG (2 Maret 2009). Peluncuran Indeks BISNIS-27. Peluncuran Indeks PEFINDO-25. Peluncuran Indeks SRI-KEHATI. Implementation of JATS-NextG (March 2nd 2009). The Launch of BISNIS-27 Index. The Launch of PEFINDO-25 Index. The Launch of SRI-KEHATI Index.

2010

• • • •

Sertifikasi ISO 9001:2008 untuk seluruh fungsi yang ada di BEI. Pendirian The Indonesia Capital Market Institute (TICMI). ISO 9001:2008 certification for all functions in IDX. Establishment of The Indonesia Capital Market Institute (TICMI).

2011

• Jaringan Terpadu Pasar Modal (JTPM) • Dibangun Galeri BEI – menggantikan area trading floor – yang berfungsi sebagai Pusat Edukasi dan Informasi pasar modal Indonesia. • Penerbitan Fatwa DSN-MUI No. 80 Tahun 2011 tentang Penerapan Prinsip Syariah dalam Mekanisme Perdagangan Efek Bersifat Ekuitas di Pasar Reguler BEI. • Peluncuran Indeks Saham Syariah Indonesia (ISSI). • Capital Market Integrated Network (CMIN). • IDX Gallery was built – replacing the trading floor area as the Education and Information Center of Indonesian Capital Market. • Release of DSN-MUI Fatwa No. 80 Year 2011 on the Application of Sharia to Equity Securities Trading Mechanisms in Regular Market on IDX. • Launching of Indeks Saham Syariah Indonesia (ISSI).

2012

• • • • • • • • • • • • • • • • • • • • • • • • • •

Peresmian Galeri BEI Penerapan Single Investor Identity (SID). Penerapan Trading ID. Implementasi Straight Through Processing (STP). Implementasi Data Warehouse (DWH). Penerapan Rekening Dana Nasabah. Penerapan MKBD baru. Penyediaan Fasilitas Data Center Anggota Bursa. Peluncuran Indeks IDX30. Peluncuran Indeks Infobank15. Sertifikasi ISO 27001:2005 Sertifikasi Sistem Manajemen Keamanan Informasi untuk fungsi Pengawasan Transaksi. Pendirian PT Penyelenggara Program Perlindungan Investor Efek Indonesia (P3IEI). Pendirian PT Indonesian Capital Market Electronic Library (ICaMEL). Inauguration of IDX Gallery Implementation of the Single Investor Identity (SID). Implementation of Trading ID. Implementation of Straight Through Processing (STP). Implementation of Data Warehouse (DWH). Implementation of Client Funds Account. Implementation of New Net Adjusted Working Capital (NAWC). Establishment of Exchange Members’ Data Center. The Launch of IDX30 Index. The Launch of infobank15 Index. ISO 27001:2005 Certification of Information Security Management System for Surveillance function. Establishment of Securities Investor Protection Fund (Indonesia SIPF). Grand launching of PT Indonesian Capital Market Electronic Library (ICaMEL).


10


Kilas PeristiwaSekilas 2012 2012 BEI Event IDX atHighlights A Glance

PENCAPAIAN ACHIEVEMENTS

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