Haircut Committee

Based on Bapepam-LK Rule Number V.D.5 regarding Net Adjusted Working Capital Maintenance and Reporting, KPEI is required to establish a haircut committee to determine the Haircut rate for any Equity Securities or Asset-Backed Securities with Varying Cash Flow listed on the Indonesia Stock Exchange and any Mutual Funds with Participation Units Traded on the Stock Exchange. The haircut will function as a reduction of the securities fair market value to be accounted for in the Net Adjusted Working Capital (NAWC) and Exchange Member’s collateral.

Haircut Committee membership consists of 11 (eleven) members, with one (1) person with specified requirements serves as both coordinator and member. Haircut committee members composition consist of 5 SRO representatives with Director position, 5 Clearing Member representatives with Director position, and 1 representative who is a professional/practitioner competent in performing the assessment.

Duties and Responsibilities of the Haircut Committee:

1.    Establish criteria and model (formula) to determine Haircut of the Haircut of Equity Securities or Asset-Backed Securities with Varying Cash Flow listed and will be listed on the Indonesia Stock Exchange and the Mutual Funds whose Participation Units are traded on the Stock Exchange.

2.    Determine the Haircut for Equity Securities or Asset-Backed Securities with Varying Cash Flow listed and will be listed on the Indonesia Stock Exchange and the Mutual Fund whose Participation Units are traded on the Stock Exchange;

3.    Publish the securities haircut values referred in item 2) on KPEI website no later than 1 (one) trading days prior to effective implementation.

4.    Announcement to the Haircut value for Equity Securities or Asset-Backed Securities with Varying Cash Flow and Mutual Funds whose Participation Units are traded on the Stock Exchange which will be listed on the Indonesia Stock Exchange on KPEI website, not later than 1 (one ) trading days prior to be listed on the Stock Exchange in Indonesia.

Members of KPEI Haircut Committee :

No Name Company
1  Susilo Zulfachmi  PT Bahana Sekuritas
2  Heru Handayanto  PT Mandiri Sekuritas
3  Arwani Pranajaya​  Profesional (Praktisi)
4  Mas Mokhamad Sudarmaji  PT DBS Vickers Sekuritas Indonesia
5  Andre Tjahjamuljo  PT UBS Sekuritas Indonesia
6  Karman Pamurahardjo  PT Profindo Sekuritas Indonesia
7  Kristian S. Manullang  PT Bursa Efek Indonesia
8  Laksono W. Widodo  PT Bursa Efek Indonesia
9  Syafruddin  PT Kustodian Sentral Efek Indonesia
10  Iding Pardi  PT Kliring Penjaminan Efek Indonesia
11  Umi Kulsum  PT Kliring Penjaminan Efek Indonesia