According to CoinMeta, MSCI indicates that the Indonesian stock market no longer qualifies as an “emerging market,” and it has been proposed to remove it from a series of index products tracked by global investors. This move would represent a major setback for the Indonesian stock market and could lead to a large-scale outflow of funds. Alethia Capital, an expert in the ASEAN market from Singapore, stated that considering Indonesia has already taken steps to address issues related to market transparency and the proportion of freely tradable shares, MSCI this measure seems too harsh. He pointed out that Indonesia’s problem lies in the lack of evidence that these measures have been effectively implemented, and in the failure to impose sanctions on those who are clearly involved in price manipulation. The only way to reverse this situation is to impose severe sanctions and fines on those involved in collusive price manipulation.