MSCI Deadline Tests Indonesia’s Resolve to Fix Opaque Ownership

A looming MSCI Inc. decision over Indonesia’s market status is highlighting the challenge regulators face to address opaque ownership structures and poor disclosures by the nation’s biggest companies.

Regulators are fast-tracking reforms, including more transparency on affiliated shareholders, as part of a broader effort to make Indonesia more attractive to global investors. The changes are also meant to placate MSCI, which in January warned of a possible downgrade from emerging market status.