Next Generation - KSEI

CONTENTS
1
4
5
7
8
From The Editor
In the middle of traffic jam or
when waiting for departure at the
airport, capital market investors
now can monitor the position
and movement of their securities
portfolios in KSEI’s AKSes Facility
easily and conveniently. Simply
use the smart phones with RIM-
BlackBerry, Android or Apple
based. AKSes Mobile application
are intentionally provided by
KSEI as a facilitaty for investors to
monitor their portfolio securities
and funds. What comments does
the investors give towards AKSes
Mobile? See their stories in the
main text this time.
To continue the development
of its facilities and services,
KSEI has signed a cooperation
agreement with Korea Securities
Depository on mid March, 2012.
Memorandum of Understanding
is made in the context of capital
market information exchange
between the two countries. In
addition to reviews about the
cooperation, we also present a
summary of a workshop on South
Korean capital market which was
held after the MoU. Consider also
the development of C-BEST Next
Generation article.
Happy Reading.
Editor
Website KSEI
www.ksei.co.id
email
helpdesk@ksei.co.id
Toll Free
0800 -1- 865734
Call Center KSEI
021 - 515 2855
Monitoring Securities Portofolio Anytime and Anywhere
KSEI and KSD Strategic Alliance
Workshop KSEI-KSD:
Sharing Knowledge from South Korea
C-BEST ‘Next Generation’
ACTIvITIES & STATISTICS
Monitoring Securities
Portfolio Anytime & Anywhere
Development of smart phones technology is applied by KSEI to
facilitate investors to access information easily. Investors admitted
that AKSes Mobile Facility has enabled them to monitor Securities
portfolio and fund comfortably.
As a housewife, Vivin Rogio wants
to carry out positive activities that
earn profit. She finally decided to
invest in capital market in 2009 after her
husband introduced her to his friend who
worked in Securities Company. At the
beginning, she felt a little bit worried for
stock investment which was considered as
02
Edition
2012
high risk investment. But a year later, when
she received AKSes (Securities Ownership
Reference) Card, she managed to get out
from such worries.
After having the access to log in to
AKSes Facility, Vivin always takes a chance
to get into the internet and to log in,
especially to check the Inquiry Securities

Fokuss 2nd Edition, 2012
2
Balance. “By opening that feature, I
believe the funds I invest are in correct
numbers based on order I delivered to
Securities Company where I become
client. And I feel secured,” she said.
She even earned greater benefit of
having AKSes Card when KSEI launched
AKSes Mobile application. “Wherever I
am, and anytime, if I have time, I always
open AKSes Mobile. For instance, when
I go to Jakarta, or during a trip that
requires quite a long time and in traffic
jam, AKSes Mobile is very helpful,” said
the client who lives in Banjarmasin.
Similar comment was delivered by
Tiamto Rachman who started to invest
in the capital market in 2001 and has
“Anytime and
anywhere, I always
access to AKSes
Mobile if there is a
chance.”
Tiamto Rachman
Vivin Rogio
owned AKSes Card since August 2009.
The benefit of AKSes Card, according to
him, it can directly monitor Securities
portfolio and fund without Securities
Company’s assistance. Additionally, this
facility will improve the trust of Indonesia
capital market investors in the future.
Tiamto usually performs the
monitoring by using AKSes Mobile
application through Android-based
tablet computer, which is considered
easy instead of using personal computer
(PC). If using PC, he said, investor has
to answer certain questions (secret
question) for security. “Almost everyday
I access AKSes Mobile, I always go into
Securities Balance and Fund Balance
menu,” said the investor who won one of
the grand prizes of AKSes Card Lottery
Period I. But the display of AKSes Mobile
application for Android, he added,
must go through further modification,
especially those with black background
and font, so they can be easily read.
Vivin explained that, at the
beginning of AKSes Mobile application,
she encountered a slight problem
when using it. It was because she has
two AKSes Cards from two Securities
Companies. In fact, after attending KSEI
socialization in the city of her domicile,
she started to realize that she needs only
one card to access the information of her
portfolio in both Securities Companies.
Also, Vivin showed a positive
welcome toward Separation of Client
Fund Account (RDN) that was applied
at the beginning of 2012. According
to her, this policy will give benefit to
investors. “We don’t have to transfer
fund to Securities Company’s account,
just simply transfer it to Client Fund
Account. It will make investors feel more
secure for the funds owned will be wellmanaged,”
explained Vivin.
Tiamto very much supports RDN
separation. He once had unpleasant
experience when he became the client
of PT Sarijaya Sekuritas in 2009, in which
clients’ funds were mismanaged by
unauthorized officer in that company.
Up to now, his fund settlement is not
accomplishment yet. “I expect that
with RDN, client’s cash fund recording
will be transparent so it can prevent
misapplication by unauthorized party. I
also hope that the party who intends to
conduct investor’s fund misapplication
can be detected as early as possible with
RDN,” he added.
Easiness to check Securities portfolio
was also confirmed by Choe Jim Fai,
a guy from Medan who has become
investor for four years. Security factor by
using AKSes Facility and easiness to log
in from anywhere by using AKSes Mobile
application were quite impressive to
Choe who won one of the grand prizes
of AKSes Card Lottery Period I.
Tiamto hoped that KSEI could actively
participate in creating modern, reliable
Indonesia capital market, and always
Publisher: PT Kustodian Sentral Efek Indonesia (KSEI) • Advisor: KSEI Director • Editor: Zylvia
Thirda, Dharma Setyadi, Susiyanti, Novian Harry Wibowo, Annisa Indri Hapsari, M. Ridwan, Rachmat
Irfan, Adisty Widyasari, Dimas Prayoga • Address: Gedung Bursa Efek Indonesia, Tower I Lt.
5, Jl. Jend. Sudirman Kav 52-53, Jakarta 12190, Phone. 52991099, Fax. 52991199 • Circulation:
KSEI Corporate Communication Unit.

take future anticipation to protect the
investors’ interest. “sometimes I found
the fund balance displayed in AKSes
Facility was not concurrent with the real
records. Hopefully, KSEI can perform
random and regular audit. Don’t’ expect
it from the investor as most of them do
not really care about RDN. They care
only when they encounter problems, he
said.
He also had questions, with RDN
implementation, T+3 recording process
for client’s shares and cash funds can
be directly monitored by investor
through AKSes Facility. But, what about
the recording of transaction which is
still in settlement process? “I suggest
that AKSes Facility can also record the
process of such settlement. When
problem occurs, what is the status of
such transaction? Can investor directly
monitor the transaction?” he affirmed.
Tiamto also hoped that settlement
process could be reduced to T+1, so
today’s transaction can be monitored
through AKSes Facility on the next day.
AKSes Mobile was launched by KSEI
on January 10, 2012 as innovation toward
AKSes Facility development covering
major platforms of mobile hardware,
e.g. RIM-BlackBerry, Android, and Apple.
By using such application, the problem
investor used to encounter in accessing
AKSes Facility through internet browser
in the form of limited screen size can be
solved.
AKSes Mobile application also
provides information of Client Fund
Account in KSEI Payment Bank. Investors
who have owned Client Fund Account
and AKSes Card, can automatically log
in to AKSes Facility through internet
browser or AKSes Mobile application,
by which monitoring of fund record
administered by Securities Company in
KSEI Payment Bank can be performed.
“Generally, information available
in AKSes Mobile application are
concurrent with those in web version,”
said Syafruddin, Division Head of
Research and Business Development.
Since its launching, added Syafruddin,
information that are mostly accessed are
Securities balance and mutation, as well
as fund balance and mutation in Client
Fund Account in Payment Bank.
On April 19, 2012, total number of
AKSes Card user was 273,020 investors.
From such figures, only 27,998 have
logged in to AKSes Facility and 1,106 have
Syafruddin
logged in to AKSes Mobile application.
“In the future, AKSes Mobile application
will be developed and completed with
real-time data from BEI and regional
exchanges, e.g. price movement, index
fluctuation, historical chart/graph, and
others,” added Syafruddin.
Syafruddin admits the number of
investors which are logged in to AKSes
Mobile is not much and still far from
what he was expected. Socialization
and information delivery need to be
implemented soon to the investor,
especially information convenience and
benefit of AKSes Mobile.
Other information that are still
developed are information of status of
transaction made by investor in Bursa
Efek Indonesia (BEI), which are now
available in web version AKSes Facility.
Afterwards, development shall move
into information provision of settlement
right and obligation of investor on T+3,
based on right and obligation calculation
performed by KPEI.
KSEI also disclose to any input and
criticism from every capital market investors
for futher development and improvement.
“In the future, AKSes Mobile application
will be developed and supports real time
data from Indonesia Stock Exchange and
regional market, such as price movement,
index movement, chart or graphic history
and others,” added Syafruddin.
[ Editor ]
“By using AKSes
Mobile application,
the problem investor
used to encounter
in accessing AKSes
Facility through
internet browser in
the form of limited
screen size can be
solved.”
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Fokuss 2nd Edition, 2012
KSEI and KSD Strategic Alliance
Together with Korea Securities Depository (KSD), KSEI has developed capital market
industry in respective country. It is expected that the cooperation agreement that has
been legalized in the form of MoU can give benefit to both countries.
AAs the Central Securities Depository
(CSD) in Indonesia capital
market, PT Kustodian Sentral Efek
Indonesia (KSEI) keeps conducting
various developments, both internal
and external aspects. One of the external
developments was conducted through
cooperation with CSD of other country, either
in regional or international area.
In regional aspect, Indonesia and
South Korea, jointly with other 19 countries
in Asia Pacific, have joined together and
conducted cooperation in The Asia-Pacific
Central Securities Depository Group (ACG).
The organization, which was established
in November 1997, has members from
central custodian and clearing institution
of each country and it was formed by the
members to facilitate information and to
improve cooperation among members.
In order to improve the bilateral cooperation,
especially in terms of capital
market information exchange between
two countries, the signing of Memorandum
of Understanding (MoU) between
KSEI - KSD has been performed on March
20, 2012 represented by Ananta Wiyogo,
KSEI’s President Director, and Kim Kyung
Dong, Chairman & CEO of KSD. It was held
at BEI Gallery witnessed by Chairman of
Indonesia Capital Market and Financial Institutions
Supervisory Agency (Bapepam-
LK) Nurhaida; President Director of BEI,
Ito Warsito, and President Director of PT
Kliring Penjaminan Efek Indonesia (KPEI),
Hoesen.
“The Objection is to turn
KSEI and KSD into reliable,
credible and competitive
CSD both regionally or
internationally, with best
practice and internasional
standard .”
Ananta Wiyogo and Kim Kyung Dong after MoU Signing Ceremony, with President Director of BEI Ito Warsito (far
left), Chairman of Bapepam- LK Nurhaida (center) and President Director of KPEI Hoesen (far right).
Cooperation in capital market industry,
developments of depository and transaction
settlement service products as well
as improvement of information exchange
and knowledge between CDS are the main
focuses of the MoU content. The purpose
is to make KSEI and KSD into reliable and
globally-competitive CSDs with services
based on international standards and best
practices.
Chairman of Bapepam-LK, Nurhaida,
showed her support toward cooperation
of KSEI and KSD in her welcome speech at
the beginning of the event. “Cooperation
between capital market institutions is very
important for the output can give contribution
toward capital market development in
both countries,” she said. Furthermore, she
gave notice to maintain the cooperation
built between KSEI and KSD.
In his speech, Ananta expressed his
expectation of establishing a more intensive
and better communication between
KSEI and KSD. “With this cooperation, it is
expected that information and knowledge
sharing can be performed easily so it can
turn KSEI and KSD into reliable, credible,
and regionally or internationally-competitive
CSD,” said Ananta.
Affirming Ananta’s statements, Kim
Kyung Dong said that the collaboration
between the two CSDs would give easiness
to the development of capital market
in Indonesia and South Korea. “The MoU
signing between KSEI and KSD is a valuable
progress where both institutions have
stepped into a practical cooperation for
capital market development,” he said.
After the MoU signing, KSD delegation
had a chance to share knowledge to capital
market players. Helen Chai, Manager
Global Securities Services Department
of KSD, gave information about Korean
Depository Receipt, while Emily Kim, Assistant
Manager Derivative Services Department
of KSD, explained the Securities
Lending and Borrowing in South Korea
capital market.
Despite the signing with KSD, KSEI has
previously conducted MoU signing with
CSD in other countries, e.g. Thailand Securities
Depository Co., Ltd. (TSD) on March
2009 and Japan Securities Depository
Center, Inc. (JASDEC) on November 2009.
Through the signing of such MoU, development
of Indonesia capital market industry
can be more progressive and comply
with the international standards.
[ Editor ]
Image:. KSEI doc

The workshop, which was held by
KSEI and KSD on March 20, 2012
at Auditorium, BEI Gallery, was
attended by KSEI, representatives of
Bapepam-LK, PT Bursa Efek Indonesia
(BEI), PT Kliring Penjaminan Efek Indonesia
(KPEI), Association of Indonesian
Securities Companies (APEI), and Association
of Indonesia Custodian Bank
(ABKI).
In the first session, Helen Chai,
Manager of Global Securities Services
Department of KSD, gave explanation
about depositary receipt (DR) and its
implementation in South Korea capital
market. DR is a financial instrument issued
in capital market of certain country
upon underlying securities (main
securities) issued by Issuer in other
country.
Based on historical record, DR was
firstly issued by J.P Morgan in the United
States of America on April 29, 1927.
It was called American Depositary Receipt
(ADR) with Selfridges Provincial
Stores Limited of England issued in
England as the main Securities. The
reason for issuing DR, at that time, was
due to prohibition from the Congress of
England to transfer shares of company
in England to other country. ADR was
issued to deal with the need of American
investors to invest in foreign shares
in US Dollar with minimum fee.
DR issuance can provide various
benefits either to the Issuer of main
Securities or the investors. To Issuer,
DR can become the solution for legal
conflict commonly revealed between
the Issuer and local investor of different
countries. Other benefits are to
give capital access outside the market
of Issuer, to extend the investor basis of
main Securities holders, to broaden the
market shares that potentially improve
the liquidity and adjustment of main
Securities price against DR ratio.
In addition to benefits for the Issuer
of main Securities, client of DR holder
can also take benefits, they are:
[1] Investment instrument on foreign
shares get varied as DR is traded,
cleared and settled in domestic
capital market.
[2] Total cost for cross-border custody
safekeeping fee gets decreasing.
[3] Research access on trading price
and information get broader.
[ ] Information of corporate action is in
local language.
Workshop KSEI-KSD:
Sharing Knowledge
from South Korea
After the Memorandum of Understanding (MoU) signing, PT
Kustodian Sentral Efek Indonesia (KSEI) and Korea Securities
Depository (KSD) organized a workshop concerning South
Korea capital market, Korean Depository Receipt, and
Securities Lending and Borrowing (SLB).
Issuing
Company
Deposit of
Underlying
Shares
Domestic
Custodian of
Underlying
Shares (KSD)
Fund for Subscription
Deposit
Confirmation
Roles of KSD in DR Issuance Process
l Open safekeeping account at KSD
l Open cash account at KSD’s settlement bank
l Issue IRC Certificate (Investment Registration Number)
l Register DR issuance details in the SAFE +
Proses Penerbitan Depositary Receipt
Sumber: Korea Securities Depository
[5] Payment of devidend is made in
local currency so it can reduce the
currency exposure.
[6] It gives chance to investors to invest
in a more liquid market.
Helen Chai added that, since 199
up to now, KSD provides custody services
on DR issued by Korean companies
as main Securities in certain Exchanges
in other countries, e.g. Samsung, Hyundai,
LG, Lotte Shopping that are listed
on London Stock Exchange, and LG, KB,
SK telecom, Posco Hynix that are listed
on New York Stock Exchange.
For main Securities issued outside
South Korea, KSD also provides depositary
services on Korean Depository Receipt
(KDR). As depositary, KSD serves
as registrar, issues and cancels KDR,
conducts the process of corporate ac-
Overseas
DR
Depository
DR
Issuance
DR
Issuance
Lead
Manager
Investor
“Penerbitan Depository
Receipt dapat
memberikan beragam
manfaat bagi pihak
Emiten, penerbit
Efek utama, maupun
nasabah.”
Fund for
Subscription
Fokuss 2nd Edition 2012
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Fokuss 2nd Edition, 2012
6
tion activity, acts as paying agent in
dividend distribution, and coordinates
voting rights activity for KDR holders.
On second session, Emily Kim, Assistant
Manager of Derivatives Services
Department of KSD, shared her
knowledge of SLB Services. In her
presentation, Emily gave illustration
of SLB market in South Korea and SLB
services performed by KSD. Securities
lending is temporary loan on Securities
from lending party (lender) to borrowing
party (borrower). Both parties can
ask for or return the Securities lended
anytime. Legally, the lender reserves
the right to get all profit on Securities
lended, except voting right.
SLB program is very much required
to improve the market efficiency and liquidity
and gives additional benefits to
the lender. For the borrower, SLB program
is required to meet the obligation
of transaction settlement in the market,
to support short sell strategy, and to
manage risk in protecting the portfolio
value.
In South Korea capital market, the
lender generally comes from pension
and insurance funding companies, in
order to maximize the portfolio profit.
While majority of borrowers are investment
managers of Mutual Fund, protection
fund service providers, and Securities
Companies that take SLB program
to prevent default, to support short sell,
and hedges fund.
Since 1996, KSD has provided centralized
SLB intermediary system where
the lender can directly contact the
borrower with KSD acting as the intermediary.
Through this system, the access
to the lender and borrower gets
broader and more efficient as it can
“SLB program is
needed to enhance
market liquidities and
efficiencies, and also to
give additional benefit
to lender.”
1) Application
1) Application
2) Collateral
Borrower KSD Lender
) Credit (+)
3) Matcing
Report
Borrower
A/C Book
reduce the cost for counter-party finding.
Besides, the Securities lended will
be more secure as they are kept in KSD
as intermediary. It makes the transaction
settlement process more secured
as it is conducted through book-entry
system in KSD, and information of corporate
action activity will be more accurate
and timely. By using this system,
monitoring process of SLB transaction
becomes easier and timely as it is conducted
electronically.
Securities offered by KSD in SLB program
are varied, among others: shares
listed on Korea Exchange (KRX), corporate
and government bonds listed on
KRX, exchange traded fund (ETF), and
KDR. While transaction types of SLB in
KSD are divided into five types, namely:
settlement - coverage transaction, bidoffer
transaction, customized transaction,
arranged transaction, and bridge
transaction. The purpose of SLB with
settlement-coverage transaction type
is to handle failure of Exchange transaction
settlement on T+2 in 3 business
days, while the purpose of other types
of SLB is for investment strategy.
By providing SLB facility, system in
KSD is also equipped with collateral
management system that enables calculating
and evaluating process of collateral
rate, daily mark-to-market, and
margin call, by which KSD can check the
SLB Transaction Flow
Source: Korea Securities Depository
3) Matcing
Report
Lender
A/C Book
) Debit (-)
closing price of Securities lended and
guaranteed, and perform exchange of
shares placed as collateral when value
declining of shares guaranteed occurs.
At the end of session, Emily Kim said
that SLB market grows well in South Korea
due to improvement of hedge funds
adopted by Korea since December
2012. Unfortunately, Korean domestic
financial institution acting as prime
broker is currently facing credit risk on
its trading with foreign party. Now, KSD
is working on that matter.
Information delivered by Helen Chai
and Emily Kim are certainly new knowledge
for Indonesia capital market players.
Hopefully, similar workshop can be
arranged continually as the basis for Indonesia
capital market development.
[ Dian Kurniasarie ]

C-BEST ‘Next Generation’
KSEI is currently developing C-BEST Next Generation. This transformation of C-BEST system is
not only more advanced in term of technology, but also provides various benefits.
As part of Indonesia capital market
big family, PT Kustodian Sentral
Efek Indonesia (KSEI) continues to
develop its facilities and services to give
easiness to investors in conducting Securities
buy-sell transactions. In 2000, a breakthrough
has been successfully achieved by
KSEI through development of The Central
Depository and Book Entry Settlement
System (C-BEST).
C-BEST, which was developed by application
developer from Belgium named
Capital Market Company (Capco), is an integrated
electronic platform that supports
Securities transaction settlement by bookentry
in Indonesia capital market. This
system has converted script form trading
in Indonesia Stock Exchange into scripless
trading.
The whole shares listed on Indonesia
Stock Exchange have been completely
converted into scripless two years after
C-BEST operated, exactly on June 2002.
With C-BEST application, traded Securities
are kept in the form of electronic data.
Transaction settlement process can be
performed only by Securities book-entry
through debit and credit processes in Securities
account.
In order to support integrated system
in Indonesia capital market industry,
C-BEST has been recently integrated through
host-to-host connection with several
other systems, namely Electronic Clearing
and Guarantee System (e-CLEARS) of
KPEI, BI-RTGS dan BI-SSSS system of Bank
Indonesia, back office system of KSEI Payment
Bank, and The Society for Worldwide
Interbank Financial Telecommunication
(SWIFT) system of KSEI to deliver message
to certain market players.
KSEI has also developed C-BEST Realtime
Interface to support the integration
with back office of Securities Companies
and Custodian Banks. In the future, probably
C-BEST will be integrated with other
entities.
Rapid technology enhancement and
increasing number of transaction in Indonesia
capital market require development
of new C-BEST functions known as C-BEST
Next Generation. It is part of KSEI commitment
to perform continual development
in Indonesia capital market and the
company’s core value, which is Continual
Development.
As development of previous version,
C-BEST Next Generation must keep providing
the existing modules, functions, and
processes with additional modifications to
improve KSEI services. The modifications
are certainly made to cope with the need
of service users by using recent technol-
ogy. Besides, application and data integration
currently available in KSEI into the system
must be easily arranged and operated
to serve the need of service users.
Implementation of recent technology
in C-BEST Next Generation system becomes
an important factor for it can give
benefits, among others:
l A more precise and accurate transaction
settlement.
l Faster system performance.
l Better capacity in term of increasing
transaction settlement frequency and
volume to deal with capital market
transactions which keep increasing
from time to time.
l Well-maintained system availability to
prevent disruption in daily operational
activities of KSEI.
l Recent technology enables continual
and sustained system development in
the future.
C-BEST Next Generation also needs
modular Application Development System.
It is required to enable new module
addition as modification toward the need
of company’s business change. Module
addition is also required when technology
enhancement is performed as the impact
of sophisticated technology development.
C-BEST Next Generation system must
be supported by Business Contigency Plan
(BCP) with high SLA (Services Level Agreement)
to maintain the system confidentiality,
integrity, and availability. Therefore,
implementation of Disaster Recovery Center
(DRC) to protect the operational continuity
of KSEI services with its capacity to
minimize downtime when disaster occurs
becomes a mandatory to this system.
Based on plan, development of C-
BEST Next Generation system will be
started next year by appointed vendor.
This year will be focused on selecting
consultant vendor to perform the system
development. When C-BEST Next Generation
system is operated, it is expected that
relevant stakeholders in the capital market
industry will get lots of benefit and
the system can provide better easiness to
capital market investors to perform buysell
transactions.
[ Asep P. Suryana ]
“C-BEST Next Generation
provides previous module,
fuction dan system
process, with additional
improvement to enhance
KSEI’s services.”
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Fokuss 2nd Edition, 2012
8
KSEI Socialization
Since February - April 2012, KSEI, jointly with BEI and
KPEI, has arranged journalist workshop and Investor Candidate
Forum (ICF) in several cities in Indonesia. Series of
journalist workshop were held in Palembang (February 23,
2012), Bengkulu (March 7, 2012), Jambi (March 29, 2012) and
Bangka (April , 2012), while ICF was held in Kudus (March
19, 2012) and Gorontalo (March 30, 2012). These activities
were the socialization and education form conducted continually
by the SRO to give information and knowledge concerning
capital market. KSEI representatives who attended
the event gave explanation about the benefit and the function
of AKSes Card and AKSes Mobile. The activities will be
carried out throughout 2012.
‘Investor Club’
To provide precise and accurate information to capital
market investors, since January 2012, KSEI has participated
in Investor Club activity organized by BEI monthly. In that
activity, KSEI exhibits booth where investors can ask questions
about KSEI’s products and services, especially AKSes
Card. Investor Club is a media established by BEI to serve as
interaction media of investors in sharing their investment
experiences in the capital market through training, education,
and general information dissemination.
AC TIvITIES
STATISTICS
2012 Capital Market School
In order to improve the number of investor in Indonesia
capital market and to provide comprehensive information
concerning investment world, KSEI, cooperated with BEI and
KPEI, arranged Capital Market School (CMS). The event, which
has been conducted since 2006, was held in Jakarta and Surabaya
on March 28, 2012. Several Securities Companies have become
partners in 2012 CMS, namely: PT CIMB Securities Indonesia,
PT eTrading Securities, PT Indo Premier Securities, PT Bahana
Securities, PT Profindo Internasional Securities, and PT Kresna
Graha Sekurindo Tbk. Similar to previous CMS, it was opened for
free for general public in three different classes, they were: level
1, level 2, and level 3. Especially for Jakarta, there was also haria
capital market class. l