Besides the primary market (or when companies go
public through an initial public offering) and mutual funds, the secondary
market - where investors trade amongst themselves - is an important trading
place to purchase an Indonesian stock.
For domestic and foreign investors, the most used
method to participate in this secondary market is through opening a securities
account at an Indonesian brokerage or securities firm that is a member of the
Indonesia Stock Exchange (IDX).
Securities account at an Indonesian broker
For foreigners who do not live in Indonesia (thus
do not have a resident permit/KITAS) it is possible to open a securities
account at an Indonesian broker. Usually the following steps are taken:
1. Submit a copy of your passport
2. Fill in the agreement form provided by the broker
3. Pay a deposit; the amount varies from broker to broker but one should think in numbers of USD $6000
4. Get approval of the account
2. Fill in the agreement form provided by the broker
3. Pay a deposit; the amount varies from broker to broker but one should think in numbers of USD $6000
4. Get approval of the account
An extensive list of brokers that are active in
Indonesia's secondary market is provided on the official website of the Indonesia Stock Exchange.
It is important to do some research about the broker before you decide to
become a client as it has occurred that Indonesian brokers (in particular
smaller ones) embezzled their clients' money. The IDX monitors brokers that are
member of the IDX, but does not publish any preliminary findings. Announcements
will be made when the IDX decides to suspend a broker due to irregularities,
but by then it is often too late for investor clients to withdraw their money
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