Indonesia's Financial Services Authority has issued rules for fund gathering services to provide guidance for startups looking to gain access to financing, IDNFinancials reported Jan. 7.
Under the new rules, share issuers are encouraged to disclose information, establish credible organizers and a safe information technology system in fund gathering activities. Public share offerings should be conducted within 12 months and total funds should be capped at 10 billion rupiah.
Fund service providers must have a paid-in capital and their own capital of at least 2.5 billion rupiah each. Providers are barred from engaging as a securities underwriter, securities broker or investment manager.
As of Jan. 7, US$1 was equivalent to 14,081.00 Indonesian rupiah.