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KBLI Navigator/Section K/66153
KBLI 66153

Sharia Capital Market Advisory

Aktivitas Advisori Syariah Pasar Modal

🏦 Section K — Financial & Insurance Activities

In Bali: a PT PMA cannot register this code

National procedure — does not apply to a PT PMA in Bali

In Bali this activity is blocked for a PT PMA under the 13 May 2026 moratorium. The national procedure below applies only to non-PMA operators.

✅Open· 100% nat'l · blocked in BaliDirect Match🏝️🚫Closed in Bali (2026 moratorium)· needs review· low conf.❓Not classifiable — divergence documented

Nationally Open, but Bali Blocks Sharia Capital-Market Advice

This sharia advisory activity permits full foreign ownership nationally, yet PMA registration at a Bali address is blocked by the province’s permanent moratorium.

By the numbers
National foreign-ownership ceiling
100%
Open scales
Mikro, Kecil, Menengah, Besar
National PMA source
Perpres 10/2021, 49/2021
Bali status
Closed (Bali moratorium)
National openness remains real, but it does not create an available PMA registration path in Bali for this activity.
What Changed

Direct 1:1 match from KBLI 2020 — code and scope unchanged.

What You Need

This code covers sharia capital-market advisory — individuals or entities with sharia expertise advising on, or overseeing, sharia-principle compliance for capital-market business activity, products, or services. The licensing rows shown here earlier came from a crosswalk citation our review flagged as an unreliable same-number coincidence across classification systems, and the served block itself was found to be an unrelated cooperative-sector licensing regime, so they have been removed from this page; the correct licensing for this code is not yet reliably defined in our verified sources. Before registering or investing, confirm the current requirements with the Bali Zero team. **Risk tier under review.** The licensing rows this code's risk tier was read from have since been set aside as unverifiable for KBLI 2025, so we cannot currently re-derive it. Where this page states a risk tier or a scale-based requirement, treat it as provisional pending re-derivation, and verify the current classification at oss.go.id before acting on it.

Who This Is For

Foreign entrepreneurs who are qualified sharia finance professionals, such as Islamic capital market advisors or sharia compliance auditors, looking to serve Indonesia’s growing Islamic finance sector.

2020 → 2025
Previous codes (KBLI 2020): 66153

Regulatory Divergence

The licensing previously shown for 66153 was removed because its source could not be verified as applying to this activity. Here is what the sources actually say — with citations.

Correction note — verbatim, with source locators

KBLI 2025 code 66153 'Aktivitas Advisori Syariah Pasar Modal' (sharia capital-market advisory — individuals or entities whose staff hold sharia expertise, advising on and/or overseeing sharia-principle implementation in capital-market business activity and/or issuing sharia-compliance statements for capital-market products/services) carries canonical status_mapping='MATCH_LANGSUNG', kbli_2020_source=None, pp28_sources=['66153'] (self-referencing) — asserting this code's number is an unchanged, direct 2020-vintage match. The Lot 4 conductor gate adjudicated this code as code_collision, the same disease class as 66113 above (first sighting in Batch A, the pilot's original 68112-style class): a self-citing crosswalk is unreliable evidence of genuine scope continuity, because the SAME digit string can coincidentally denote an unrelated entity across the 2020/2025 classification boundary. No independently-verified alternate crosswalk identity is established in the gate report for this code beyond the category label itself, and this cure does not invent one (rule #9): status_mapping and pp28_sources are left UNCHANGED. SECOND, layered defect (gate report §2, verify-pass MAJOR correction; verified this session by direct read of the canonical payload): the served per_skala row is BYTE-IDENTICAL in kewajiban content to the cooperative-rating contaminated block documented for the 8 payload_cross_contamination codes in this same lot — a licensing regime for agencies that RATE COOPERATIVES, topically unconnected to sharia capital-market advisory. per_skala detached; the licensing regime for sharia capital-market advisory is not retrievable from the pinned sources as hunted. Lot 4 conductor gate (second signing), run wf_66ea406e-b0d, 2026-07-19.

The detached licensing rows (source unverified for this activity)1 row

These rows were previously shown on this page and have been detached — the correction note above documents, with source locators, why their source could not be kept for the activity this page describes. They are preserved here as the audit trail of the divergence.

Mikro, Kecil, Menengah, BesarMedium-Low RiskNIB dan Sertifikat StandarAuthority: Menteri/ Kepala Badan
BPS Peraturan 7/2025 (KBLI 2025 classification)PP 28/2025 (risk-based licensing annexes)OSS RBA ruang-lingkup — no KBLI-2025 scope retrievable via the OSS API (404)

Sources & Verification

Each data layer below traces to a government source with its KBLI vintage — or is declared as a gap. Nothing in these layers is silently filled in.

Activity definition
BPS Peraturan 7/2025 + PP 28/2025VerifiedKBLI 2025

Title and scope as defined by the KBLI-2025 classification.

locator: OSS_RBA_2025_id_version_fff4053d

Risk & licensing
Detached — source could not be verifiedDeclared gap—

The previously-served rows were removed because their source could not be verified as applying to this activity. See Regulatory Divergence above for the documented correction note.

Foreign ownership (PMA)
Perpres 10/2021, 49/2021Audit pendingKBLI 2020

The investment-list annexes predate KBLI 2025; the per-code crosswalk audit of this layer is in progress. The value shown is the annex text, disclosed with its vintage.

Bali status
Bali province blocks ALL Low + Medium-Low risk KBLI for PMA (island-wide, permanent) (effective 2026-05-13)Audit pending2026 overlay

Conservative posture derived from the risk tier · confidence LOW.

Dataset last updated 2026-07-26 · KBLI 2020 and KBLI 2025 reuse code numbers for different activities — cross-vintage rows are labeled, never merged silently.

Common Questions
Can foreigners operate a sharia capital market advisory business in Indonesia?
Nationally yes — but NOT in Bali. KBLI 66153 (Aktivitas Advisori Syariah Pasar Modal) is TERBUKA (100% foreign ownership) at the national level, but in Bali it is blocked for a PT PMA under the 13 May 2026 moratorium. [derivation under review] Nationally TERBUKA but the Besar scale is 'Menengah Rendah' -> blocked by the Bali PMA moratorium (Gov. letter B.27.000/642, 13 May 2026: all Rendah/Menengah Rendah blocked for a Bali address). [NB-3 28 June 2026] — NOTE: the licensing rows this verdict's risk tier was read from have since been set aside as unverifiable for KBLI 2025, so the verdict cannot currently be re-derived; verdict pending re-derivation from the true risk tier (GARUDA-FILIERA). Outside Bali it is open to a PT PMA with no local partner required. (Source: Perpres 10/2021 as amended by Perpres 49/2021 — the investment-list annexes predate KBLI 2025; per-code crosswalk audit in progress.)
What license is required for KBLI 66153?
We cannot yet show a verified licensing basis for KBLI 66153: the licensing previously associated with this code was removed because its source could not be verified as applying to this activity. See the Regulatory Divergence section on this page for the documented sources, and verify the current OSS treatment before relying on any licensing assumption.
What is KBLI 66153?
KBLI 66153 is the Indonesian business classification code for "Aktivitas Advisori Syariah Pasar Modal" (Sharia Capital Market Advisory). It falls under Section K of KBLI 2025, the Indonesian Standard Industrial Classification updated by BPS (Regulation 7/2025). The June 2026 KBLI 2025 transition window has closed; operators should verify the code's current OSS/NIB treatment before relying on it for licensing, reporting, or amendments.
How did KBLI 66153 change from KBLI 2020 to 2025?
KBLI 66153 was mapped from previous code 66153 (KBLI 2020). This is a direct match — the code number and scope remained the same. The June 2026 KBLI 2025 transition window has closed. If an NIB still relies on legacy KBLI 2020 mappings, treat the migration as overdue and verify/remediate the OSS record before new license applications, amendments, LKPM, import approvals, or investor/worker sponsorship.

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