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.
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.
National openness remains real, but it does not create an available PMA registration path in Bali for this activity.
Direct 1:1 match from KBLI 2020 — code and scope unchanged.
What You Need
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.
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.
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.
Title and scope as defined by the KBLI-2025 classification.
locator: OSS_RBA_2025_id_version_fff4053d
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.
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.
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.
Can foreigners operate a sharia capital market advisory business in Indonesia?
What license is required for KBLI 66153?
What is KBLI 66153?
How did KBLI 66153 change from KBLI 2020 to 2025?
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