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KBLI Navigator/Section K/66196
KBLI 66196

Securities Underwriting

Penjaminan Emisi Efek (underwriter)

🏦 Section K — Financial & Insurance Activities

In Bali: open to a PT PMA

✅Open· 100% ForeignHigh RiskRenumbered🏝️✅Registrable in Bali· medium conf.✓OSS-verified · KBLI 2025

Underwriting, Corporate Action, and the Bali PMA Line

This activity covers securities underwriting and corporate-action advice, open nationally to full foreign ownership and not blocked for PMA registration in Bali.

By the numbers
National PMA ceiling
100%
Open scales
Mikro, Kecil, Menengah, Besar
National PMA source
Perpres 10/2021, 49/2021
Bali status
Registrable in Bali
A foreign-owned business registering this activity in Bali is not stopped by the stated Bali moratorium.
What Changed

KBLI 2020→2025 mapping: code renumbered.

What You Need

In Bali, the island-wide moratorium (in force since 13 May 2026) only halts PMA registrations for Low and Medium-Low risk lines — this KBLI's large-scale (Besar) risk class is higher, so it is not caught: PMA registration in Bali remains possible.

Who This Is For

Foreign investment banks, securities firms, or corporate finance advisors who want to help Indonesian companies raise capital or restructure through public markets.

Licensing Overview
Risk LevelTinggi
License TypeNIB + Izin
Foreign Ownership100% Open
ProcessingSesuai ketentuan OJK/BI
2020 → 2025
Previous codes (KBLI 2020): 66141— Agent mapping: 66141 (Penjamin Emisi Efek (Underwrit...) [high]
BPS crosswalk
Official BPS 2020 → 2025 crosswalk ancestors: 66141

Source: the BPS 2020↔2025 conversion table, mechanically extracted and acceptance-gate verified. It shows which 2020 codes map to this 2025 code — provenance only, not a licensing claim: the regulatory regime of these predecessor codes has not been adjudicated as transferring.

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
OSS RBA risk scope (ruang lingkup)VerifiedKBLI 2025

Risk category and licensing rows are KBLI-2025-native from the OSS Risk-Based Approach catalog.

locator: OSS_RBA_resiko_2025

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 MEDIUM.

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 securities underwriting business in Indonesia?
Yes. KBLI 66196 (Penjaminan Emisi Efek (underwriter)) is TERBUKA — open to 100% foreign ownership via PT PMA. No local Indonesian 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 66196?
KBLI 66196 has a Tinggi risk classification. Required license: NIB + Izin. Processing time: Sesuai ketentuan OJK/BI.
What is KBLI 66196?
KBLI 66196 is the Indonesian business classification code for "Penjaminan Emisi Efek (underwriter)" (Securities Underwriting). 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 66196 change from KBLI 2020 to 2025?
KBLI 66196 was mapped from previous code 66141 (KBLI 2020). Agent mapping: 66141 (Penjamin Emisi Efek (Underwrit...) [high] The code was renumbered but the business activity scope is essentially unchanged. 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.

Related Codes

66197Section K

Money & Forex Market Support Services

Aktivitas Pendukung di Pasar Uang dan Pasar Valuta Asing

→
🏝️🚫Closed in Bali (2026 moratorium)✅Open· 100% nat'l · blocked in Bali
66195Section K

Investor Protection Fund

Penyelenggaraan Dana Perlindungan Pemodal

→
🏝️✅Registrable in Bali✅Open· 100% ForeignHigh Risk
66198Section K

MSME & Cooperative Rating

Pemeringkatan Usaha Mikro, Kecil, Menengah, dan Koperasi

→
🏝️⚠️Conditional in Bali — depends on declared scope✅Open· 100% ForeignHigh Risk
66194Section K

Securities Price Valuation

Penilaian Harga Efek

→
🏝️✅Registrable in Bali✅Open· 100% ForeignHigh Risk
66199Section K★

Other Non-Insurance Financial Support Services

Aktivitas Penunjang Jasa Keuangan Lainnya Ytdl, Kecuali Asuransi dan Dana Pensiun

→
🏝️✅Registrable in Bali✅Open· 100% ForeignHigh Risk
66193Section K

Securities Rating

Pemeringkatan Efek

→
🏝️✅Registrable in Bali✅Open· 100% ForeignHigh Risk
🏢

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