Parliament’s financial commission is reviewing candidates for five key posts at the Financial Services Authority, known locally as OJK, including chair, deputy chair and senior capital market supervisory roles.

The leadership overhaul follows the sudden resignation on Jan. 30 of the agency’s chair, deputy chair, and the chief and deputy chief supervisors of capital markets. The departures came days after index provider MSCI warned it could downgrade Indonesia’s classification to “frontier” market status because of concerns related to transparency and governance in the equities market.

MSCI’s warning triggered a wave of selling that wiped roughly $120 billion from Indonesia’s equity market within days. The pressure intensified after Moody’s downgraded the outlook on Indonesia’s sovereign credit rating.

Authorities have since moved to accelerate reforms aimed at restoring investor confidence. Among proposals put forward by OJK and the Indonesia Stock Exchange is a plan to gradually raise the minimum free float of shares held by public investors in listed companies to 15% over the next three years.

Ten candidates are being considered for the five regulatory posts, including interim OJK chair Friderica Widyasari Dewi and acting capital markets supervisor Hasan Fawzi.

Most nominees come from within OJK as well as from Indonesia’s central bank, the finance ministry and the state deposit insurer, reflecting the government’s effort to maintain continuity while implementing governance reforms.

The parliamentary panel’s selections must still be confirmed by the broader legislature during a vote scheduled for Thursday.

The leadership appointment process has been significantly expedited compared with the usual months-long selection cycle. Authorities said the timeline was shortened in response to ongoing volatility in global financial markets.

Finance Minister Purbaya Yudhi Sadewa said concerns over market stability and geopolitical tensions were behind the accelerated process.

“The situation is shaky. The war affects the markets, oil prices. It speeds up the need for more definitive persons at the OJK,” Purbaya told reporters.

The airline said the leadership change follows pressure stemming from widespread cancellations late last year that disrupted travel schedules and drew criticism from passengers and industry observers.

Bhatia said the scale of cancellations seen in December should not have occurred, according to remarks cited by the company.

IndiGo said Bhatia will manage the airline’s operations until a successor to Elbers is selected. The company did not immediately provide further details on the timeline for appointing a new chief executive.

Elbers, who previously served as head of Dutch carrier KLM Royal Dutch Airlines, had led IndiGo during a period marked by strong passenger demand but increasing operational and geopolitical challenges.

The airline has faced growing pressure this year as regional tensions and airspace restrictions affect flight planning and operational reliability.

Industry conditions have been further complicated by the broader crisis linked to Iran and restrictions on Pakistani airspace, developments that have forced airlines in the region to adjust routes and schedules.

IndiGo’s shares have also come under strain, declining about 13.5% so far this year, reflecting investor concerns about operational disruptions and wider uncertainty affecting the aviation sector.

The airline remains one of Asia’s fastest-growing carriers, operating an extensive domestic network and expanding international routes as demand for air travel in India continues to increase.

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