“As a form of accountability for the events of the past two days, I hereby declare my resignation,” Rachman told reporters at a briefing Friday. “I hope this is for the best for the capital market, and that my resignation will improve our capital market”.

His departure caps a volatile week for Indonesian assets after the index compiler flagged concerns about transparency in Southeast Asia’s biggest stock market. The benchmark Jakarta Composite Index rallied as much as 2.1% in early trading before erasing gains, dragged by riskoff sentiment across Asia Pacific.

Sentiment had already been on the mend this week after regulators on Thursday outlined reform measures, including doubling minimum free float to 15% starting next month and possible market participation by sovereign wealth fund Danantara.

Still, many investors remain on edge for whether such efforts will be enough to satisfy the index compiler’s demands. Global funds have accelerated their exodus, offloading a net US$739 million dollar worth of stocks through Thursday, on track for the largest weekly outflow since mid-April.

HSBC Holdings Plc became the latest broker to downgrade Indonesian equities, cutting its rating to neutral from overweight on concerns over growth. Goldman Sachs Group Inc. and UBS Group AG have both downgraded the market, with the former citing the risk of more than US$13 billion in outflows triggered under an extreme scenario.