The establishment of holding company BUMN in the form of persero is intensely done by the Indonesian Republic Government in accordance to making a firm and and strong holding company. In establishing holding company, the subsidiary company which transform into persero could involve and expected to focus in developing its businesses from end to end. Although there are polemics involving the ideas of forming a holding company. Starting from no stated laws to regulate systematically, detailed , and comprehensive about establishing a holding company whish includes any sort of internal affairs, so that it presents a nation dominance in subsidiary company due to serie A dwiwarna stocks which blurs the boundary between ownerships and controls so it fades the principle of separate legal entity. As for this research is using yuridis-normatif method through the study of the law and regulation that is relevant and also analyzing law expert doctrines related to the issue. The result of this research concludes that Indonesia is not yet accommodated regulation framework that valid and suffice in establishing holding company, both in financial aspect, business competition, bankruptcy and various other aspects. Then, as there is no clear boundaries about a nation role in the domination and/or control of subsidiary companies through serie A dwiwarna stocks which have the potency to cause the management of a company to be not efficient.