This study aims to examine the role of e-money in mediating the effect of fundamental factors, which are also independent variables on different stock price indexes, i.e., the Composite Index (IHSG), LQ 45, Kompas 100, Jakarta Islamic Index (JII), and Srikehati. The independent variables are money supply (X1), gross domestic product (X2), and interest rate (X3). The research data is secondary data using monthly data from July 2009 to March 2023. The money supply measured from the amount of money circulation, GDP using the amount of gross domestic product, interest rate from BI rate, e-money (Y1) from the volume of e-money transactions, and stock price index (Y2) from the closing data of each type of index. Data analysis used a path analysis. The results show that money supply and GDP have a positive effect, while the interest rate has a negative effect on e-money and stock price index for Composite Index, LQ 45, Kompas 100, and Srikehati. While for JII, money supply and interest rates do not effect the stock price index. As a result, e-money also do not mediate the effect of money supply and interest rates on stock price indexes. It is possible that these different result caused by differences in investor characteristics. This research is important to be continued since understanding of investor characteristics will be very useful for investment analysts and policymakers, especially the Financial Services Authority.