Purbaya Urges Capital Market Cleaning From Manipulative Practices

BOGOR - Minister of Finance (Menkeu) Purbaya Yudhi Sadive expressed his concern about the manipulative practices that still occur in the capital market, especially related to unnatural movements in a number of stocks or known as fried shares.

Purbaya hopes that authorities such as the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) will immediately take firm action against the perpetrators of the manipulation.

"I expect that in a year there will be many fried shares there who are punished by the Indonesian Stock Exchange (OJK) and OJK (Financial Services Authority)," he said in the Media Gathering of the 2026 State Budget, Friday, October 10.

He stated that he was quite active in monitoring the stock market and even knew several parties involved in the practice.

According to him, they are not official market players such as market makers, but individuals who take advantage of unhealthy profits from stock price fluctuations.

Purbaya also said that several parties had directly reported to him regarding the activities of fried shares and this strengthened his commitment to continue to oversee the market cleaning process of these manipulative practices.

If soon there is no significant progress, Purbaya said he would ask for a direct explanation from the IDX regarding their follow-up.

Furthermore, he revealed, the practice of fried shares is not new, such as the case that had hit Danareksa almost collapsed due to being trapped in market manipulation and similar cases also occurred in companies such as Asabri and Jiwasraya.

"It's been decades, it feels like we know a lot of fried people in the stock market, but very few have been punished," he said.

Purbaya juga menyoroti dampak jangka panjang terhadap kepercayaan investor muda karena sekitar 50 persen investor di pasar modal saat ini berasal dari kalangan Generasi Z, sehingga penting bagi pemerintah dan regulator untuk menciptakan iklim investasi yang bersih dan adil.

"Kalau itu (investor muda) hilang, ya sudah pasar modal kita gak bisa berkembang lagi. Kalau dirapikan, maka mereka akan berani masuk ke pasar saham karena mereka berpendapat bahwa di sana fair game, permainannya fair. Ada yang kalah, ada yang naik, ada yang turun, tapi gak dimanipulasi sama kalangan tertentu," tandasnya.

Purbaya also highlighted the long-term impact on the confidence of young investors because about 50 percent of investors in the capital market currently come from Generation Z, so it is important for governments and regulators to create a clean and fair investment climate.

"If it (young investors) are missing, then our capital market cannot develop anymore. If it is tidied up, then they will dare to enter the stock market because they argue that there is a fair game, the game is fair. Some lose, some go up, some go down, but they are not manipulated by certain groups," he said.