OJK is Firm! Fine for Stock Manipulation Reaches IDR 240 Billion, Influencers to be Sentenced

JAKARTA - The Financial Services Authority (OJK) has emphasized a tough stance on violations in the capital market as part of accelerating integrity reform.

Member of the OJK Board of Commissioners who oversees capital market supervision, Hasan Fawzi, emphasized that law enforcement is the key to maintaining market credibility.

"Law enforcement and ensuring compliance from every business actor are very important parts in encouraging increased integrity in our capital market," said Hasan at the Indonesia Stock Exchange Building, Friday, February 20.

Throughout 2022 to January 2026, OJK has imposed administrative sanctions on 3,418 parties with a total fine of at least IDR 42.49 billion.

Especially in the case of stock trading manipulation, the value of the sanction jumped to IDR 240.65 billion, accompanied by the freezing of permits, revocation of business permits, and written orders.

Most recently, OJK again imposed a fine of IDR 1.05 billion on four parties for stock manipulation in the 2016-2022 period.

One of the perpetrators is said to be an influencer with a large number of followers on social media.

In the case of IMPC shares, OJK found the use of nominees and dozens of securities accounts controlled through a "joint stock partnership" scheme.

The total penalty in this case reached IDR 5.7 billion.

Meanwhile, in the case of the BVN influencer, OJK imposed a sanction of IDR 5.35 billion due to misleading recommendations and counter-trend transactions that triggered the formation of unnatural prices.

Chairman of the OJK Commissioner Board, Friderica Widyasari Dewi, emphasized that all reform processes would be presented openly to the public.

"Nothing is covered up. We will be very transparent," he said.