Stock Influencers Without Permit Can Be Sanctioned By OJK

Illustration: Photo: Doc. ANTARA

JAKARTA - The Financial Services Authority (OJK) has issued OJK Regulation (POJK) Number 13 of 2025 concerning Internal Control and Behavior of Effect Companies conducting Business Activities as Underwriters (PEE) and/or Intermediaries of Stock Traders (PPE).

Meanwhile, this POJK aims to improve internal control and behavior of securities companies in carrying out their business activities, as well as regulate the activities of stock influencers or social media actors in the capital market sector.

Chief Executive of the Capital Market Supervisory, Derivative Finance and Carbon Exchange (PMDK) of the Financial Services Authority (OJK) Inarno Djajadi said that in this regulation, all forms of promotion or advertising must be based on a written agreement, and influencers must have permits in accordance with the activities they carry out.

In addition, Inarno said that this regulation was designed to anticipate potential risks that could arise due to influencer involvement, including the risk of fraud in marketing activities or providing investment recommendations.

He added that the sanctions for the violation of POJK 13/2025 were not only addressed to securities companies such as the Intermediary for Stock Traders (PPE) and Regional Stock Companies (PED), but also to influencers involved.

"If social media activists are indicated by capital market crimes such as committing fraud, trickery and providing misleading information related to investment in the Capital Market, the OJK will impose strict sanctions in accordance with applicable regulations," he wrote in a written statement, quoted Wednesday, August 6.

In the future, Inarno said that the regulation of influencers or financial social media activists would be made specifically by the OJK and would be asked for a response or input to the public.

He explained that Articles 106 to 109 at POJK 13/2025 regulates obligations for PPE and PED in collaboration with social media activists or influencers, namely providing media for advertisements & general information for the capital market; conducting offers to become PPE and PED customers; and conducting analysis and/or recommendations for an effect or product.

As for carrying out these activities, PPE and PED must have a written agreement and ensure that social media activists must have appropriate permits. For example, social activists who make offers to become PPE and PED customers, must have permission as PPE marketing partners; and for social activists who provide analysis or recommendations on effects or products, must have permission as investment advisors.

Inarno menyampaikan bahwa aturan ini disusun sebagai langkah antisipatif untuk mencegah potensi permasalahan di masa depan.

"Pengaturan tersebut bertujuan untuk memitigasi potensi permasalahan yang timbul dari keterlibatan pegiat media sosial, termasuk adanya fraud dalam pemasaran ataupun rekomendasi dalam berinvestasi," tutupnya.

Inarno said that this rule was prepared as an anticipatory step to prevent potential problems in the future.

"The regulation aims to mitigate potential problems arising from the involvement of social media activists, including fraud in marketing or recommendations in investing," he concluded.