For information, the Chairman of the OJK Commission Board Mahendra Siregar; Head of Capital Market, Derivatives Finance, and Carbon Exchange Supervisory Executive (KE PMDK) Inarno Djajadi; Deputy Commissioner for Issuer Supervision, Securities Transactions, Special Inspections, Derivatives Finance, and Carbon Exchange (DKTK) I. B. Aditya Jayaantara, and President Director of PT Bursa Efek Indonesia (BEI) Iman Rachman officially resigned from their respective positions.
Huda explained that the indication of government intervention was related to the policy of increasing the investment limit of the stock market by pension funds and insurance companies.
In addition, he assessed that many cases of stocks that occurred previously also involved the two industries.
"Like the government's intervention on the investment limit of the stock market from the Pension and Insurance Fund which increased. On that occasion, Mahendra was also there who must have realized the risks," he told VOI, Friday, January 30.
According to him, if the investment limit is left too high, the risk of losing public funds will be greater and this condition is considered as a form of indirect intervention against the authority of the OJK.
"The cases that occurred in the previous stock case are related to these two industries. If it is left too high, the risk of public funds being lost is also high. So indirectly this intervenes in the authority of the OJK," he explained.
He emphasized that excessive government intervention could have a negative impact on the movement of the Composite Stock Price Index (JCI) in the future.
Although the initial trigger was said to come from MSCI, Huda assessed that the root of the problem remained in the government's intervention efforts and the assessment was strengthened by a meeting between the Ministers of Economy, Bank Indonesia, and OJK discussing pension and insurance funds.
"Yes, it is definitely triggered by MSCI, but I think the cause is the government's intervention too deep. The problem is that we just had a meeting between the ministers of economy with BI and OJK about pension and insurance funds," he said.
He also suspected that the meeting was one of the factors that triggered the series of resignations.
"I suspect that is the cause," he said.
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