Indonesia’s Financial Services Authority (OJK) has imposed administrative sanctions totaling approximately 2.1 trillion Indonesian rupiah against multiple parties for violations spanning market manipulation and fraudulent initial public offerings across three publicly listed companies on the Indonesian Capital Market.
- Investigation period: 2024-2026 for PT Dian Swastatika Sentosa Tbk (DSSA) share trading
- DSSA fine: 1.5 trillion Indonesian rupiah
- BREN fine: 500 billion Indonesian rupiah
- CUAN fine: 100 billion Indonesian rupiah
- Total enforcement actions since January 2026: 835 disciplinary measures and sanctions
The OJK investigation into DSSA share trading uncovered premeditated and structured market manipulation by individual and institutional customers working through multiple stock exchange members, resulting in artificially inflated share prices. The regulator summoned at least 12 board members from securities companies, 15 individual parties, and 11 foreign legal entities in connection with the violations. Additionally, OJK suspended individual licenses held by securities company directors found to have committed violations.
Parallel investigations into public offerings by PT Barito Renewables Energy Tbk (BREN) and PT Petrindo Jaya Kreasi Tbk (CUAN) revealed that shares intended for public distribution were systematically allocated to parties related to controlling shareholders. The regulator discovered misleading subscription conduct in which related parties obscured their identities while securing disproportionately large share allotments, effectively concentrating shareholding among insider groups and limiting free-floating shares. OJK summoned five securities company board members, three custodian banks, and fixed-allotment parties involved in these violations. The authority also identified unlawful gains obtained from all three cases.
OJK and Indonesia’s Self-Regulatory Organizations have conducted 835 disciplinary actions and enforcement proceedings from January through October 2026, signaling intensified capital market oversight. The regulator stated it will continue enforcement activities as part of ongoing capital market reform efforts.
