Firm Stance! OJK to Reveal Names of Listed Companies and Stock Manipulation Perpetrators
Jakarta, CNBC Indonesia — The Financial Services Authority (OJK) is committed to more rigorously enforcing sanctions against listed companies that violate capital market regulations, including revealing the names of such companies and involved parties proven to engage in “goreng saham” practices.
OJK Commissioner Chair Friderica Widyasari stated that her agency will not only focus on the quantity of sanctions imposed but also ensure transparency regarding such actions.
“Going forward, we will disclose names individually for parties sanctioned. As seen, we have carried out various enforcements that have captured public attention, with varied responses but public support for OJK and the exchange in upholding rules in Indonesia’s capital market as part of consumer and investor protection,” said Kiki during a working meeting with Commission XI of the House of Representatives (DPR RI) in Jakarta on Wednesday (1/4/2026).
OJK’s Executive Head of Capital Market Supervision Hasan Fawzi added that his team will not hesitate to take firm action against all forms of irresponsible transaction coordination. He noted that several sanctions against stocks suspected of price manipulation have already been publicised openly without concealment.
Initial indications of manipulation are typically seen in drastic surges or drops in stock prices without clear fundamental reasons.
When asked about the specific companies, Hasan did not provide further details. However, he affirmed that his team has identified several parties suspected of such practices.
“It’s already (indicated), but it’s gradual. Once the examination is complete, we have sufficient evidence. Then the legal basis and violations can be proven. Only then, at the end, will we impose sanctions according to regulations. Followed by publication,” said Hasan.
Previously, a DPR RI member highlighted the high price movement of a stock that had recently listed on the Indonesia Stock Exchange (BEI). Melchias Marcus Mekeng, a Commission XI DPR RI member from the Golkar Faction, alluded to a company that went public through an initial public offering (IPO) at around Rp200 per share and soared to Rp8,000 per share in about two months.
He raised this during a working meeting with OJK on the agenda of OJK’s Work Programme. Seven newly appointed Commissioners, including Friderica Widyasari Dewai as Chair, were present.
“Now I want to ask, surely the gentlemen and ladies at OJK already know. Who is this company? How is this company? This doesn’t make sense,” said Melchias at the DPR RI Building on Wednesday (1/4/2026).
Melchias continued that the company’s valuation far beyond normal limits is very dangerous. Especially if the unjustifiably rising stock is used as collateral for bank loans. “This becomes double trouble. The capital market gets breached, and the banking sector gets breached,” he explained.
Melchias then inquired whether OJK has a division or mechanism to monitor such issues. He cautioned the authority against receiving reports only after “the goods are already destroyed.”
“Is there that? Is there a dashboard that can detect this strange company? Why can the price go that high? How is that company? Has it been investigated or not? Because this is criminal, it falls under criminal jurisdiction due to public deception. OJK must be firm here, and if actions are taken, they must be announced so the market believes there is legal certainty enforced by OJK,” emphasised Melchias.
Furthermore, he stated that it is not just that one stock; many other stocks are also engaging in manipulation practices. Melchias assessed that this is a factor in MSCI considering Indonesia’s capital market as fragile.