New OJK System Targets Stock Manipulation, Fines Reach Rp 96.33 Billion
JAKARTA, KOMPAS.com - The Financial Services Authority (OJK) has affirmed its commitment to safeguarding the integrity of the capital market by imposing administrative sanctions on hundreds of violators, including cases of stock price manipulation or “gorengan” stocks.
As of 31 March 2026, the total fines amount to Rp 96.33 billion imposed on 233 parties.
The Executive Head of the Capital Market, Derivatives Finance, and Carbon Exchange Supervisory Division of OJK, Hasan Fawzi, stated that this measure aims to maintain legal certainty and market discipline.
“Up to 31 March 2026, with total fines reaching Rp 96.33 billion on no less than 233 parties,” said Hasan during a press conference at the Indonesia Stock Exchange building in Jakarta on Thursday (2/4/2026).
“This includes handling cases directly related to market manipulation conditions, which have often been a concern for all parties; the figure for this even amounts to Rp 29.3 billion,” he explained.
OJK emphasises that law enforcement will continue to be carried out to maintain investor trust and create healthy market behaviour.
“We remind and reiterate the information that OJK never hesitates to provide legal certainty and has imposed administrative sanctions throughout this year,” Hasan added.
Supervision is now conducted using a technology-based system. OJK and the Indonesia Stock Exchange utilise a smart surveillance system to monitor transactions in real-time.
“So now there is a system in place, both at OJK and especially at the Indonesia Stock Exchange, which is the surveillance system, called the smart surveillance system,” said Hasan during the CNBC Indonesia Market Outlook 2026 on Tuesday (3/3/2026).
Once an alert appears, the immediate action mechanism is directly implemented. The exchange can promptly request exchange members to investigate indicated transactions.
The supervision of securities transactions is the primary function of the exchange, with oversight from OJK as the regulator.
“So there is one primary function at the exchange that we emphasise in OJK’s regulations: the supervision of securities transactions or trading on the exchange is the primary function that must be carried out by the Indonesia Stock Exchange, of course, together with OJK in this regard,” he explained.