OJK Cracks Down on Stock Manipulators, Influencer with Initials BVN Fined Rp5.35 Billion
Jakarta — Oversight of share trading and the dissemination of information on social media is being tightened. The regulator has determined that price manipulation practices, whether through structured transaction patterns or narratives that influence public sentiment, can create a false picture of the market and harm investors.
In this regard, the Financial Services Authority (OJK) has imposed administrative sanctions on a capital markets social media personality and three other parties found to have engaged in price manipulation across a number of share trades.
“The imposition of these sanctions represents a commitment to oversight and decisive action by OJK in enforcing the provisions of capital markets legislation,” the authority stated in a press release on Friday, 20 February 2026.
OJK levied a fine of Rp5.35 billion on the social media personality, or influencer, identified by the initials BVN, for price manipulation violations involving the dissemination of information on social media in connection with a number of share trades during the period from 2021 to 2022.
Based on the findings of its examination, BVN was found to have committed violations in the trading of shares of PT Agro Yasa Lestari Tbk (AYLS) during the periods of 1 to 27 September 2021 and 8 November to 29 December 2021, PT MD Pictures Tbk (FILM) during the period of 12 January to 27 December 2021, and PT Bintang Samudera Mandiri Lines Tbk (BSML) during the period of 8 March to 17 June 2022.
The examination was conducted by analysing share transaction data, tracing the relevant social media activity, identifying transaction patterns, and reviewing other evidentiary findings. One of the patterns uncovered was market manipulation through the placement of buy and sell orders for a number of shares using multiple securities accounts, thereby forming prices that were not based on genuine supply and demand forces.
These actions created a false impression of share trading on the Stock Exchange and were assessed as capable of influencing investor decisions.
Furthermore, BVN was found to have provided information via social media regarding one or more shares, communicated plans to purchase shares, or presented forecasts of price movements for specific shares. However, at the same time, the individual was selling or buying shares by exploiting followers’ reactions to the information disseminated.
On the basis of these actions, OJK concluded that violations of Articles 90, 91, and 92 of the Capital Markets Law, as amended through the Financial Sector Development and Strengthening Act (UUPPSK), had occurred.