OJK Revokes Ekuator Swarna Sekuritas' Underwriting Licence

The Financial Services Authority (OJK) has revoked the equity underwriting licence of PT Ekuator Swarna Sekuritas after the firm was found to have committed multiple violations. The decision was based on findings from an examination into breaches of capital market, derivative finance, and carbon exchange regulations.

According to an official OJK statement released on Monday, the company had not carried out underwriting activities for more than two consecutive years, a violation of Article 79 letter b of POJK Number 3 of 2026. Additionally, the firm failed to maintain the minimum net adjusted working capital required for an underwriter since October 2023.

Further violations included the absence of a required organisational structure and a lack of employees holding the necessary underwriting licences, contravening Article 24 letter a in conjunction with Article 79 letter b of POJK 3/2026 and Article 6 paragraph (1) of POJK 13/2025. The company also did not have updated standard operating procedures aligned with capital market regulations, and failed to submit its 2025 business plan, 2024 business plan realisation report, and annual governance reports for 2023 and 2024.

The revocation of the underwriting licence is partial, allowing PT Ekuator Swarna Sekuritas to continue its activities as a securities broker-dealer. However, the firm is now prohibited from conducting any underwriting business and must settle all outstanding obligations related to its underwriting activities. It is also required to pay any outstanding administrative fines to the OJK and is barred from using its name and logo for underwriting purposes.