OJK Revokes Ekuator Swarna's Licence as Underwriter for Multiple Violations
The Financial Services Authority (OJK) has revoked the business licence of securities company PT Ekuator Swarna Sekuritas as an underwriter (PEE) after it was proven to have committed violations. The announcement was based on the results of an examination into cases of regulatory violations in the capital market, derivative finance, and carbon exchange sectors.
“That by considering the facts and information obtained from the examination, the OJK imposes an Administrative Sanction in the form of Revocation of the Business Licence of a Securities Company as an Underwriter (PEE) to PT Ekuator Swarna Sekuritas, which is proven to have committed violations,” the OJK stated in an official release on Monday (27/7/2027).
The release stated that Ekuator Swarna Sekuritas had not carried out business activities as an underwriter for more than two consecutive years. This consideration is based on Article 79 letter b of OJK Regulation (POJK) Number 3 of 2026.
Furthermore, Ekuator Swarna Sekuritas has not met the minimum net adjusted working capital (MKBD) requirement as an Underwriter Securities Company since October 2023, as stipulated in Article 79 letter b of POJK Number 3 of 2026. The company also lacked the required organisational structure to perform its functions and did not have employees holding an Underwriter Representative licence (WPEE) to conduct business activities as an underwriter. This violates the provisions of Article 24 letter a in conjunction with Article 79 letter b of POJK 3/2026 in conjunction with Article 6 paragraph (1) of POJK 13/2025.
Additionally, the firm did not have updated procedures and operational standards in accordance with capital market sector regulations related to the implementation of underwriting activities, as referred to in Article 24 letter c of POJK 3/2026. It also failed to submit the 2025 Business Plan Report, the 2024 Business Plan Realisation Report, and the annual Good Corporate Governance reports for 2023 and 2024. This violates Article 8 letters j, k, and l, and Article 22 paragraphs (4), (5) and (6) of POJK 8/2022.
The revocation of the underwriting business licence is partial, meaning PT Ekuator Swarna Sekuritas may continue to carry out business activities as a Securities Broker-Dealer. With the revocation of its licence as an underwriter, PT Ekuator Swarna Sekuritas is prohibited from conducting business activities as an Underwriter. The company is also required to settle all obligations in its underwriting business activities to interested parties, if any. The OJK reminded the company that it is obliged to settle all obligations for Administrative Sanctions in the form of Fines to the OJK through the OJK Revenue System, and is prohibited from using the company’s name and logo for the purpose and activities of an Underwriter.