OJK warns rogue investors to stop stock manipulation

Jakarta (ANTARA) - The Chair of the Financial Services Authority (OJK) Board of Commissioners, Friderica Widyasari Dewi, has warned investors involved in stock manipulation against engaging in practices that could undermine the integrity of Indonesia's capital market.

Dewi stressed that manipulative practices, including coordinated trading and wash trading, could harm the capital market industry and erode investor confidence.

"Essentially, stock manipulation, coordinated trading, and wash trading cases from previous years must not happen again in the future," Dewi said at the Indonesia Stock Exchange (IDX) building in Jakarta on Tuesday.

She said such practices affected not only the capital market industry but also potentially harmed millions of investors who had entrusted their funds to the market.

According to Dewi, around 33 million retail investors are now participating in Indonesia's capital market. She therefore urged those involved in stock manipulation to stop such practices.

"Our hope is that everyone realizes that these actions come at a very high cost and cause serious damage to our capital market. A total of 33 million retail investors have placed their trust in our capital market. So, please, those rogue elements, just stop. Do not play around," she said.

Dewi also reminded the public that the development of Indonesia's capital market should be assessed objectively, taking into account the country's economic fundamentals and the performance of listed companies.

"We look at the fundamentals, both of our economy and of issuers, whose financial reports recently showed growth in profits and revenues," she said.

To maintain investor confidence, OJK continues to strengthen capital market governance through a series of reform measures.

One such measure is the involvement of independent individuals with credibility and integrity in the High Shareholding Concentration (HSC) committee.

The HSC committee comprises nine members, four representatives of self-regulatory organizations (SROs) and five independent external members.

The four SRO representatives consist of two IDX directors, one director of the Indonesia Clearing and Guarantee Corporation (KPEI), and one director of the Indonesian Central Securities Depository (KSEI).

The five external members come from various backgrounds, including industry practitioners, governance experts, academics, and foreign investors.

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Translator: Bayu, Kenzu
Editor: Primayanti
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