Indonesia’s Financial Services Authority (OJK) has imposed administrative sanctions on parties involved in violations related to the trading of PT Dian Swastatika Sentosa Tbk (DSSA) shares and the public offerings of PT Barito Renewables Energy Tbk (BREN) and PT Petrindo Jaya Kreasi Tbk (CUAN), including fines totaling Rp2.1 trillion against three principal parties (21/10).

The sanctions were established on October 16, 2026, and the sanction letters were delivered directly to the parties concerned at OJK’s Jakarta office on October 21, 2026. The measures include fines, license suspensions, and other administrative penalties against securities brokerage firms and individuals.

OJK Imposes Rp2.1 Trillion in Stock Market Sanctions

For the DSSA stock trading case, OJK fined PT SMT Rp1.5 trillion and suspended for one year the license of R, who currently serves as a director of PT SS, as a securities underwriting representative. The sanctions relate to market manipulation violations under Articles 91 and 92 of the Capital Market Law, as amended by Articles 22(34) and 22(35) of the Financial Sector Development and Strengthening Law.

In the BREN public offering case, OJK fined AH Ltd Rp500 billion for concealing information about parties subscribing to BREN shares. The violation falls under Article 107 of the Capital Market Law, as amended by Article 22(48) of the Financial Sector Development and Strengthening Law.

For the CUAN public offering case, OJK fined TC Pte Ltd Rp100 billion for a similar violation involving the concealment of information about parties subscribing to CUAN shares, under the same legal provision.

DSSA Stock Manipulation Case Involves Nine Securities Brokerage Firms

OJK found that customers had engaged in stock market manipulation involving DSSA shares through several securities brokerage firms. The regulator stated that the activities were planned and structured, causing the DSSA share price to increase significantly.

In connection with administrative violations in the DSSA case, OJK imposed fines on nine securities brokerage firms: PT SSI, PT SS, PT ALS, PT BS, PT AMS, PT TSI, PT BCS, PT WSI, and PT RSI. The regulator also issued written warnings to eight brokerage sales representatives who handled customer orders involving DSSA shares.

BREN and CUAN Share Offerings Involved Concealed Subscriber Information

In its examinations of the BREN and CUAN share offerings, OJK found actions intended to mislead through the concealment of subscriber identities. Parties associated with the companies’ controlling shareholders obtained large share allocations while concealing their identities.

According to OJK, this resulted in BREN and CUAN shares becoming concentrated among a limited group of parties, leaving fewer shares available for trading in the market.

In the CUAN case, OJK also imposed administrative fines on two securities brokerage firms, PT HPS and PT BDS. In addition, the regulator suspended for three months the securities underwriting representative license of a director of PT HPS.

OJK Coordinates With Police to Enforce Capital Market Regulations

The sanction letters were delivered on October 21, 2026, by Khoirul Muttaqien, Deputy Commissioner for Supervision of Issuers, Securities Transactions, Special Examinations, Derivative Finance and Carbon Exchanges. The event was attended by Indonesian National Police officials represented by Senior Commissioner Suhasto, Director of Special Economic Crimes at the National Police Criminal Investigation Agency.

OJK stated that the police presence reflected close coordination between the two institutions in enforcing the law, particularly in criminal cases involving the capital market.

The regulator said the sanctions form part of its ongoing efforts to strengthen the integrity of Indonesia’s capital market and ensure firm, consistent, effective, and proportionate law enforcement. OJK also stated that it would continue strengthening supervision and enforcement to support orderly, fair, and efficient securities trading, increase investor confidence, deter violations, maintain market credibility and competitiveness, and provide optimal investor protection.

PHOTO: OJK

This article was created with AI assistance.

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