OJK pledges tougher trading enforcement and capital market reforms

Indonesia’s Financial Services Authority (OJK) will continue reforming capital markets and taking action over coordinated trading violations, its chairperson Friderica Widyasari Dewi said after a cabinet meeting in Jakarta on 19 October.

Friderica said the reforms would seek greater market transparency and liquidity. OJK wants enforcement to deter violations and make Indonesia’s stock exchange safer and more transparent for investors from Indonesia and abroad.

The commitment follows administrative fines totalling Rp2.1 trillion imposed on three issuers: PT Dian Swastika Sentosa Tbk (DSSA), PT Barito Renewables Energy Tbk (BREN) and PT Petrindo Jaya Kreasi Tbk (CUAN). Investigations found indications of share-trading manipulation involving DSSA and procedural breaches in the public offerings of BREN and CUAN.

OJK also pledged support for financial-sector stability as President Prabowo Subianto and Vice President Gibran Rakabuming Raka completed two years in office. Friderica said coordination with ministries and institutions within the Financial System Stability Committee (KSSK) was continuing to protect banking and capital markets.

Despite a challenging global economic outlook, Friderica described Indonesia’s economic and corporate fundamentals as solid. She cited second-quarter reports showing continued year-on-year increases in revenue and net profit among Indonesian issuers.