Indonesia has imposed fines totalling 11.05 billion rupiah (about US$655,000 or RM2.55 million) on one company and three individuals for alleged stock market manipulation between 2016 and 2022, according to the country’s capital markets regulator.
The Financial Services Authority (OJK) said the parties were penalised for allegedly controlling multiple investor accounts to inflate the share price of a listed company. One individual, a social media influencer identified only as BVN, was also fined for encouraging followers to buy certain stocks while using multiple accounts to trade.
The action comes after global index provider MSCI raised concerns in January about transparency in Indonesia’s stock market, which triggered a market sell-off. In response, authorities tightened oversight and proposed reforms to restore foreign investor confidence.
Earlier this month, OJK also sanctioned several firms for misconduct, including suspending the underwriting licence of UOB Kay Hian Sekuritas for a year over due diligence lapses linked to a 2019 initial public offering.
