Indonesia Fines Stock Traders Billions for Market Violations

Indonesia’s Financial Services Authority (OJK) has imposed a total of Rp542.49 billion (approximately $32 million USD) in fines on 3,418 parties for capital market violations occurring between 2022 and January 2026. A significant portion of these fines, Rp240.65 billion, is linked to stock trading manipulation, affecting 151 individuals and entities.

The announcement, made by Deputy Commissioner for Licensing and Supervision of Capital Market Investment and Securities Management at OJK, Eddy Manindo Harahap, details a broad crackdown on misconduct within the Indonesian capital market. The fines stem from a variety of infractions, including delays in reporting and substantive violations of regulations.

According to OJK data, Rp159.9 billion in fines were levied for late reporting, while Rp382.58 billion was imposed for more serious substantive violations. Beyond financial penalties, the OJK also enacted administrative sanctions, including the suspension of nine permits, the revocation of 28 permits, and the issuance of 119 written orders.

The OJK is also pursuing criminal charges in connection with these violations. Five capital market cases have already resulted in legally binding criminal convictions, and an additional 42 cases are currently under investigation, with 32 specifically related to stock trading manipulation. One case, involving alleged stock manipulation by PT Sriwahana Adityakarta Tbk, has been referred to the prosecutor’s office.

“Of the Rp382.58 billion, Rp240.65 billion was imposed due to stock trading operations, affecting 151 parties,”

Eddy Manindo Harahap, Deputy Commissioner for Licensing and Supervision of Investment Management, Capital Markets, and Securities Institutions at OJK

Recent enforcement actions have also targeted specific companies. PT Multi Makmur Lemindo Tbk (PIPA) was fined Rp1.85 billion, while PT Repower Asia Indonesia Tbk (REAL) faced a penalty of Rp925 million for violating capital market regulations. On February 20, 2026, Indonesia fined a company and three individuals a total of 11.05 billion rupiah ($655,000) for alleged stock market manipulation, according to Reuters.

On the same day, February 20, 2026, OJK also fined a social media stock influencer Rp 5.35 billion ($316,586) for manipulating share prices, as reported by the Jakarta Globe. This action highlights the OJK’s increasing scrutiny of individuals leveraging social media to influence market activity.

The OJK’s actions come amid broader concerns about market integrity and investor protection. The regulator has also been grappling with challenges related to managing funds for victims of financial crimes, acknowledging difficulties in the process of restitution, according to reporting from Bloomberg Technoz.

questions have been raised regarding initial public offerings (IPOs), with lawmakers expressing suspicions of price manipulation in some cases, as reported by CNBC Indonesia. Specifically, concerns were raised about a stock that rose from Rp200 to Rp8,000, prompting scrutiny from the DPR (House of Representatives).

The OJK’s commitment to maintaining the integrity of the Indonesian capital market is underscored by its ongoing enforcement efforts and its focus on addressing a wide range of violations, from reporting delays to sophisticated manipulation schemes. The regulator’s actions signal a determined effort to build confidence among investors and ensure a fair and transparent market environment.