Indonesia’s Financial Services Authority (OJK) has fined parties tied to three listed companies a combined IDR 2.1 trillion. The cases cover share price manipulation in PT Dian Swastatika Sentosa Tbk (DSSA) and hidden allotments in the IPOs of PT Barito Renewables Energy Tbk (BREN) and PT Petrindo Jaya Kreasi Tbk (CUAN). The decisions came out on October 16, a day after MSCI opened a consultation on reclassifying Indonesia’s market status.
DSSA drew the biggest penalty, IDR 1.5 trillion. OJK said manipulation of the stock was “carried out by individual and institutional customers” through several exchange members. It called the scheme premeditated and structured and said it pushed the share price significantly higher.
Investigators summoned at least 12 securities company directors, 15 individuals and 11 foreign legal entities. Directors found in breach had their individual licences suspended. OJK cited suspected breaches of Articles 91 and 92 of the Capital Market Law.
BREN and CUAN are about the IPO process itself. OJK found “misleading conduct in subscription for BREN and CUAN shares,” saying the shares were meant from the start for parties linked to the controlling shareholders. Those parties “obtained very large share allotments while obscuring their identities,” which concentrated ownership and shrank the free float.
Parties in the BREN allotment were fined IDR 500 billion and those in CUAN IDR 100 billion, under Article 107. That probe called in at least five securities company directors, three custodian banks and the fixed allotment parties.
OJK said unlawful gains were made. It didn’t say whether they will be recovered, and it named nobody.
The same day, OJK put out a separate response to MSCI’s consultation. It listed reforms MSCI had acknowledged, including disclosure of holdings above 1%, new High Shareholding Concentration disclosures and a higher minimum free float. Hasan Fawzi, OJK’s Chief Executive of Capital Markets, Financial Derivatives and Carbon Exchange Supervision, said the authority “is committed to consistently enforcing laws and regulations in the capital market sector to safeguard market integrity”.
In its sanctions release, OJK added that between January and October 2026, at least 835 parties faced disciplinary measures, sanctions or enforcement action from OJK and the Self Regulatory Organizations.
Herald View
Big numbers, no names. OJK says three listings ran on rigged prices or hidden allotments, then kept the culprits anonymous and said nothing about clawing back the gains. MSCI will notice that silence. A fine with no names and no disgorgement is a cost of doing business, not a deterrent.
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