Indonesia’s Financial Services Authority (OJK) has imposed administrative fines totaling trillions of rupiah against dozens of entities and individuals for capital market violations, with criminal sanctions expected to follow next week, Bloomberg Technoz reported. The enforcement actions, announced through October 31, 2026, target market manipulation and disclosure breaches tied to the application of the una via principle across several stocks.
Record Administrative Fines Target Major Indonesian Corporations
The penalties include a landmark Rp 1.5 trillion fine issued to PT Sinar Mas Tunggal in connection with PT Dian Swastatika Sentosa Tbk (DSSA). Along with the holding company penalty, the Financial Services Authority (OJK) fined PT Sinarmas Sekuritas a Rp 1.4 billion fine and suspended the license of a Securities Underwriter Representative named Rudy for one year. Several other brokerages—including PT Aldiracita Sekuritas, BCA Sekuritas, PT Amantara Sekuritas Indonesia, PT Trimegah Sekuritas Indonesia Tbk (TRIM), PT Supra Sekuritas Indonesia, PT Buana Capital Sekuritas, and PT Waterfront Sekuritas Indonesia—received identical Rp 1.4 billion fines, while RHB Sekuritas faced a Rp 700 million fine for its role in the DSSA matter.
🚨 OJK Denda DSSA, BREN, dan CUAN Total Rp2,1 Triliun!Otoritas Jasa Keuangan (OJK) menjatuhkan denda total Rp2,1 triliun kepada tiga emiten atas temuan pelanggaran pasar modal.DSSA dikenai denda Rp1,5 triliun terkait manipulasi perdagangan saham periode 2023–2026. Sementara… pic.twitter.com/Tp0BVujZ7v
Additional corporate penalties were imposed on recent public offerings. Anbo Holdings Ltd. received a fine of Rp 500 billion for the initial public offering of PT Barito Renewables Energy Tbk (BREN). Tigonis Capital Pte Ltd. was fined Rp 100 billion for the IPO of PT Petrindo Jaya Kreasi Tbk (CUAN), while PT Henan Putihrai Sekuritas and PT BRI Danareksa Sekuritas each received Rp 1.7 billion in fines. Henan Putihrai Sekuritas Director Jurgantara Usman also faced a three-month operational license suspension.
Individual Investors and Brokers Face Direct Sanctions
Retail investor Belvin Tannadi was fined Rp 5.35 billion for trading violations involving PT Agro Yasa Lestari Tbk (AYLS), PT MD Entertainment Tbk (FILM), and PT Bintang Samudera Mandiri Lines Tbk (BSML). In separate trading cases, Eunice M. Satyono and Chrystal Angella Soegandhi received Rp 5 billion in fines for transactions involving FILM stock. The Financial Services Authority (OJK) also fined PT Dana Mitra Kencana Rp 2.1 billion for trading in PT Impack Pratama Industri Tbk (IMPC), alongside fines of Rp 1.8 billion each for Melani and Upita Amalia.
OJK stated that these sweeping administrative measures are designed to preserve market integrity and compel compliance. This effort is OJK’s commitment to always maintain market integrity, increase market player compliance, and realize the implementation of orderly, fair, and efficient securities trading.
the agency noted in its official release.
Upcoming Criminal Proceedings and Global Market Scrutiny
The administrative penalties serve as a precursor to criminal prosecutions. OJK Board of Commissioners Chairperson Friderica Widyasari Dewi announced that the regulator will officially announce individuals facing criminal charges for capital market crimes next week, Bloomberg Technoz reported. Speaking on October 31, 2026, Friderica stated that these enforcement steps respond to global investor scrutiny following MSCI’s mid-October consultation regarding Indonesia’s potential reclassification to a standalone market.
Detailing the legal strategy behind the penalties, Agus Firmansyah, Head of OJK’s Department of Capital Market Regulation and Development, explained that the agency prioritizes administrative actions under Article 100E of the P2SK Law. Speaking at a media gathering in Lombok, Agus noted that administrative routes allow OJK to pursue monetary disgorgement to recover funds for harmed investors, a remedy that becomes unavailable if cases are referred solely to criminal prosecutors.
Frequently Asked Questions About the OJK Enforcement Actions
What legal principle governs these OJK sanctions?
The enforcement actions are structured around the application of the a street principle, which coordinates administrative and penal enforcement to prevent double jeopardy while prioritizing restitution for affected investors.
How much has OJK collected in total fines for 2026?
By mid-October 2026, OJK had levied administrative fines reaching Rp 2,23 triliun against 166 parties, alongside late-submission fines totaling Rp 293,78 miliar across 805 entities.
Which brokerage executives received individual suspensions?
The Financial Services Authority (OJK) suspended the license of a Securities Underwriter named Rudy for one year, and suspended Henan Putihrai Securities Director Jurgantara Usman for three months.
When will OJK disclose the pending criminal cases?
OJK Chairperson Friderica Widyasari Dewi stated that the regulator may announce the names of individuals facing criminal charges next week.
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