Menelusuri Integritas Pasar Modal Indonesia Melalui Studi Kasus Manipulasi Saham PT Sekawan Intipratama Tbk

Abstract

This study addresses the issue of weak legal protection for investors in the Indonesian capital market, particularly concerning stock price manipulation. The case of PT Sekawan Intipratama Tbk (SIAP) is examined as a concrete example. SIAP's shares experienced an unusual price surge, unsupported by corporate actions or financial fundamentals. The sudden increase followed by a sharp decline caused significant investor losses and a default by one securities firm, raising concerns about the effectiveness of market supervision and law enforcement.

This research employs a normative juridical method with statutory, case-based, and conceptual approaches. Data are collected through literature review and consist of primary, secondary, and tertiary legal materials. The analysis focuses on Law No. 8 of 1995 on Capital Market, especially Articles 91, 92, and 104, which regulate prohibitions against manipulation and the associated sanctions. The study also examines the roles of the Financial Services Authority (OJK) and Self-Regulatory Organizations (SROs), including the Indonesia Stock Exchange (IDX), Indonesian Central Securities Depository (KSEI), and the Indonesian Clearing and Guarantee Corporation (KPEI).

Findings indicate that although Indonesia’s legal framework on capital markets is normatively comprehensive, enforcement remains weak. Law enforcement is reactive, early detection mechanisms are underdeveloped, and inter-agency coordination is lacking. Legal responsibility for manipulation extends beyond individuals to issuers, directors, commissioners, and securities companies.

The study concludes that reform is necessary through the adoption of advanced surveillance technologies, enhanced supervisory capacity of OJK and SROs, and widespread investor education. These efforts aim to foster a fair, transparent, and trustworthy capital market ecosystem in Indonesia.