OJK Identifies Price Manipulation Practices in PANR Share Trading

On 4 November 2026, the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) announced the results of its examination of the trading of shares in PT Panorama Sentrawisata Tbk (PANR) during the period from 6 September 2022 to 29 May 2023. Based on the examination, OJK identified a pattern of transactions that created a false or misleading appearance of trading activity and influenced the formation of PANR share prices on the Stock Exchange.

As stated in OJK’s official press release dated 4 November 2026, the violations involved three parties, namely Satrijanto Tirtawisata, Melani, and Upita Amalia. OJK also identified communications between the parties undertaken to maintain movements in PANR share prices. The trading activities involved 20 customer accounts suspected of being associated with the transaction patterns in question.

Based on the examination and calculations, OJK identified unlawfully obtained profits amounting to IDR 5,073,291,914, or approximately IDR 5.07 billion. In response to these findings, OJK imposed administrative sanctions and specific action orders on the parties involved, including an order to disgorge the profits and close a number of securities accounts.

Parties and Trading Activities Subject to Examination

The parties identified by OJK in this case were Satrijanto Tirtawisata, Melani, and Upita Amalia. All three were found to have committed violations in connection with PANR share trading during the examination period.

According to OJK’s press release, the transaction patterns under examination were intended to create a false or misleading appearance of trading activity and influence the formation of share prices. OJK also identified communications between the parties undertaken for the purpose of maintaining movements in PANR share prices.

In share trading, prices are formed through the interaction between buy orders and sell offers on the stock exchange. Information concerning such trading activities and prices serves as one of the considerations for investors when deciding whether to buy, sell, or hold shares.

However, based on the results of OJK’s examination, the transaction patterns in the PANR case involved 20 customer accounts suspected of being associated with such activities. OJK stated that the transactions carried out did not reflect genuine interactions between demand and supply.

OJK’s press release does not provide detailed information on the specific form of each transaction, the identities of all the owners of the 20 accounts involved in the trading patterns, or the communication mechanisms between the parties. Accordingly, the technical details concerning the execution of such transactions cannot be conclusively determined solely on the basis of the information published by OJK.

What Alleged Violations Did OJK Identify?

Based on the results of its examination, OJK identified violations of Article 91 and Article 92 of Law Number 8 of 1995 on Capital Markets (“Law 8/1995”), as amended by Law Number 4 of 2023 on Financial Sector Development and Strengthening (“Law 4/2023”).

Both provisions govern the prohibition of market manipulation, but have different scopes of application.

1. Creating a False or Misleading Appearance – Article 91 of Law 8/1995

Article 91 of Law 8/1995 prohibits any party from engaging in any conduct, whether directly or indirectly, intended to create a false or misleading appearance of trading activities, market conditions, or securities prices on a stock exchange.

The elucidation of this article includes, among other things, securities transactions that do not result in a change of ownership, as well as collusive arrangements involving the offering for sale and purchase of securities at a certain price. This provision is intended to ensure that trading information visible to investors reflects actual market conditions.

In the PANR case, OJK identified transaction patterns that did not reflect genuine interactions between demand and supply. These findings formed part of the basis for OJK's determination that Article 91 had been violated.

2. Influencing Securities Prices through a Series of Transactions – Article 92 of Law 8/1995

Article 92 of Law 8/1995 prohibits any party, whether acting individually or jointly with another party, from carrying out two or more securities transactions, directly or indirectly, that cause securities prices on a stock exchange to remain unchanged, increase, or decrease, with the intention of influencing other parties to buy, sell, or hold such securities.

This provision concerns a series of transactions that may create artificial prices because they are not based on actual market forces of demand and supply.

In the PANR case, OJK stated that the transaction patterns under examination not only created a false appearance of trading activity but also influenced the formation of share prices. OJK also identified communications between the parties intended to maintain movements in the relevant share prices.

Sanctions Imposed by OJK

Following the results of its examination, OJK imposed administrative measures against the three parties involved. Satrijanto Tirtawisata was ordered to disgorge the unlawfully obtained profits amounting to IDR 5,073,291,914.

Meanwhile, Melani and Upita Amalia were each prohibited from conducting activities in the Capital Markets, Financial Derivatives, and Carbon Exchange sectors for a period of five years.

In addition to the sanctions imposed on the three parties, OJK also ordered the relevant securities companies to close the securities accounts belonging to 18 parties identified as having been used in the trading activities involving PANR shares. The closure orders were addressed to several securities companies, including PT Artha Sekuritas Indonesia, PT Waterfront Sekuritas, PT Indo Premier Sekuritas, and PT Mirae Asset Sekuritas.

The account closure orders constitute separate measures against the securities accounts identified during the examination. OJK stated that the overall transaction patterns involved 20 customer accounts, whereas the published list of account closure orders covered accounts held in the names of 18 parties.

Through the imposition of these sanctions, OJK reaffirmed that trading manipulation which creates a false appearance of market activity and securities price formation constitutes a violation that may disrupt fair price formation mechanisms and undermine investor confidence in the integrity of the capital market.

Sources:

1. Financial Services Authority (OJK), “Strengthening Capital Market Law Enforcement, OJK Once Again Imposes Sanctions for Violations Involving Share Manipulation, Misleading Information, and Misuse of Customer Accounts”, 4 November 2026.

2. Law Number 8 of 1995 on Capital Markets, as amended by Law Number 4 of 2023 on Financial Sector Development and Strengthening.