OJK Imposes Fines of Up to IDR 2.1 Trillion in Connection with DSSA, BREN, and CUAN Shares

On 15 October 2026, Morgan Stanley Capital International (MSCI) announced a consultation on a proposal to reclassify the Indonesian equity market from Emerging Market to Standalone Market status. As announced on its official website on the same date, MSCI highlighted concerns regarding the transparency of share ownership structures and suspected coordinated stock trading in the Indonesian capital market.

In response to the announcement, the Financial Services Authority (Otoritas Jasa Keuangan or OJK) stated that it would continue capital market reforms, including strengthening transparency and law enforcement. One day after MSCI's announcement, specifically on 16 October 2026, OJK announced the imposition of administrative sanctions on several parties in connection with trading in the shares of PT Dian Swastatika Sentosa Tbk (DSSA), as well as the initial public offerings of shares of PT Barito Renewables Energy Tbk (BREN) and PT Petrindo Jaya Kreasi Tbk (CUAN). The total fines in these three cases amounted to IDR 2.1 trillion.

Subsequently, on 21 October 2026, OJK personally delivered sanction letters to the sanctioned parties at OJK's office in Jakarta. The letters were delivered by Khoirul Muttaqien, Deputy Commissioner for Supervision of Issuers, Securities Transactions, Special Investigations, Derivatives Finance and Carbon Exchanges, in the presence of representatives of the Indonesian National Police (Polri), as reported in OJK Press Release Number SP 197/OJK/DKPU/X/2026.

Parties Subject to Sanctions

Based on OJK's press release dated 21 October 2026, three parties were subject to the principal fines in the DSSA, BREN, and CUAN cases. The details are as follows:

1. PT SMT was imposed an administrative fine of IDR 1.5 trillion in connection with the manipulation of DSSA share trading.

2. AH Ltd was imposed an administrative fine of IDR 500 billion in connection with the concealment of information regarding the parties placing orders for BREN shares.

3. TC Pte Ltd was imposed an administrative fine of IDR 100 billion in connection with the concealment of information regarding the parties placing orders for CUAN shares.

In addition to these three parties, OJK also imposed administrative sanctions in the form of fines on nine securities exchange members in the DSSA case, namely PT SSI, PT SS, PT ALS, PT BS, PT AMS, PT TSI, PT BCS, PT WSI, and PT RSI. OJK also issued written warnings to eight sales personnel of securities exchange members who handled customer orders in DSSA share transactions.

Meanwhile, in the CUAN case, administrative fines were also imposed on two securities exchange members, namely PT HPS and PT BDS. The Director of PT HPS was also subject to a three-month suspension of his license as an Underwriter Representative.

It should be noted that DSSA, BREN, and CUAN are issuers whose shares were the subject of the investigations. The principal fines were imposed on the parties concerned, not directly on the three issuers.

Violations Identified by OJK

In its examination of DSSA share trading during the 2024–2026 period, OJK identified market manipulation carried out by individual and institutional customers through several securities exchange members. As explained in OJK's press release dated 16 October 2026, these actions were carried out in a planned and structured manner, causing the price of DSSA shares to increase significantly.

To trace these transactions, OJK requested data and documents from securities exchange members and traced the flow of funds. OJK also summoned at least 12 directors of securities companies, 15 individuals, and 11 foreign legal entities suspected of being involved. In the same examination, OJK identified violations by directors of securities companies, resulting in one party being subject to a one-year suspension of its professional license.

Meanwhile, in its examination of the BREN and CUAN share offerings, OJK found that the shares offered had been planned from the outset to be allocated to a group of parties affiliated with the controlling shareholders.

According to OJK's statement on 16 October 2026, these parties obtained large share allocations by concealing their identities when placing orders. As a result, ownership of BREN and CUAN shares became concentrated in certain groups, limiting the number of shares available for trading in the market. To examine these matters, OJK requested documents from securities exchange members, underwriters, and custodian banks, and traced the flow of funds related to the public offerings of both issuers.

What Legal Basis Did OJK Use?

The imposition of these sanctions was based on Law Number 8 of 1995 on Capital Markets, as amended by Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (the P2SK Law).

In its press release dated 21 October 2026, OJK cited three provisions as the legal basis for its enforcement actions, namely:

1. Article 91 of the Capital Market Law, as amended by Article 22 point 34 of the P2SK Law, concerning the prohibition on any party engaging in conduct intended to create a false or misleading impression regarding trading activities, market conditions, or securities prices. This provision relates to the manipulation of DSSA share trading.

2. Article 92 of the Capital Market Law, as amended by Article 22 point 35 of the P2SK Law, concerning the prohibition on securities transactions conducted to create an artificial price that remains stable, rises, or falls, with the aim of benefiting oneself or another party. This provision was also applied in the DSSA case.

3. Article 107 of the Capital Market Law, as amended by Article 22 point 48 of the P2SK Law, concerning the prohibition on removing, altering, obscuring, concealing, or falsifying records with the intent to deceive, cause loss to another party, or mislead OJK. This provision was applied in the cases involving the concealment of information regarding persons placing orders for BREN and CUAN shares.

Law Enforcement in Capital Market Reform

The imposition of sanctions on the parties concerned in the DSSA, BREN, and CUAN cases forms part of OJK's efforts to strengthen the integrity of the capital market. As stated by OJK in its press release dated 16 October 2026, from January to October 2026, OJK, together with the Self-Regulatory Organizations (SROs), had imposed penalties and sanctions and undertaken law enforcement actions against at least 835 parties.

Meanwhile, in its announcement dated 15 October 2026, MSCI stated that it would open a consultation on a proposal to reclassify the Indonesian equity market. The consultation period will run until 30 April 2027, with the final decision scheduled to be made no later than 30 June 2027. One of MSCI's concerns is the transparency of share ownership structures and suspected coordinated trading.

In response to these developments, OJK stated that the examinations and imposition of sanctions on the parties concerned in the DSSA, BREN, and CUAN cases formed part of an ongoing law enforcement process. Accordingly, MSCI's announcement and OJK's enforcement actions are two developments related to issues of transparency and capital market integrity; however, OJK did not state that the examinations had only commenced as a result of MSCI's announcement.

Sources:

1. OJK, Press Release Number SP 192/OJK/DKPU/V/2026, 16 October 2026.

2. OJK, Press Release Number SP 193/OJK/DKPU/X/2026, 16 October 2026.

3. OJK, Press Release Number SP 197/OJK/DKPU/X/2026, 21 October 2026.

4. MSCI, “MSCI Launches a Consultation on a Proposal to Reclassify Indonesia from Emerging Market to Standalone Market Status”, 15 October 2026.

5. Law Number 8 of 1995 on Capital Markets, as amended by Law Number 4 of 2023.