Perlindungan Hukum terhadap Investor Publik yang Melakukan Stock Split Berdasarkan POJK Nomor 15/POJK.04/2022

Abstract

Public investors who obtain shares through the stock split process will have legal protection depending on the shares they obtain. Therefore, it is necessary to study the regulation of stock splits in Indonesian laws and regulations, legal certainty in the regulation of stock splits in the Indonesian capital market and legal protection for public investors in issuers/public companies that carry out stock splits. This research is normative research, and is descriptive analytical in nature which describes and analyzes a phenomenon related to legal protection for public investors who carry out stock splits based on POJK Number 15/POJK.04/2022. The results of the research, the regulation of stock splits in Indonesian laws and regulations refers to OJK Regulation No. 15/POJK.04/2022 concerning Stock Splits and Stock Mergers by Public Companies where the OJK Regulation was born as a special regulation so that it is subject to the principle of lex specialis derogat legi generalis. Legal certainty in stock split arrangements in the Indonesian capital market where administrative aspects still refer to OJK Regulation no. 15/POJK.04/2022 Concerning Stock Splits and Stock Mergers by Public Companies, namely regarding the disclosure of information on stock splits, the civil aspect is the split of shares to see whether or not a loss has occurred in the PT can be seen or known through an audit of the annual report. referring to Article 66 of Law no. 40 of 2007 concerning Limited Liability Companies, while the criminal aspect is related to bad faith (duty of bad faith) in the share splitting process carried out by PT organs as regulated in Article 3 of Law no. 40 of 2007 concerning Limited Liability Companies. Legal protection for public investors in issuers/public companies that carry out stock splits is preventive legal protection including administrative sanctions as regulated in Article 38 paragraph (4) of OJK Regulation No. 15/POJK.04/2022 concerning Stock Splits and Stock Mergers by Public Companies, while repressive legal protection is implemented by filing a direct lawsuit or a derivative lawsuit.