Analisis Yuridis Penghentian Perdagangan Saham (SUSPENSI) oleh Bursa Efek (Studi Penghentian Perdagangan Saham PT Sigmagold Inti Perkasa (TMPI))

Abstract

The Indonesia Stock Exchange (IDX) serves as a platform and institution that organizes and provides systems and/or facilities to facilitate the matching of buying and selling offers of securities. This research investigates two main issues: the reasons behind the IDX's suspension of an issuer's stock trading and the legal protection afforded to investors and issuers whose stock trading is temporarily suspended. In carrying out its functions, the IDX acts as a Self-Regulatory Organization (SRO). It also has regulatory authority over its members and other parties related to the exchange. Investors participating in capital market activities are entitled to legal protection in the form of a fair, orderly, and efficient market. An issuer may be sanctioned with a suspension or temporary halt of trading of its securities if the IDX identifies any irregularities in trading activities. This research applies a normative legal method. The data used are secondary data, consisting of primary, secondary, and tertiary legal materials, analyzed using qualitative methods. The findings reveal that the IDX imposed a trading suspension (suspensi) and an extension of that suspension on the shares of PT Sigmagold Inti Perkasa (TMPI). This action was based on the Decision of the Board of Directors of the Indonesia Stock Exchange Number: Kep-00113/BEI/12-2016 concerning Regulation Number II-A on Equity Securities Trading, specifically point X. Legal protection for investors and issuers affected by temporary suspensions is carried out through both preventive and repressive measures. The temporary suspension of PT Sigmagold Inti Perkasa (TMPI) shares is in accordance with applicable legal provisions.