Perlindungan Hukum Terhadap Investor Akibat Manipulasi Pasar Marking The Close pada Transaksi Saham di Pasar Modal

Abstract

Market manipulation through marking the close is one form of capital market crime that can harm investors and disrupt market integrity. Thisresearch addresses the following research questions: howis market manipulation regulated according to the Capital Market Law, what is the role of issuers in marking the close crimes, and what legal protections are available for investors who suffer losses due to marking the close market manipulation practices. The method used in this thesis research is a legal research method with a normative research type. The nature of this research is descriptive with a statutory approach and conceptual approach. The data used in this research is secondary data consisting of primary, secondary, and tertiary legal materials obtained through library research techniques and using qualitative data analysis methods. This research yields several conclusions. First, market manipulation according to theory is an action taken to manipulate prices in order to influence others' decisions to buy or sell securities. In the Capital Market Law, although not explicitly defining market manipulation, it regulates the prohibition of manipulative practices through Articles 248, 249, and 250, with administrative sanctions, criminal penalties of up to 10 years imprisonment and fines of up to Rp15 billion, as well as civil sanctions. Second, the role of issuers in marking the close crimes can be direct or indirect, with involvement through transactions using affiliated accounts, instructing affiliated parties, disseminating misleading information, or collaborating with brokers. Motives for involvement generally include maintaining company image, meeting listing requirements, increasing asset value, or gaining benefits from share performancebased incentive schemes. Issuers also have a strategic role in preventing market manipulation through the implementation of good corporate governance and information transparency. Third, legal protection for aggrieved investors includes preventive protection through strict regulations and real-time supervision, as well as repressive protection with legal remedies in the form of complaints to OJK, civil lawsuits based on Article 111 of the Capital Market Law, class action lawsuits, or dispute resolution through BAPMI.