| dc.description.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. | en_US |
