Tinjauan Yuridis Tentang Perlindungan Hukum Terhadap Kejahatan Insider Trading Di Indonesia (Studi Kasus Pt.Bank Mashill Utama.Tbk)

Abstract

Insider trading is a prohibited practice regulated under Law Number 8 of 1995 concerning the Capital Market, which forbids insiders of a company from disclosing material confidential information to certain investors or prospective investors. The purpose of this prohibition is to ensure that all investors or potential investors receive information fairly and equally. The issues discussed in this study concern the law enforcement measures taken in the case of insider trading involving PT Bank Mashill Utama Tbk and the juridicial evaluation of insider trading practices in the Indonesian capital market. This research employs a normative juridicial method with prescriptive approach. The data used are secondary data consisting of primary, secondary, and tertiarty legal sources, gathered through library research. The data analysis technique used is qualitative. This study aims to understand and evaluate the decision issued by Bapepam, which is now the Financial Services Authority (OJK). regarding the sanction imposed on the perpetrator of insider trading in the PT Bank Mashill Utama Tbk case. The study reveals that the sanctions imposed were dispropotionately light and did not reflect the financial losses suffered by the victims, namely the investors of PT Bank Mashill Utama Tbk. Furthermore, the inadequacy of sanctions fails to create a deterrent effect and may instead encourage other parties who have the opportunity to commit insider trading, particulary when law enforcement measures remain weak.