Perlindungan Hukum Investor Perusahaan Voluntary Delisting di Pasar Modal

Abstract

Capital market is considered as an effective means to accelerate the development of a country. It is because capital market can help get funds in the long term from people to be channeled to productive sectors. In the stock market, there is an action from corporation which is called delisting stock, an elimination of issuer in the stock exchange officially done by BEI (Indonesia Stock Exchange). It means that stocks, before they are sold in BEI, will be eliminated from the list of public company so that they cannot be bought and sold freely in the capital market; they cannot be always be bought and sold. Issuers that have been listed and sold in BEI can be excreted in a certain condition in issuers. The elimination can be voluntary delisting and force delisting. Voluntary delisting is stock delisting voluntarily because of some reasons such as the issuer stops the operation, bankruptcy, merger, unfulfilling the requirements of stock exchange authority, or the issuer wants to close his business.

The research employs juridical normative method, based on secondary data and it emphasizes on theoretical measures and normative qualitative analysis. The data are gathered by conducting library research and using various legal provisions, books, and other scientific works.

Protection for investors is still low, especially for the minority of investors. and regulation on voluntary delisting is not always certain. The investors in capital market, either majority or minority shareholders, should be facilitated with legal protection such as the obligation to disclose issuers. A fair, orderly. and efficient capital market will protect investors from unhealthy business practices while investing is a dangerous process. Risk is unavoidable while government's protection is only in the form of complete information about the risk of investment. One of the obstacles in protecting investors is by monitoring the compliance of a company with regulation in the post-go private. It is related to whether a corporation always complies with the letter of the head of OJK about the adequacy of stock price of unwanted public shareholders.