Indonesia Watchdog Slaps Brokerages and Underwriters With Fines in Widening Market Manipulation Sweep

JAKARTA, Investortrust.id — Indonesia’s Financial Services Authority (OJK) has unmasked the market intermediaries and institutional syndicates implicated in an unprecedented sweep against secondary market price rigging and distorted public offerings, levying statutory fines and suspensions across 11 brokerage houses and multiple senior trading executives.

The regulatory disclosures, finalized on Saturday, Oct. 31, 2026, follow the formal collection of Rp 2.1 trillion ($132.08 million) in administrative penalties on Oct. 27 from the central actors behind unlawful transactions involving energy and technology conglomerate PT Dian Swastatika Sentosa Tbk (DSSA), renewable power producer PT Barito Renewables Energy Tbk (BREN), and mineral resources operator PT Petrindo Jaya Kreasi Tbk (CUAN).

Speaking on the sidelines of the Indonesian Chamber of Commerce and Industry (Kadin) assembly in Jakarta, OJK Board of Commissioners Chairman Friderica Widyasari Dewi confirmed that the historic penalties have been settled in full.

"The payment was completed two days ago," Dewi told reporters. "We should have invited the press to inspect the funds directly. The entire Rp 2.1 trillion has been paid."

The public unmasking of domestic and international securities houses signals a significant pivot in Jakarta’s regulatory posture, shifting from generalized warnings to pinpointed disciplinary action against market plumbing. As global index compiler MSCI Inc. conducts a high-stakes consultation through April 2027 that threatens to strip Indonesia of its Emerging Market designation and demote the exchange to Standalone status over ownership opacity and coordinated trading schemes, domestic watchdogs are attempting to demonstrate that institutional intermediaries face severe, public accountability for facilitating illicit order flows.

Brokerages Penalized in DSSA Secondary Trade Probes

In the investigation into secondary trading in DSSA, the financial watchdog identified nine securities brokerages penalized for supervisory lapses and failures to enforce anti-money laundering, counter-terrorist financing, and internal control mandates.

Administrative fines of Rp 1.4 billion ($88,050) each were levied against eight brokerages: PT Sinarmas Sekuritas, PT Aldiracita Sekuritas Indonesia, PT BCA Sekuritas, PT Amantara Sekuritas Indonesia, PT Trimegah Sekuritas Indonesia Tbk, PT Supra Sekuritas Indonesia, PT Buana Capital Sekuritas, and PT Waterfront Sekuritas Indonesia. A ninth firm, PT RHB Sekuritas Indonesia, received an administrative fine of Rp 700 million ($44,025), bringing the total penalty across the DSSA brokerage group to Rp 11.9 billion ($748,425).

Alongside institutional fines, the regulator served formal written warnings to eight individual licensed sales representatives who processed the tainted customer orders: Fitra Sie of Sinarmas Sekuritas, Sam Sahiry Rumamby Supit of Aldiracita Sekuritas Indonesia, Widya Halim of BCA Sekuritas, Suryadi of Amantara Sekuritas Indonesia, Morgan Gindo Wardana Simorangkir of Trimegah Sekuritas Indonesia, Maria Retnowulan of Supra Sekuritas Indonesia, Wahyu Suci Sugiarto of Buana Capital Sekuritas, and Baskara Alias Karnen S of Waterfront Sekuritas Indonesia.

The intermediary penalties complement the core administrative action announced earlier, in which the OJK slapped a Rp 1.5 trillion ($94.34 million) fine on DSSA controlling entity PT Sinar Mas Tunggal and suspended the Underwriter Representative license of an executive named Rudy for one full year. The watchdog’s forensic examination determined that trading syndicates coordinated through these brokerage desks over three specific intervals—Jan. 12–19, 2024; May 21–July 15, 2024; and July 18, 2024–Feb. 3, 2026—to artificially elevate DSSA’s share price.

Disguised Allotments Penalized Across BREN and CUAN IPOs

Parallel forensic investigations into the initial public offerings of BREN and CUAN revealed coordinated schemes to disguise bidder identities and concentrate large blocks of equity into hands affiliated with controlling interests.

In the CUAN public offering, the OJK slapped an administrative fine of Rp 1.7 billion ($106,900) each on lead underwriters PT Henan Putihrai Sekuritas and PT BRI Danareksa Sekuritas. Both firms were cited for violations of internal control obligations alongside statutory failures to prevent money laundering, terrorist financing, and proliferation financing of weapons of mass destruction. The regulator also froze the Underwriter Representative license of Henan Putihrai executive Jurgantara Usman for three months.

The intermediary sanctions in CUAN sit alongside a Rp 100 billion ($6.29 million) fine imposed on offshore entity Tigonis Capital Pte Ltd under Article 107 of the Capital Market Law, as amended by the Financial Sector Development and Strengthening Act (UU P2SK), for obscuring investor booking records.

In the BREN offering probe, the OJK levied a Rp 500 billion ($31.45 million) administrative fine on offshore investment vehicle Anbo Holdings Ltd through decree S-47/PM.2/2026, dated Oct. 16, 2026, for executing deceptive order bookings that concealed ultimate ownership.

Dewi reiterated that capital market enforcement remains a cornerstone of broader domestic structural repairs aimed at restoring the trust of global asset managers and local retail investors alike.

"We are consistently communicating the reality of the reforms underway," Dewi affirmed. "Indonesia's economic fundamentals remain solid, and we are determined to build a marketplace that commands international credibility."