Jakarta. The Financial Services Authority (OJK) has fined 11 brokerage firms for administrative violations linked to trading in shares of three listed companies, as part of a broader enforcement action that imposed Rp 2.1 trillion ($116.5 million) in fines over suspected market manipulation and misleading share subscriptions.

The cases involve Dian Swastatika Sentosa (DSSA), Barito Renewables Energy (BREN) and Petrindo Jaya Kreasi (CUAN). The OJK also issued written warnings to eight brokerage sales personnel and suspended two securities-underwriting representative licenses in connection with the cases.

The regulator handed the sanction letters to the parties at its Jakarta office on Wednesday, following decisions issued on Oct. 16. The handover was led by OJK Deputy Commissioner Khoirul Muttaqien and attended by National Police criminal investigation officials.

Nine brokerage firms were fined for administrative violations in the DSSA case, while two others, HPS and BDS, were fined in the CUAN case. The OJK also suspended for three months the underwriting representative license held by a director of HPS.

The largest penalty was a Rp 1.5 trillion fine against SMT over market manipulation involving DSSA shares. An individual identified as R, a director of SS, also had his securities-underwriting representative license suspended for one year.

The OJK said its investigation found that clients had carried out planned and structured market manipulation through several brokerage firms, driving DSSA’s share price up significantly. Eight sales personnel who handled customer orders involving the stock received written warnings.

In the BREN case, the regulator fined AH Ltd Rp 500 billion for concealing the identities of share subscribers during the company’s public offering. TC Pte Ltd received a Rp 100 billion fine for similar violations involving CUAN shares.

The OJK found that parties affiliated with the controlling shareholders of BREN and CUAN had secured large share allocations by disguising their identities. This concentrated ownership among a limited group and restricted the number of shares available for public trading, the regulator said.

The presence of National Police investigators at Wednesday’s handover reflected coordination between the regulator and law enforcement over suspected criminal violations in the capital market, the OJK said.

The regulator said the sanctions were intended to strengthen market integrity, improve investor confidence and deter future violations. It pledged to tighten supervision and enforcement to ensure fair and orderly securities trading.

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