Jakarta. Financial Services Authority (OJK) has imposed a total of Rp 2.1 trillion ($116.36 million) in administrative fines over alleged stock market manipulation involving Dian Swastatika Sentosa (IDX: DSSA) and irregularities in the initial public offerings (IPOs) of Barito Renewables Energy (BREN) and Petrindo Jaya Kreasi (CUAN).

The sanctions were set on Oct. 16, 2026, with penalty letters handed directly to the sanctioned parties at OJK’s Jakarta office on Wednesday. The handover was conducted by OJK Deputy Commissioner for Issuers, Securities Transactions, Special Investigations, Derivatives Finance and Carbon Exchanges Khoirul Muttaqien, and attended by National Police Criminal Investigation Department (Bareskrim) Director of Special Economic Crimes Suhasto.

In the DSSA case, OJK fined SMT Rp 1.5 trillion for market manipulation. It also suspended for one year the license of R, currently a director at SS, as a securities underwriter representative.

OJK said its investigation uncovered planned and structured trading manipulation involving investors transacting DSSA shares through several securities brokerage firms. The scheme caused DSSA's share price to rise significantly.

In the BREN IPO case, OJK fined AH Ltd Rp 500 billion, while TC Pte Ltd was fined Rp 100 billion over the CUAN IPO.

In both cases, OJK found that parties involved had concealed the identities of share subscribers. Individuals associated with the companies' controlling shareholders allegedly secured large share allocations by disguising their identities.

According to OJK, these practices concentrated BREN and CUAN share ownership among certain groups, limiting the number of shares available for public trading.

Securities Firms Also Sanctioned
OJK also imposed administrative penalties on securities brokerage firms and individuals involved in handling DSSA and CUAN share transactions.

In the DSSA case, nine brokerage firms — SSI, SS, ALS, BS, AMS, TSI, BCS, WSI and RSI — were fined. OJK also issued written warnings to eight sales personnel at brokerage firms who handled orders from clients trading DSSA shares.

For the CUAN case, OJK fined two brokerage firms, HPS and BDS. A director at HPS also received a three-month suspension of their securities underwriter representative license.

OJK said the enforcement measures were part of its efforts to strengthen the integrity of Indonesia's capital market and ensure securities trading takes place in an orderly, fair and efficient manner.

Coordination with the National Police was also part of efforts to strengthen law enforcement, particularly in addressing suspected criminal offenses in the capital market.

OJK said it would continue to strengthen market supervision and enforcement to boost investor confidence, deter violations and safeguard the credibility and competitiveness of Indonesia's capital market.

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