<![CDATA[The capital market plays a vital role in supporting national economic growth by providing a platform for long-term fundraising and investment activities. To maintain market integrity and investor confidence, securities trading must be conducted in an orderly, fair, and efficient manner. This study examines the implementation of the disclosure principle and the temporary suspension of share trading imposed by the Indonesia Stock Exchange (IDX) on PT Mora Telematika Indonesia Tbk (MORA) and PT Andalan Sakti Primaindo Tbk (ASPI) following indications of Unusual Market Activity (UMA). Employing a normative legal research method, this study analyzes relevant legal provisions, including Law Number 8 of 1995 concerning the Capital Market, regulations issued by the Financial Services Authority (OJK), and IDX regulations governing trading supervision and disclosure obligations. The findings indicate that although both issuers formally complied with disclosure requirements, the information disclosed was insufficient to adequately explain the significant increase in their share prices within a short period. This condition created the potential for information asymmetry and increased risks for investors. Furthermore, the study finds that the IDX’s decision to suspend trading reflects the implementation of the principles of orderly, fair, and efficient securities trading and serves as a preventive mechanism for investor protection. The suspension functions not merely as an administrative sanction but also as a regulatory instrument aimed at maintaining market stability, transparency, and credibility. The study concludes that the suspension of MORA and ASPI shares constitutes a legitimate and proportionate measure within the Indonesian capital market legal framework while highlighting the importance of substantive disclosure as a fundamental requirement for a transparent and equitable capital market]]>
