<![CDATA[An ideal capital market must operate fairly, transparently, and efficiently based on accurate information. However, market manipulation practices remain a serious threat that undermines market integrity and harms investors. This study aims to analyze the legal framework governing market manipulation and the effectiveness of the Financial Services Authority (OJK) in supervising such practices in Indonesia. The study uses normative juridical research with statutory and conceptual approaches, while the effectiveness analysis is supported by secondary data discussed in the literature. The analysis shows that market manipulation has evolved from transaction engineering (wash sale and cornering) to information-based manipulation in the digital era, including pump and dump through social media. OJK supervision has mechanisms for detection and enforcement, but its preventive function still faces challenges. The discussion of approximately 32 suspected stock-manipulation cases in 2026 is treated as an indication of supervisory activity and detection, rather than as a sole measure of effectiveness. The main challenges include difficulties in proving the legal elements and intent of manipulation, the development of digital information channels, and the financial literacy of retail investors. The study recommends strengthening supervisory technology (RegTech), adapting regulation to digital market activities, and continuously improving capital market literacy.]]>
Copyrights © 2026
