The need for stronger, targeted, and transparent enforcement against stock price manipulation in Indonesia

Conversely, a market that demonstrates visible accountability and full-compensation provisions signals institutional maturity and regulatory reliability. It reassures global investors that their rights are enforceable and that the market operates under predictable, rules-based governance rather than discretionary enforcement. In this sense, investor protection and compensation mechanisms are not merely legal instruments but vital determinants of market attractiveness and cross-border capital flows.

Thus, OJK should impose clear investor restorative justice mechanisms. Unlike jurisdictions where victims of manipulation may claim full compensation programs, OJK offers limited avenues for this matter. Without full compensation, justice remains incomplete even when perpetrators are fined.

If Indonesia succeeds in embedding restorative justice, through full compensation, transparent case disclosures, and consistent enforcement that it would elevate its stock exchange from a liquidity-driven market to a credibility-driven investment destination. Such progress would attract not only portfolio investors seeking yield but also strategic and ESG-oriented funds seeking long-term, integrity-based partnerships in emerging Asia.

The future of Indonesia's capital market depends not only on liquidity and listings but on fairness and accountability. Investors, both domestic and international, need assurance that the market is governed by law rather than speculation. Enforcement that is strong, targeted, and transparent will build that assurance. Unless deterrence is made visible and penalties are substantial, manipulators will continue to view the market as fertile ground for easy profit.

Indonesia has an opportunity with the combined leadership of OJK, BEI, and the Finance Ministry to realign incentives, strengthen oversight, and restore trust. The path forward requires courage, coordination, and commitment to transparency. When enforcement becomes credible and manipulation becomes costly, confidence will return. Only then can Indonesia's capital market grow not just larger, but stronger, fairer, and truly worthy of its investors.