PERLINDUNGAN HUKUM BAGI INVESTOR DALAM MANIPULASI HARGA SAHAM DI PASAR MODAL

Abstract

Abstract

            The capital market, as a trading venue for long-term financial instruments, can be disrupted by violations that not only damage market value but also threaten national financial stability and hinder economic growth. This research raises issues related to legal protection for investors against stock manipulation in the Indonesian capital market in accordance with Law Number 8 of 1995, as well as the enforcement of sanctions for perpetrators of manipulation based on the law, Civil Code, Criminal Code, and State Administrative Law. The research method used is normative juridical research. The results show that legal protection against stock manipulation in the capital market includes preventive efforts through the regulation of Law Number 8 of 1995 and repressive efforts by the OJK through administrative, criminal and civil sanctions. Perpetrators of stock manipulation can be subject to criminal sanctions of up to 10 years in prison and a fine of Rp 15 billion, and can be processed civilly based on Article 1367 paragraph (3) of the Civil Code.

Keywords: Legal Protection, Investors, price manipulation, Capital Market

 

Abstrak

            Pasar modal, sebagai tempat perdagangan instrumen keuangan jangka panjang, dapat terganggu oleh pelanggaran yang tidak hanya merusak nilai pasar tetapi juga mengancam stabilitas keuangan nasional dan menghambat pertumbuhan ekonomi. Penelitian ini mengangkat isu terkait perlindungan hukum bagi investor terhadap manipulasi saham di pasar modal Indonesia sesuai dengan Undang-Undang Nomor 8 Tahun 1995, serta pemberlakuan sanksi bagi pelaku manipulasi berdasarkan undang-undang tersebut, KUH Perdata, KUH Pidana, dan Hukum Administrasi Negara. Metode penelitian yang digunakan ialah penelitian yuridis normative. Hasil penelitian menunjukkan bahwa perlindungan hukum terhadap manipulasi saham di pasar modal meliputi upaya preventif melalui regulasi Undang-Undang Nomor 8 Tahun 1995 dan upaya represif oleh OJK melalui sanksi administratif, pidana, dan perdata. Pelaku manipulasi saham dapat dikenai pidana hingga 10 tahun penjara dan denda Rp 15 miliar, serta dapat diproses secara perdata berdasarkan Pasal 1367 ayat (3) KUHPerdata.

Kata Kunci: Perlindungan Hukum, Investor, Manipulasi Harga, Pasar Modal