Perlindungan Hukum Pemegang Saham Minoritas Terhadap Implikasi Praktik Insider Trading Dalam Perdagangan Saham Di Pasar Modal

Abstract

Domestic investors in the capital market until the end of July 2023 reached 11.4 million, and the increase in investors is seen as a positive development. However, on the other hand, Verdi Ikhwan, Head of the Research Division at the Indonesia Stock Exchange (BEI), stated that the level of capital market literacy has decreased from 4.92% to 4.11%. Meanwhile, inclusion has increased from 1.55% to 5.19%. It was also found that the Indonesia Stock Exchange (BEI) imposed sanctions on two securities for conducting short selling transactions without the exchange's approval. These two securities are PT Reliance Sekuritas Indonesia Tbk. (RELI) and PT Valbury Sekuritas Indonesia. The literacy level significantly influences the choices of novice investors in their activities in the capital market, particularly those who use brokers in stock trading. In this research, two problem formulations are posed: "What are the Capital Market Crimes in Indonesia?" and "How is the Protection for Novice Investors Against Short Selling Conducted by Securities Brokers?" The research utilizes normative and descriptive-analytical research methods. The study concludes that prohibited capital market crimes according to the Capital Market Law (UUPM) include market manipulation, insider trading, front running, and short selling. The UUPM regulates prohibitions in the practice of capital market trading. It is essential to remember that these regulations align with the law's purpose of safeguarding public order established by official bodies. Protection for novice investors is stipulated in the UUPM, emphasizing the Indonesia Financial Services Authority (Bapepam-LK) as the institution responsible for guiding and supervising the capital market. The lack of literacy among novice investors makes short selling, conducted by securities brokers, a risky endeavor. Protection is incumbent upon the state.