Indonesia imposes record $117 million in stock-market fines

Indonesia’s Financial Services Authority, known as OJK, has imposed a record 2.1 trillion rupiah ($116.67 million) in fines on parties it found responsible for stock-trading and initial public offering disclosure violations involving three listed companies.

OJK Chair Friderica Widyasari Dewi described the sanctions as the regulator’s largest ever when speaking to reporters late on Wednesday, October 21, according to Reuters reporting carried by Economic Times Markets. The cases concern shares of PT Dian Swastatika Sentosa Tbk, PT Barito Renewables Energy Tbk and PT Petrindo Jaya Kreasi Tbk; the principal fines were imposed on separately identified parties, rather than described as penalties against the three listed issuers themselves.

Manipulation and concealed IPO affiliations

The largest penalty—1.5 trillion rupiah—was imposed on a company identified as SMT. OJK said it manipulated shares of Dian Swastatika, causing a sharp rise in their price. Dian Swastatika is a mining and energy business within the Sinar Mas conglomerate.

A second company, identified as AH Ltd, received a 500 billion rupiah fine for withholding information during the IPO of geothermal power producer Barito Renewables. TC Pte Ltd was fined 100 billion rupiah for a similar disclosure violation involving the IPO of Petrindo, an energy and minerals company.

According to the regulator’s findings, parties connected to the controlling shareholders of Barito Renewables and Petrindo concealed those relationships and secured substantial shareholdings before the respective IPOs. OJK said this reduced the supply of shares available to the market.

MSCI warning raises the stakes

The enforcement action comes as Indonesia faces pressure to address concerns over coordinated trading. Index provider MSCI has warned that Indonesian equities could move from emerging-market to standalone-market status because of insufficient action against such practices. That was a warning about a possible change, not an announced reclassification.

All three listed companies involved in the cases had previously belonged to MSCI indices but were removed earlier in 2026, the report said.

OJK initially announced the fines on the preceding Friday with limited detail. In stock-exchange filings on Monday, Dian Swastatika, Barito Renewables and Petrindo said they respected the regulator’s enforcement measures and would follow applicable regulations. Those statements were commitments to compliance, not reported admissions of the specific violations.

The regulator also penalised several securities companies and temporarily suspended the underwriting permits of two individuals. It disclosed the sanctioned parties only through initials.