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StocksMediumUpdated×2•Originally published 22 October 2026•Updated 22 October 2026•
4 min read

Indonesia imposes record 2.1 trillion rupiah in fines for stock market violations

Key Facts

1Fines linked to the cases totalled 2.1 trillion rupiah, equivalent to $116.67 million, according to Reuters.
2Fines related to the allocation of Barito Renewables shares totalled 500 billion rupiah.
3Fines related to the allocation of Petrindo shares totalled 100 billion rupiah.
4More than 971 parties were penalised in the broader enforcement tally, with total fines of about 2.5 trillion rupiah.
5MSCI will announce its decision on Indonesia's market classification no later than 30 June 2027.

Indonesia's Financial Services Authority delivered penalty notices to parties responsible for stock market violations, imposing total fines of 2.1 trillion rupiah, Reuters reported. The fines were equivalent to $116.67 million, according to the agency. Authority Chair Friderica Widyasari Dewi said they were the largest the institution had ever imposed. The regulator said it delivered the notices directly to the parties concerned at its Jakarta headquarters. The cases involve violations in trading in Dian Swastatika shares, listed under the ticker DSSA, and subscription applications for Barito Renewables and Petrindo, listed under the tickers BREN and CUAN. The regulator said it found "unlawfully obtained profits" in these cases, as the market faces a classification review by MSCI.

In the Dian Swastatika case, the regulator examined trading in the shares from 2024 to 2026, according to its statement on the penalties. The authority summoned at least 12 directors of securities firms during the investigation. It also summoned 15 individuals and 11 foreign legal entities as part of its examination of the trades in question. The measures extended to professional licences, with the regulator suspending the underwriting representative licence of a person it identified as "R". The person serves as a director at "PT SS", according to the statement. The regulator set the licence suspension at one year as part of the penalties linked to the stock case.

Fines related to the allocation of Barito Renewables shares totalled 500 billion rupiah, according to the Financial Services Authority. In the Petrindo share allocation case, fines totalled 100 billion rupiah. Indonesian businessman Prajogo Pangestu controls both companies, Reuters reported. Administrative penalties in the Petrindo case included fines on two exchange members, "PT HPS" and "PT PDS", according to the regulator's statement. The authority also suspended the underwriting representative licence of a director at "PT HPS". The suspension was set at 3 months, bringing the measures in this case to financial penalties and a professional sanction against a director at one of the penalised brokers.

In a broader enforcement tally, the regulator announced that more than 971 parties had been penalised. It said total fines in that tally amounted to about 2.5 trillion rupiah. It reported completing 41 case examinations, while another 122 cases remained under enforcement proceedings when the statement was issued. Alongside these measures, market reforms include expanding investor classifications from 9 to 39 categories, according to the regulator. It said the expanded classifications aim to enhance ownership transparency. The announced reforms also include strengthening disclosure of shareholders with stakes exceeding 1%, according to MSCI.

The penalties come as MSCI considers moving Indonesia to standalone market status. MSCI said it expected to proceed with the reclassification unless the consultation showed "clear evidence of substantial improvements" in market governance and functioning. It added that feedback from participants indicated that frontier market status would not reflect the depth of the Indonesian market's problems. The listed companies involved in the cases were removed from MSCI indexes earlier in the year, Reuters reported. During the review, the freeze on index changes includes preventing increases in the number of shares used to calculate Indonesian indexes, according to MSCI's announcement.

The announced reforms include a roadmap to raise the minimum free float to 15%, according to MSCI. MSCI is accepting feedback from participants on the market's reclassification until 30 April 2027. The consultation will consider whether the changes demonstrate substantial improvements in market governance and functioning, in line with the condition MSCI set for the review. Proceeding with the standalone market proposal depends on the outcome of this assessment. MSCI plans to announce its decision on Indonesia's market classification no later than 30 June 2027.