JAKARTA – Indonesia’s Minister of Finance, Purbaya Yudhi Sadewa, has issued a strong statement regarding the ongoing efforts to eradicate market manipulation, particularly the prevalent issue of “fried stocks” or pump-and-dump schemes, within the nation’s capital market. His remarks underscore a determined push to foster a fairer and more transparent investment environment.
Minister Purbaya emphasized that he is closely monitoring the decisive actions taken by both the Indonesia Stock Exchange (BEI) and the Financial Services Authority (OJK) to combat these illicit trading practices. “I will watch, and will keep watching. We will see if he [OJK] is serious or not,” Purbaya asserted following the opening of BEI trading in Jakarta on Friday, January 2, 2026. His words signal a clear demand for concrete results from the regulatory bodies.
Furthermore, the Minister confirmed that the Ministry of Finance currently has no plans to issue incentives for the Stock Exchange in 2026. He linked this decision directly to the BEI’s performance in curbing market manipulation, noting that the BEI had not yet formally requested such incentives. Purbaya made it clear that any future requests for incentives would be met with scrutiny: “If they ask for incentives, I will ask what their achievements are? How many people have been caught?” This firm stance highlights the government’s expectation for tangible progress in enforcement.
This position echoes Minister Purbaya’s earlier statements where he indicated that incentives for the capital market would only be granted once the BEI effectively addresses investor misconduct, including the rampant issue of “fried stocks.” During a visit to the BEI earlier this month, he conveyed similar sentiments, stating, “The Stock Exchange Director earlier asked for incentives that I haven’t given. So, I said I would provide incentives if they tidy up investor behavior in the capital market.” This consistent message underscores the priority given to market integrity over financial inducements.
In response, OJK’s Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision, Inarno Djajadi, confirmed that a dedicated task force is integral to the regulator’s ongoing efforts to deepen the capital market. He outlined OJK’s multi-pronged approach to market deepening, which includes boosting investor demand, expanding product offerings, and strengthening the overall infrastructure of the capital market.
Inarno further elaborated on the crucial role of the task force, particularly in the realm of law enforcement. Speaking in Ubud, Bali, he stated, “Beyond that, certainly, related matters like law enforcement can also be discussed there. After all, trading on the exchange must be safe, transparent, and fair. That is the task force’s job for law enforcement to be upheld.” This highlights the commitment to ensuring that all participants operate within established legal and ethical frameworks.
While Inarno could not yet specify a launch date for the task force, he confirmed that active discussions are well underway. He emphasized that this vital initiative represents a collaborative effort among key institutions, including the OJK, the Ministry of Finance, the BEI, the Indonesian Clearing and Guarantee Corporation (KPEI), and the Indonesian Central Securities Depository (KSEI). This cross-institutional cooperation is vital for developing a robust, secure, and reputable Indonesian capital market that effectively deters and punishes market manipulation.
Summary
Indonesia’s Minister of Finance, Purbaya Yudhi Sadewa, is closely monitoring the Indonesia Stock Exchange (BEI) and the Financial Services Authority (OJK) to combat market manipulation, particularly “fried stocks.” He affirmed that the Ministry of Finance will not issue incentives for the BEI in 2026, directly linking any future incentives to tangible achievements in curbing illicit trading practices and catching offenders. Purbaya’s firm stance signals a clear demand for concrete results and improved investor behavior before financial inducements are considered.
In response, OJK’s Chief Executive Inarno Djajadi confirmed a dedicated task force is integral to their ongoing efforts to deepen the capital market and ensure law enforcement. This collaborative initiative, involving key institutions like the Ministry of Finance and BEI, aims to boost investor demand, expand product offerings, and strengthen market infrastructure. The task force’s crucial role is to uphold safe, transparent, and fair trading by enforcing legal and ethical frameworks within the capital market.