Indonesia’s Finance Minister Purbaya Yudhi Sadewa remains steadfast in his refusal to grant incentives to the Indonesia Stock Exchange (IDX). He emphasized that such financial support would only be considered upon the presentation of concrete evidence demonstrating effective action against perpetrators involved in “fried stock” schemes – a colloquial term for market manipulation.
“The incentives cannot be implemented yet because I have not seen how many of these ‘fried stock’ players have been caught. Have there been any?” Purbaya asserted when questioned by journalists in Jakarta on Thursday, November 20. He underscored that a serious commitment to cleaning up the nation’s capital market is a fundamental prerequisite before any discussions on further incentives can proceed.
The Minister’s current stance aligns perfectly with his earlier statements, where he urged the IDX to clamp down on price manipulation practices before seeking additional government facilities. During a capital market dialogue on October 9, 2025, Purbaya had explicitly stated that trading behaviors detrimental to retail investors must be rectified as a priority to ensure robust investor protection.
In a related development, the Financial Services Authority (OJK) announced on November 15, 2025, the formation of a special task force dedicated to combating “fried stocks”. Inarno Djajadi, OJK’s Chief Executive of Capital Market, Financial, Derivatives, and Carbon Exchange Supervision, affirmed the government’s determination to bolster oversight against these manipulative stock practices.
Elaborating on the initiative, Inarno explained from Bali on Saturday, November 15, that “The OJK, of course, together with the Ministry of Finance, the Indonesia Stock Exchange, SRO, KPEI, and KSEI, has established a cross-institutional task force. While its primary purpose is market deepening, a crucial aspect is also to enhance law enforcement.” This multi-agency effort signifies a concerted push to uphold integrity and transparency within Indonesia’s dynamic stock market.
Summary
Indonesia’s Finance Minister Purbaya Yudhi Sadewa has refused to grant incentives to the Indonesia Stock Exchange (IDX) until concrete evidence demonstrates effective action against perpetrators involved in “fried stock” schemes, which refer to market manipulation. He stresses that a serious commitment to cleaning up the capital market and protecting retail investors is a fundamental prerequisite before any financial support can be considered.
In a related development, the Financial Services Authority (OJK) announced on November 15, 2025, the formation of a special cross-institutional task force dedicated to combating “fried stocks.” This task force, comprising OJK, the Ministry of Finance, IDX, and other agencies, aims to deepen the market and significantly enhance law enforcement against manipulative stock practices to ensure integrity and transparency.