scholarly journals INVESTORS’ LEGAL PROTECTION AGAINST INSIDER TRADING IN CAPITAL MARKET IN INDONESIA

2021 ◽  
Vol 56 (4) ◽  
pp. 346-355
Author(s):  
Dewi Astutty Mochtar ◽  
Dewi Ayu Rahayu
Keyword(s):  
Insider Trading ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Exchange ◽  
National Development ◽  
Legal Protection ◽  
Research Approach ◽  
Public And Private ◽  
Weak Supervision ◽  
The Capital Market

This study aimed to assess insider trading on a trading buying and selling shares in the capital market. Besides, it also evaluated investors' legal protection against insider trading that occurred in the capital market under the provisions of capital markets act 8 of 1995. The primary consideration of the choice of these studies is that this study was to examine the theoretical legal protection of investors in the practice of insider trading in the stock market, with the interpretation of Juridical Capital Markets Act, No 8 of 1995. This research approach uses the statute and case approaches, which refer to legislation and approaches based on cases. Capital markets have a strategic role in national development as one source of financing for the business and investment vehicle for the community. Capital markets are alternative funding for both public and private. Once the magnitude of the role of capital markets in national economic development did not rule violations contrary to the principles of disclosure of information, other than that the weak supervision system by the manager or supervisor stock exchange, can lead to insider trading. Insider trading can occur when someone is doing a transaction with a buy or sell stock based on material information and has not been open to the public obtained from a company insider. Insider trading can result in losses for investors who do not receive the same information. Investors who did not receive such information do not have the same opportunity to make a profit because so requires legal protection. Legal protection can be either preventive or repressive.

scholarly journals Insider Trading Crime in Turkish Criminal Law

2018 ◽  
Author(s):  
Çetin Arslan ◽  
Didar Özdemir
Keyword(s):  
Comparative Analysis ◽  
Insider Trading ◽  
Criminal Law ◽  
Capital Markets ◽  
Capital Market ◽  
Good Faith ◽  
The Other ◽  
Public Disclosure ◽  
Crime Type ◽  
The Capital Market

Insider trading act is penalised ultima ratio with the aim of fighting against manmade market actions which outrage the principle of public disclosure and the element of trust in order to establish equality and good faith in capital markets. Insider trading is first disposed as a crime among the other capital market crimes (art.47/1-A-1) in the Capital Market Code no.2499 dated 28.07.1981 with the Amendment to the law no.3794 dated 29.04.1992 and at the present time it is rearranged as a self-contained crime type in article 106 of the Capital Market Code no.6362 dated 06.12.2012. In this study, the crime of insider trading is examined –in particular through the controversial points- as a comparative analysis between abrogated and current dispositions in Turkish Law.

scholarly journals Perlindungan Hukum Bagi Investor Dalam Pasar Modal

2014 ◽  
Vol 2 (2) ◽  
Author(s):  
Hilda Hilmiah Dimyati
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Financial Services ◽  
Legal Protection ◽  
Financial Services Industry ◽  
Crucial Aspect ◽  
The Public ◽  
Maximum Protection ◽  
Ministry Of Finance ◽  
The Capital Market

Abstract: Legal Protection for Investors in the Capital Market. Supervision in the financial services industry capital markets experienced a change of control by Bapepam-LK be supervised by the Financial Services Authority. Institutionally, Bapepam-LK is responsible to the Minister of Finance, as Bapepam-LK is under the auspices of the Ministry of Finance, while the Financial Services Authority is responsible to Parliament or the public. Crucial aspect on which the formation of the FSA is not maximum protection of the interests of consumers of financial services. In accordance with the problems that occur as above, the authors feel the need to examine the legal protection in the capital market. This writing will also examine the parties are entitled to legal protection based on Law No. 8 of 1995 and the Capital Market Law No. 21 of 2011 on the Financial Services Authority. Abstrak: Perlindungan Hukum Bagi Investor Dalam Pasar Modal. Pengawasan di bidang industri jasa keuangan pasar modal mengalami perubahan dari pengawasan yang dilakukan oleh Bapepam-LK menjadi diawasi oleh Otoritas Jasa Keuangan. Secara kelembagaan, Bapepam-LK bertanggung jawab kepada Menteri Keuangan, karena Bapepam-LK berada di bawah naungan Kementrian Keuangan, sedangkan Otoritas Jasa Keuangan bertanggung jawab kepada Dewan Perwakilan Rakyat atau masyarakat. Aspek krusial yang menjadi dasar pembentukan OJK adalah tidak maksimalnya perlindungan kepentingan konsumen jasa keuangan. Sesuai dengan permasalahan yang terjadi seperti diatas, maka penulis merasa perlu untuk meneliti tentang perlindungan hukum di pasar modal. Penulisan ini juga akan meneliti para pihak yang berhak atas perlindungan hukum berdasarkan pada Undang-Undang Nomor 8 Tahun 1995 Tentang Pasar Modal dan Undang-Undang Nomor 21 Tahun 2011 Tentang Otoritas Jasa Keuangan. DOI: 10.15408/jch.v1i2.1473

scholarly journals Peranan Sistem Informasi dengan Online Trading terhadap Pertumbuhan Pasar Modal di Indonesia

2013 ◽  
Vol 4 (2) ◽  
pp. 803
Author(s):  
Riswan Efendi Tarigan
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Community Involvement ◽  
Supply And Demand ◽  
National Development ◽  
Market Participants ◽  
Online Trading ◽  
Efficient Information ◽  
The Capital Market

Capital Markets is part of the financial market, which is related to the supply and demand of the need for long-term funding. Capital Markets was formed and developed with aims to support the implementation of national development in order to improve the distribution, growth, and stability of the national economy towards the improvement of society welfare. However, so far the capital market in Indonesia is still around 0.5% of the total population which is too small compared to capital markets in other advanced countries. One solution for increasing community involvement in the capital market, despite educating in smart and sustainable way, is developing and implementing efficient information systems, so that made it easier for market participants to undertake investment activities. This paper examines how and to what extent the role of information system enhances the capital market in Indonesia, which aims to plan the subsequent strategic step so that the development of Indonesia’s capital market is able to compete in globalmarket.

PEMODELAN HARGA SAHAM BLUE CHIP MENGGUNAKAN VECTOR AUTOREGRESSIVE (VAR)

2016 ◽  
Vol 6 (2) ◽  
pp. 1
Author(s):  
Agus Suharsono ◽  
Aryo Wibisono
Keyword(s):  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Price ◽  
Stock Exchange ◽  
Rapid Development ◽  
Information Criterion ◽  
Profit Sharing ◽  
Blue Chip ◽  
The Capital Market

In a stock exchange in the capital market, the most in demand by investors is stocks. Shares are securities which shows the ownership of the company, so that shareholders have the right to a dividend or other distribution of profit sharing as well as by the company to its shareholders. The capital market is an indicator of economic progress and support the economy of a country. In this decade, the stock market has experienced rapid development due to pressure from technological change, liberalization and globalization. These changes affect the behavior of the capital markets and cause long-term balance and improving the relations between the world's capital markets. Otherwise interconnected capital markets if the two separate markets have the same movement and the correlation between the movement of the index. Capital markets in the region are likely to have the same movement and the effects of contagion (contagion effect) is high (1). During the observation period, October 2015 to March 2016, there was a phenomenon in which IHSG is not always the same and has a correlation with the movement of world stock market indices. It is also supported by the differences found in the results of some previous studies. The purpose of this study was to determine the relationship between stocks bluechip : Astra International Tbk (ASII), Unilever Indonesia Tbk (UNVR), Astra Agro Lestari Tbk (AALI), Bank Rakyat Indonesia Agroniaga (AGRO) and Bank Rakyat Indonesia (BRI ). The analytical method used in this study is Multivariate Time Series, especially Vector Autoregression (VAR). The results of this study with the model produces the best model VAR (2), AGRO = 11.56 - 4.03*ASII(-1) - 4.40*ASII(-2) + 3.76*UNVR(-1) + 1.27*UNVR(-2) + 1.38*AALI(-1) + 2.54*AALI(-2) + 0.73*AGRO(-1) + 0.14*AGRO(-2) + 5.40*BRI(-1) - 1.34*BRI(-2). The value of AIC (Akaike Information Criterion) = 4.47 Keywords: BLUE CHIP, Stock Price, VAR.

PERLINDUNGAN HUKUM BAGI INVESTOR TERHADAP KEJAHATAN INSIDER TRADING DALAM PASAR MODAL INDONESIA

2018 ◽  
Vol 4 (2) ◽  
pp. 199-219
Author(s):  
Wisnu Satrio Hariono
Keyword(s):  
Insider Trading ◽  
Capital Market ◽  
Legal Protection ◽  
The Capital Market

Insider Trading or insider trading is a form of banned trading in securities transactions in the capital market. The practice of insider trading is one form of violation of the principle of openness which is the soul of the capital market industry. This research is motivated by the number of insider trading practices in securities transactions. The main problem to be answered through this research is to know the extent of Capital Market Law in handling insider trading practices in Indonesia capital market. This research uses normative juridical approach and comparison of laws. In this research can be found the existence of legal efforts that can be done by investors who are harmed by the crime of insider trading by filing a lawsuit Unlawful Act, as a form of legal protection for investors.

scholarly journals KEWENANGAN OTORITAS JASA KEUANGAN MENGENAI PERLINDUNGAN HUKUM BAGI INVESTOR TERHADAP TINDAKAN TIPPEE YANG MELAKUKAN INSIDER TRADING DALAM PERDAGANGAN SAHAM

2015 ◽  
Vol 4 (2) ◽  
Author(s):  
Made Dwi Juliana
Keyword(s):  
Insider Trading ◽  
Capital Market ◽  
Legal Protection ◽  
Comparative Approach ◽  
Legal Certainty ◽  
Conceptual Approach ◽  
Confidential Information ◽  
Stock Trading ◽  
The Law ◽  
The Capital Market

One type of a criminal in the capital market is the practice of  insider trading. Insider trading is an act that involves a group of insider in the capital market who deliberately exploit information that has not been released to investors with the advantages. In insider trading there are two actors such as party directly as an insider who works in the company or indirect as tippee party who obtain confidential information from an insider. Tippee is the party who receives confidential information from an insider either passively or actively against the law or not against the law for personal gain in the stock trading. This is very detrimental to the investors in the stock trading. Because of that if needs the protection for investors against the actions of the Tippee.  This study discusses two (2) problem first about the subject matter of the action form Tippee in insider trading to the stock at Indonesia and the second about OJK authority on legal protection for investors in case of insider trading by the Tippee in capital market activities. This research is a normative law. The Method approach is the approach of legislation, conceptual approach and comparative approach. Legal materials used are primary and secondary legal materials. Mechanical collection of legal materials is through the study of literature that further uses analysis techniques that description techniques and interpretation. The results shows that this form of action Tippee can be done actively and passively. Actively to perform an unlawful act such as stealing information. In is not trying to fight the law, but to obtain inside information and legal safeguards for investors to act with regard to insider trading Tippee do give legal certainty through legislation and legal certainty by the OJK through law enforcement

Do voluntary positive earnings forecasts of Chinese listed companies benefit publicly or privately?

2018 ◽  
Vol 9 (1) ◽  
pp. 78-98
Author(s):  
Jing Zhang ◽  
Guihua Lu ◽  
Baoliang Liu
Keyword(s):  
Insider Trading ◽  
Capital Market ◽  
Information Disclosure ◽  
Stock Exchange ◽  
Scientific Evidence ◽  
Earnings Forecasts ◽  
Listed Companies ◽  
Security Market ◽  
Content Type ◽  
The Capital Market

Purpose According to the Chinese Stock Exchange rules, the listed companies’ management earnings forecasts (MEFs) are divided into mandatory and voluntary earnings forecasts. Different information disclosure mechanisms may bring different economic consequences. Compared with the former, when, how frequently and what kind of voluntary earnings forecasts are disclosed almost entirely depends on the discretion of managers and the major shareholders[1]. The purpose of this paper is to examine whether listed companies’ voluntary earnings forecasts have self-benefited motives before the major shareholders’ selling of original non-tradable shares and how the capital market reacts in China. Design/methodology/approach This paper uses multiple regression analyses to examine the influence of the major shareholders’ non-tradable shares selling motives on MEFs’ type and frequency of A-share listed companies and makes robust tests using the difference in difference model (DID). Findings In the paper, it is found that before the major shareholders’ selling of original non-tradable shares, managers of listed companies are prone to release positive voluntary MEFs; during the shares reduction year of the major shareholders, the disclosure frequency of MEFs is much higher; these forecasts before the major stockholders’ selling have significant higher excess market returns. The evidence suggests that voluntary positive MEFs are for the major shareholders’ self-interested motive rather than for the open, fair and just disclosure purpose that damages the allocation efficiency of the capital market. Originality/value This paper enriches the understanding of voluntary MEFs’ incentives literature and provides scientific evidence to improve the supervision of information disclosure and insider trading in Chinese security market.

scholarly journals PERLINDUNGAN HUKUM BAGI INVESTOR DALAM PASAR MODAL MENURUT UNDANG-UNDANG PASAR MODAL DAN UNDANG-UNDANG OTORITAS JASA KEUANGAN

2020 ◽  
Vol 18 (2) ◽  
Author(s):  
Vidya Noor Rachmadini
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Financial Services ◽  
Legal Protection ◽  
Crucial Aspect ◽  
The Public ◽  
Consumer Interests ◽  
Maximum Protection ◽  
Ministry Of Finance ◽  
The Capital Market

<table width="605" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top" width="406"><p><em>Legal Protection for Investors in the Capital Market. Supervision in the financial services industry capital markets experienced a change of control by Bapepam-LK be supervised by the Financial Services Authority. Institutionally, Bapepam-LK is responsible to the Minister of Finance, as Bapepam-LK is under the auspices of the Ministry of Finance, while the Financial Services Authority is responsible to Parliament or the public. Crucial aspect on which the formation of the FSA is not maximum protection of the interests of consumers of financial services. In accordance with the problems that occur as above, the authors feel the need to examine the legal protection in the capital market. This writing will also examine the parties are entitled to legal protection based on Law No. 8 of 1995 and the Capital Market Law No. 21 of 2011 on the Financial Services Authority.</em></p><p><em> </em></p><p><strong><em>Keywords:</em></strong></p><p><em>Legal Protection, Consumer Interests, The Capital Market</em></p></td></tr></tbody></table>

scholarly journals New Investor Class Program Sebagai Sarana Literasi dan Inklusi Pasar Modal

2019 ◽  
Vol 4 (1) ◽  
pp. 100
Author(s):  
Tine Badriatin ◽  
R. Lucky Radi Rinandiyana
Keyword(s):  
Community Service ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Exchange ◽  
Literacy Education ◽  
The Public ◽  
The City ◽  
The Capital Market

ABSTRAK Adanya ketertarikan dari akademisi dan masyarakat untuk menjadi investor pasar modal di Bursa Efek Indonesia, namun tanpa dukungan dan pengetahuan tentang apa dan bagaimana cara berinvestasi di pasar modal. Hal ini menjadikan latar belakang pengabdian pada masyarakat untuk edukasi literasi dan inklusi pasar modal.Maka dari itu untuk mendukung hal tersebut diadakan program NICP (New Investor Class Program) yang diselenggarakan oleh PT. Reliance Sekuritas Indonesia, Tbk melalui GIBEI-FE UNSIL-RELI.Program ini bertujuan untuk mengedukasi secara menyeluruh mengenai literasi dan inklusi pasar modal untuk menjadi seorang investor yang berkualitas di pasar modal dan tentunya dapat meningkatkan jumlah investor pasar modal khususnya di Kota Tasikmalaya. Luaran kegiatan program ini adalah kemampuan menangkap peluang Investor dan calon investor pada kegiatan kuliah umum pasar modal serta pengenalan pasar modal pada seluruh kalangan masyarakat, peningkatan pengetahuan Investor/calon investor serta kalangan masyarakat akan pasar modal, Peningkatan Jumlah Investor dalam pembukaan rekening saham, Peningkatan pengetahuan dan kemampuan dalam berinvestasi di Pasar Modal Kata Kunci: bursa efek Indonesia; inklusi; literasi; pasar modal.ABSTRACT There is interest from academics and the public to become capital market investors in the Indonesia Stock Exchange, but without the support and knowledge of what and how to invest in the capital market. This makes the background of community service for literacy education and capital market inclusion. Therefore to support this, a NICP (New Investor Class Program) program is held by PT. Reliance Sekuritas Indonesia, Tbk through GIBEI-FE UNSIL-RELI. This program aims to thoroughly educate the literacy and capital market inclusion to become a quality investor in the capital market and can certainly increase the number of capital market investors, especially in the City of Tasikmalaya. The output of this program is the ability to capture the opportunities of investors and prospective investors in capital market public lectures and the introduction of capital markets to all people, increase investor / prospective investor knowledge and the public about the capital market, increase the number of investors in opening stock accounts, increase knowledge and the ability to invest in the Capital Market.Keywords: capital market; inclusion; Indonesia stock exchange; literacy.

scholarly journals TRADING IMPLEMENTATION IN INDONESIA STOCK EXCHANGE, PALEMBANG BRANCH OFFICE ACCORDING TO THE SHARI’AH LAW AND BUSINESS

1970 ◽  
Vol 20 (2) ◽  
pp. 287-294
Author(s):  
Romziatussaadah Romziatussaadah
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Stock Exchange ◽  
Muslim Country ◽  
Financial Industry ◽  
Literature Study ◽  
Significant Growth ◽  
Finance Industry ◽  
Branch Office ◽  
The Capital Market

As the largest Muslim country in the world, Indonesia is a potential market in the development of the Islamic finance industry. Investment in the capital market, which is part of the Islamic financial industry, has an important role in increasing the market share of the financial industry in Indonesia. Although the development is relatively new compared to sharia banking and sharia insurance, along with the significant growth of the Indonesian capital market industry, it is expected that sharia investment in the Indonesian capital market will experience significant growth. This study aims to explain the trading mechanism on the Indonesian stock exchange that involves Islamic stocks and to find out a review of sharia law and business in the implementation of these trades / transactions. This study uses a normative juridical approach. This research was conducted in Palembang by taking the object on the Indonesia Stock Exchange. Data obtained from in-depth interviews, literature study, and observation. Qualitative analysis can be interpreted as an explanation and interpretation in a logical, systematic and consistent manner. In connection with this, the techniques used and the nature of the data obtained from the results of their collection, can be analyzed using taxonomic analysis. This study concludes that 1) the capital market in Indonesia is categorized into two, namely a) conventional capital markets and b) Islamic capital markets; 2) The regulation regarding the Sharia capital market is so complete by the capital market in Indonesia. Starting from the Capital Market Law, the DSN MUI and BAPEPAM fatwas; and 3) The operational mechanism of the Sharia Stock Exchange has been clearly implemented and regulated in these regulations. So that capital market players already understand things that are appropriate and not in accordance with Sharia.

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