PERLINDUNGAN HUKUM BAGI INVESTOR PASAR MODAL INDONESIA TERHADAP PRAKTIK MANIPULASI PASAR DAN PERDAGANGAN ORANG DALAM PASCA UNDANG-UNDANG P2SK

Abstract

Abstract

The rapid growth of Indonesia's capital market has been accompanied by a sharp increase in retail investor participation, which is not yet matched by proportional legal protection against market manipulation and insider trading. This study aims to analyze the legal instruments governing market manipulation and insider trading and to evaluate the effectiveness of investor protection following the enactment of the P2SK Law. The method used is normative juridical research with statutory and conceptual approaches, based on primary and secondary legal materials analyzed qualitatively. The results show that market manipulation and insider trading are regulated under Articles 91–98 of the Capital Market Law as amended by the P2SK Law, which significantly increases criminal sanctions, while preventive and repressive protection is enforced by the Financial Services Authority (OJK) through disclosure obligations, market surveillance, and administrative sanctions. However, empirical effectiveness remains limited due to weak loss recovery mechanisms, the absence of an accessible class action system, and low investor literacy. The study concludes that although the normative framework is relatively comprehensive, its compensatory dimension for retail investors requires strengthening through class action mechanisms, expanded investor protection funds, and technology-based surveillance.

Keywords: capital market law; class action; insider trading; investor protection; market manipulation

Abstrak

Pertumbuhan pasar modal Indonesia yang pesat diiringi lonjakan partisipasi investor retail belum diimbangi perlindungan hukum yang proporsional terhadap praktik manipulasi pasar dan perdagangan orang dalam. Penelitian ini bertujuan menganalisis instrumen hukum yang mengatur manipulasi pasar dan insider trading serta mengevaluasi efektivitas perlindungan investor pasca berlakunya UU P2SK. Metode yang digunakan adalah yuridis normatif dengan pendekatan perundang-undangan dan konseptual, berdasarkan bahan hukum primer dan sekunder yang dianalisis secara kualitatif. Hasil penelitian menunjukkan bahwa manipulasi pasar dan insider trading diatur dalam Pasal 91–98 UU Pasar Modal sebagaimana diubah UU P2SK yang memperberat ancaman sanksi pidana secara signifikan, sementara perlindungan preventif dan represif dijalankan Otoritas Jasa Keuangan (OJK) melalui kewajiban keterbukaan informasi, pengawasan perdagangan, dan sanksi administratif. Namun demikian, efektivitas empirisnya masih terbatas akibat lemahnya mekanisme pemulihan kerugian, ketiadaan gugatan kelompok (class action) yang aksesibel, serta rendahnya literasi investor. Penelitian ini menyimpulkan bahwa meskipun kerangka normatif relatif komprehensif, dimensi kompensatif bagi investor retail perlu diperkuat melalui mekanisme class action, perluasan dana perlindungan pemodal, dan pengawasan berbasis teknologi.

Kata kunci: class action, hukum pasar modal, manipulasi pasar, perdagangan orang dalam, perlindungan investor