Konvergensi Hukum Perdata dan Hukum Pasar Modal dalam Penanggulangan Manipulasi Saham dan Insider Trading di Indonesia
DOI:
https://doi.org/10.62007/joumi.v4i2.693Keywords:
Capital Market, Insider Trading, Investor Protection, Legal Convergence, Stock ManipulationAbstract
The development of the capital market in Indonesia has significantly increased investment activities, but it has also been accompanied by the growing practice of stock manipulation and insider trading that harms investors. This study aims to analyze the convergence between civil law and capital market law in investor protection, as well as the civil liability of perpetrators of stock manipulation and insider trading in Indonesia. This research employs a normative legal research method using statutory, conceptual, and case approaches. The findings indicate that stock manipulation and insider trading are not only administrative and criminal violations in the capital market sector, but also constitute unlawful acts under Article 1365 of the Indonesian Civil Code. Furthermore, violations of the fiduciary duty principle strengthen the basis for civil liability toward injured investors. The study also identifies weaknesses in regulations and law enforcement, particularly concerning evidentiary issues, regulatory fragmentation, and mechanisms for investor compensation recovery. Therefore, regulatory harmonization, strengthening of class action mechanisms, optimization of disgorgement funds, and reforms in law enforcement are necessary to establish a more effective and equitable investor protection system.
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