The Indonesia Financial Services Authority (OJK) imposed administrative fines on a capital markets social media influencer, identified as BVN, and on three parties found to have manipulated share prices on the stock exchange. BVN was fined IDR 5.35 billion for manipulation linked to trading in PT Agro Yasa Lestari Tbk (AYLS), PT MD Pictures Tbk (FILM) and PT Bintang Samudera Mandiri Lines Tbk (BSML) during 2021–2022, while PT Dana Mitra Kencana and two individuals (UPT and MLN) were fined for manipulation in PT Impack Pratama Industri Tbk (IMPC) shares during January–April 2016. OJK’s examination assessed trading records, the individual’s social media activity and transaction patterns. In BVN’s case, OJK found the use of multiple securities accounts to place buy and sell orders that formed prices not based on genuine supply and demand, alongside social media posts about specific shares, planned purchases or price-movement expectations while simultaneously buying or selling to benefit from follower reactions; OJK concluded breaches of Articles 90–92 of the Capital Market Law (UUPM), as amended. For IMPC, PT Dana Mitra Kencana was fined IDR 2.1 billion for indirectly facilitating IMPC trading via sending and receiving funds used by 17 clients, with matched trades totalling IDR 43,729,255,000, while UPT and MLN were each fined IDR 1.8 billion for similar conduct involving 12 clients with matched trades totalling IDR 49,122,252,500; OJK said these transactions created a false or misleading picture of trading activity, market conditions or price intended to influence others.

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