Indonesia’s OJK has detailed penalties against intermediaries in its DSSA trading and CUAN initial-public-offering cases. The regulator delivered sanction letters on 21 October, following decisions announced on 16 October.[1]
Nine exchange members received administrative fines in the DSSA case, with written warnings for eight sales staff handling client orders. Two exchange members, PT HPS and PT BDS, were fined in the CUAN case.[1]
Principal fines announced on 16 October
| Case | Fine against related parties |
|---|---|
| DSSA trading | Rp1.5 trillionSource 2 |
| BREN IPO allocation | Rp500 billionSource 2 |
| CUAN IPO allocation | Rp100 billionSource 2 |
OJK’s earlier findings describe planned manipulation of DSSA trading by individual and institutional clients through several brokers. In the two IPOs, it found that parties connected with controlling shareholders concealed their identities to obtain large allocations, concentrating ownership and limiting the shares available in the market.[2]
The updated notice also specifies underwriter-representative licence suspensions: one year for R, a PT SS director, and three months for a PT HPS director. The broker fines are additional to the principal corporate penalties.[1]
For trading and underwriting businesses, the cases connect customer identity with order and allocation patterns. Separate account names can obscure common control; apparent distribution across subscribers can therefore overstate the independence of the resulting shareholder base.[2]
Sources & further reading
- Sanction letters and intermediary penalties Otoritas Jasa Keuangan · 21 Oct 2026 · Accessed 21 Oct 2026
- DSSA, BREN and CUAN sanction findings Otoritas Jasa Keuangan · 16 Oct 2026 · Accessed 21 Oct 2026