Indonesian Finance Minister Purbaya Demands a Clean Capital Market Free of Stock Manipulation

October 12, 2025 | 12:48 pm

TEMPO.CO, Jakarta - Indonesian Finance Minister Purbaya Yudhi Sadewa has requested the Indonesia Stock Exchange (BEI) to regulate stocks whose movements are manipulated or known as 'gorengan' stocks. Should this step be successful, he will provide incentives to support the growth of the capital market in Indonesia.

This statement was first revealed by Purbaya after a dialogue with the President Director of the Indonesia Stock Exchange (BEI) Iman Rachman and the Chair of the Financial Services Authority Board (OJK) Mahendra Siregar at the BEI building in Jakarta on Thursday morning, October 9, 2025. "So I said I will provide incentives if you (Stock Exchange) can tidy up the behavior of investors in the capital market. Meaning that the manipulation will be controlled, so that small investors are protected, only then will I consider the incentives," he said.

The former Chair of the LPS Board did not explain in detail what incentives will be given. He stated that there are several incentives requested by the President Director of BEI, one of which is tax-related. Purbaya guarantees that if BEI is able to improve the condition of the capital market, he will comply with the provision of such incentives.

He has also requested OJK and BEI to sanction capital market players who engage in stock manipulation practices. According to Purbaya, this step is important to create a healthy, transparent, and trustworthy capital market. He hopes that the process of cleaning up the capital market from speculative practices can be completed within the next year.

"If for a year it's just cleaning up, while I can see that stocks are being manipulated. I do observe the stock market too, someone is doing some manipulation, and I know some of the players," Purbaya said through a video conference in the media gathering event of the Ministry of Finance in Bogor, West Java, on Friday, October 10, 2025.

Purbaya considers the practice of 'stock manipulation' not only detrimental to small investors but also has the potential to erode the interest of the younger generation in investing. He stated that currently, about 50 percent of investors in the capital market are from the younger generation, so their trust must be maintained.

"If that is not cleaned, the interest of Gen Z or the young people who are investing in the capital market can disappear, because 50 percent are young people. If that is lost, then our capital market cannot grow anymore," he said.

Nandito Putra contributed to the writing of this article.

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