JURIDICAL REVIEW OF FORCED DELISTING IN CAPITAL MARKET ACTIVITIES IN INDONESIA
Kadek Dedi Andika Yana (1), Aprodhita Galuh Karima (2), Wika Yudha Shanty (3).

University Of Merdeka Malang

Abstract

The capital market is used by business actors such as Limited Liability Companies to compete and develop their business activities. In making an offer in the capital market, a limited liability company is referred to as an issuer. Issuers have principles and obligations that must be fulfilled. If the issuer violates or does not meet the listing requirements, it will be Forced Delisting by the Indonesian stock exchange. In Indonesia, capital market activities are regulated in Law Number 8 of 1995 concerning Capital Market, but in it does not regulate Forced Delisting. The objective of this study is to find out the exact regulations governing Forced Deslisting in Indonesia. According to article 5 letter J of the Capital Market Law, Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan) has the authority to freeze, cancel, or stop listing securities on the stock exchange. After that, Law Number 21 of 2011 concerning Financial Services Authority (Otoritas Jasa Keuangan) which in it regulates the transfer of functions, duties and authorities of regulating and supervising capital market financial services activities to Financial Services Authority. With the enactment of the Act, Financial Services Authority issued Regulation Number 3 / POJK.04 / 2021 concerning the Implementation of Activities in the Capital Market Sector, which regulates forced delisting.

Keywords: capital market- forced delisting- regulation.

Topic: Blue Constitutions in Social Justice