TANGGUNG JAWAB KEJAHATAN INSIDER TRADING YANG DILAKUKAN TERHADAP PERDAGANGAN SAHAM DI PASAR MODAL (CONTOH KASUS JOUSKA INDONESIA)

Abstract

Insider trading is a crime in the capital market which is detrimental to the existence of the capital
market itself. The practice of insider trading is expressly prohibited through Republic of Indonesia’s
Law Number 8 of 1995 concerning the Capital Market which categorizes the practice of insider
trading as a crime. Insider trading is said to be a form of crime because of an unfair position in
trading transactions. Insiders could gain profits and or avoid losses from trading results using their
inside information that af ects trading prices (materials information). Investors who follow an
ef icient market will be disadvantaged because trading has occurred before information about an
issuer is published. Therefore, the law prohibits both company insiders or their partners who have
business relations as well as securities companies who have previously known material information
of a company to properly safeguard the information and not conduct any transactions for personal
gain. In the history of insider trading in Indonesia, there has not been a single case of insider
trading that has been dragged to litigation. In the case of Jouska Finansial Indonesia, there was an
allegation of insider trading practices that harmed his own clients. For these losses, it is hoped that
the party responsible for the losses suf ered by the victims can be determined.