Legal strength of prospectus as a tool for investor protection in stock transactions
DOI:
https://doi.org/10.59651/relae.v17i1.291Keywords:
Legal protection, Stock Transactions, Investor, Legal Force, ProspectusAbstract
The capital market plays an important role in supporting national economic development by being a means of collecting funds from the community to be allocated to productive sectors. Prospectus as a legal document that must be issued by issuers in public offerings serves as the main instrument for delivering information to investors. Referring to Article 1 number 26, Article 70 paragraph (1), and Article 78 paragraph (1) of Law Number 8 of 1995 concerning the Capital Market, as well as OJK Regulation Number IX.C.2, the prospectus must contain information that is correct, not misleading, and reflect the principle of disclosure. This research raises two main problems, namely how to regulate the legal arrangement of prospectuses in the Indonesian capital market legal system and the extent to which prospectuses can be used as a basis for legal protection for investors. This research uses a normative juridical method with a conceptual and doctrinal approach, which relies on the review of relevant laws and regulations and legal literature. The results of the study show that the prospectus has a strategic legal position in ensuring the accountability of the issuer, and can be used as a basis for civil and criminal prosecutions if proven to contain misleading information as stipulated in Article 90 paragraph (1) and Article 104 of the Capital Market Law. Concrete examples such as the case of PT Tiga Pilar Sejahtera Food Tbk (AISA) prove that deviations in the content of prospectuses can be massively detrimental to investors. Legal protection for investors can be obtained through litigation channels and non-litigation dispute resolution mechanisms based on POJK No. 31/POJK.07/2020. Thus, strengthening regulations, supervision, and literacy are key for prospectuses to truly function as an effective legal protection tool for investors in the capital market.
References
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Anoraga, Pandji, dan Piji Pakarti. 2001. Pengantar Pasar Modal. Jakarta: Rineka Cipta.
Anoraga, Panji. 2007. Pengantar Bisnis dalam Era Globalisasi. Jakarta: Rineka Cipta.
Darmadji, Tjiptono, dan Hendy M. Fakhruddin. 2001. Pasar Modal di Indonesia: Pendekatan Tanya Jawab. Jakarta: Salemba Empat.
Effendi, Meredith Fiona, Celina Tri Siwi, dan Hermanto Silalahi. 2024. “Informasi Yang Menyesatkan Dalam Prospektus: Bagaimanakah Tanggung Jawab Hukum Emiten?” Comprehensive Law Journal 2 (1): 51–63.
Kansil, Christine S.T. 2004. Pokok-Pokok Hukum Pasar Modal. Jakarta: Pustaka Sinar Harapan.
Kaplan, Herbert. 2023. “Perlindungan Pemegang Saham Minoritas Pada Pengecualian Penawaran Tender Wajib PT Bank Agris Tbk.” Jurnal Crepido 05 (01): 116–32. https://ejournal2.undip.ac.id/index.php/crepido/.
Mangindaan, E J Z, D Rombot, dan ... 2022. “Perlindungan Hukum Bagi Investor Dalam Transaksi Jual Beli Efek Di Pasar Modal.” Lex Administratum 10 (4): 1–12. https://ejournal.unsrat.ac.id/index.php/administratum/article/view/42447.
Ngamal, Yohanes, dan Maximus Ali Perajaka. 2022. “Penerapan Model Manajemen Risiko Teknologi Digital Di Lembaga Perbankan Berkaca Pada Cetak Biru Transformasi Digital Perbankan Indonesia.” Jurnal Manajemen Risiko 2 (2): 59–74. https://doi.org/https://doi.org/10.33541/mr.v2iIV.4099.
Pratiwi, Indira. 2023. “Perlindungan Hukum Bagi Investor Dalam Pelaksanaan Transaksi Saham Dengan Sistem Perdagangan Online Trading.” Dharmasisya: Jurnal Program Magister Hukum Fakultas Universitas Indonesia 2 (January): 1335–44.
Putra, Rahmat Rizki. 2023. “Aspek Hukum Penyalahgunaan Informasi Material Emiten Oleh Notaris untuk Kepentingan Pribadi.” Jurnal Law of Deli Sumatera 2 (2): 1–26.
Saputra, Wendy Salim, Alfredo Brendis Yuliman, dan Bella Cynthia Lesmana W. 2023. “Profitability, financial leverage, size, dan underpricing stock price.” AKURASI: Jurnal Riset Akuntansi dan Keuangan 5 (1): 63–72. https://doi.org/10.36407/akurasi.v5i1.740.
Widianti, Martalia, Mohamad Fany Alfarisi, dan Rida Rahim. 2023. “Informasi Prospektus dalam Penetapan Harga IPO.” Jurnal Informatika Ekonomi Bisnis 5 (3): 1030–34. https://doi.org/10.37034/infeb.v5i3.667.
Yusuf, Chandra, dan Endang Purwaningsih. 2022. “Pengawasan Terhadap Informasi Asimetri Dalam Laporan Keuangan Yang Mempengaruhi Transaksi Saham Di Pasar Modal.” Jurnal Hukum Ius Quia Iustum 29 (2): 283–304. https://doi.org/10.20885/iustum.vol29.iss2.art3.
