Karakteristik Penguatan Norma Hukum Pengembalian Keuntungan Tidak Sah dan Dana Kompensasi Kerugian Investor Pasar Modal Berdasarkan Hukum Pasar Modal

Abstract

The rapid growth of Indonesia’s capital market, with investors increasing from 3.68 million in 2020 to more than 30 million in 2026, has been accompanied by risks such as stock price manipulation through “pump-and-dump” or “saham gorengan” schemes. Retail investors are particularly vulnerable due to limited access to information. To facilitate investor loss recovery, the Financial Services Authority (OJK) issued Regulation Number 65/POJK.04/2020 on Disgorgement and Disgorgement Funds, adopting the disgorgement concept from the United States. This study examines the strength of the legal framework governing unlawful gain recovery and the need to strengthen its regulation. Using a normative juridical method with statutory and conceptual approaches, supported by theories of legal certainty, utility, and protection, the study finds that the mechanism remains discretionary because OJK regulations use the term “authorized,” creating uncertainty regarding its application. Regulatory developments indicate a shift toward mandatory application when OJK pursues administrative enforcement. Strengthening technical regulations and procedural mechanisms is therefore necessary to improve recovery of retail investors’ losses.