OJK Suspends 37 Investment Managers; Capital Market Improves

TEMPO.CO, Jakarta - Head of the Financial Services Authority (OJK) commissioner board, Wimboh Santoso, reported that the agency has suspended the permit of 37 investment managers in 2019 after it started implementing a more transparent and enforcing stricter capital market rules.

“We are enforcing a stricter method in the capital market. We intend to maintain and improve the market’s integrity and investors’ trust through better governance, transparency, and enforcement,” said Wimboh in OJK’s annual 2020 meeting at the Ritz Carlton Pacific Place, Jakarta, on Thursday.

Wimboh said that it is mainly aimed to establish market integrity and improve investors’ trust in the capital market industry. Therefore, he went on, the capital market saw improved market integrity that generated Rp166.85 trillion public offering with 60 new issuers. He said that the figure was the highest in ASEAN and 7th globally. 

The fundraising has also grown due to 3 crowdfunding equities with a total investment managed funds of Rp806.86 trillion, an increase of 8.19 percent compared to 2018.

Not only did the Financial Services Authority suspend 37 investment managers, but it also enforced sanctions to three public accountants which was confirmed by OJK’s Capital Market Supervisor chief executive Hoesen. However, he remained tight-lipped about the identities of the public accountants and investment managers. 

MUHAMMAD HENDARTYO