Legal Protection Of Investor On The Enactment of Forced Delisting By Indonesian Stock Exchange

Abstract

This research arises from the issue of investor loses their fund in the capital market causes by the forced delisting to the open company who sell their shares on public or listed on IDX. Despite having the regulation regarding legal protection for investor and the obligation for the company who got enacted by the IDX or OJK with forced delisting, in the implementation of the law there are many investors who didn’t got their rights such as mention in the regulation. Other than the conventional capital market there were also the shariah capital market that seemingly similar to the conventional capital market, except the sharia capital market implemented the Islamic teaching so called sharia principle in their economic activity, which means sharia capital market have a certain regulation regarding the product that listed on their platform, that means shariah capital market have their own requirement toward the company who want to listed their shares on the sharia capital market. The following issue examined in this thesis: What is the legal protection for the investor who hold their shares on the company that got enacted by the forced delisting? And what are the factor for the company to be forced delisted in the perspective of conventional and sharia capital market? The research method used in this paper is normative legal research with a statutory approach. The analysis shows that although investor rights, such as the right to information, the right to equal treatment, and the right to claim compensation, are regulated in the applicable regulations, their implementation in the case of PT. First Indo American Leasing Tbk. still faces obstacles. One of the main problems is the slow process of resolving investor rights due to the limitations of effective recovery mechanisms. Meanwhile, in the Islamic capital market, delisting is more often caused by non-compliance with sharia principles, thus giving rise to legal implications that differ from conventional delisting. This study concludes that legal protection for investors in forced delisting situations still needs to be strengthened through more explicit regulations regarding the obligations of issuers post-delisting and investor compensation mechanisms. In addition, harmonization of regulations between conventional capital markets and Islamic capital markets is needed to prevent disparities in the implementation of legal protection.