Reform of Indonesian Capital Market Governance in Response to MSCI's Evaluation of Transparency and Trading Manipulation: Reform of Indonesian Capital Market Governance in Response to MSCI's Evaluation of Transparency and Trading Manipulation

Arya Elang Anom; Zulfikri  Toguan; Azbi  Arief Habibi

doi:10.56107/penalaw.v4i1.283

Authors

Arya Elang Anom Fakultas Hukum, Universitas Islam Riau
Zulfikri Toguan Fakultas Hukum, Universitas Islam Riau
Azbi Arief Habibi Fakultas Hukum, Universitas Islam Riau

DOI:

https://doi.org/10.56107/penalaw.v4i1.283

Keywords:

Capital Market, Governance, MSCI, Market Manipulation, Transparency, Regulatory Reform.

Abstract

This study examines the reform of Indonesian capital market governance in the context of market accessibility assessment conducted by MSCI (Morgan Stanley Capital International). Using a normative juridical method and a qualitative-descriptive approach, the research analyzes three main issues: the regulation of stock trading transparency, forms of market manipulation that have become concerns for MSCI, and the ideal framework for regulatory reform. The findings reveal that the Indonesian capital market legal framework, which is based on Law Number 8 of 1995 concerning Capital Markets and Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK Law), has established a foundation for transparency through the principles of full disclosure and material information disclosure. However, the existence of 32 alleged market manipulation cases handled by the Financial Services Authority (OJK) up to early 2026 indicates persistent regulatory gaps, particularly in addressing digital trading practices such as spoofing and front running. MSCI’s evaluation also highlights limitations in ESG and non-financial data disclosure among Indonesian listed companies. This study recommends the reformulation of the legal status of tippees, the adoption of the misappropriation theory, the integration of artificial intelligence-based RegTech and SupTech systems, and the strengthening of the enforceability of capital market arbitration awards. These reforms are expected to enhance market integrity, transparency, and investor confidence, thereby improving Indonesia’s competitiveness in the global capital market.

References

Adzan Syazali, E. (2023). Prinsip Transparansi Pada Pasar Modal Dalam Mewujudkan Tata Kelola Perusahaan Yang Baik (GCG) Dalam Perspektif Hukum Ekonomi. YURIDIS Journal, 276–286.

Adzan Syazali, E., et al. (2022). Analisis Penegakan Hukum Insider Trading di Pasar Modal Indonesia. Jurnal Sains Sosio Humaniora, 6(2).

Clément, A., & Grenon, G. (2025). Mapping biodiversity risk metrics in finance: A comparative analysis of MSCI and LSEG using the ENCORE framework. Journal of Sustainable Finance and Accounting, 7, 100020.

Coffee, J. C., Jr. (2007). Law and the Market: The Impact of Enforcement. Columbia Law School Working Paper No. 304.

Gozales, C., Faustine, S., & Siahaan, A. L. S. (2025). Tantangan Regulasi Hukum Pasar Modal dalam Perlindungan Investor di Era Digital. PESHUM: Jurnal Pendidikan, Sosial dan Humaniora, 4(3), 4996–4999.

Kurniawan, D., Rahmah, M., & Azzahra, Z. B. (2025). Analisis Pengaruh Investasi Pasar Saham Terhadap Pertumbuhan Ekonomi di Indonesia. Journal of Capital Markets and Banking (JCMB), 13(3)..

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor Protection and Corporate Valuation. The Journal of Finance, 57(3), 1147–1170.

Lazuardi, O. Y., et al. (2025). Kepastian Hukum Dalam Penyelesaian Sengketa di Pasar Modal Indonesia. Al-Zayn: Jurnal Ilmu Sosial & Hukum, 3(3), 1772–1778.

Matondang, M. M. S. (2024). Implementasi Kebijakan Tata Kelola Perusahaan yang Baik (Good Corporate Governance) di Indonesia: Upaya Perlindungan Hukum bagi Investor. JETBUS: Journal of Education Transportation and Business, 1(2), 708–716.

Sari, E. P., et al. (2024). Studi Literatur Deep Learning dan Machine Learning untuk Analisis dan Prediksi Pasar Saham. Jurnal Teknologi dan Sains Modern, 1(1), 19–28.

Suhardini, E. D., Suharno, R., & Owen, R. S. (2025). Legal Aspects of the Capital Market Position and Benefits in Indonesia: A Comparative Study. SASI, 31(2), 159–171.

Tabash, M. I., et al. (2024). Symmetries or Asymmetries: How MSCI Index Advanced European Markets' Exchange Rates Respond to Macro-Economic Fundamentals. Economies, 12, 326.

Tombi, J. T. N. H., et al. (2025). Reformulasi Pengaturan Subjek Hukum Tippee dalam Sistem Hukum Pasar Modal Indonesia. INNOVATIVE: Journal Of Social Science Research, 5(4), 4225–4240.

B. Official Documents and Public Reports

MSCI. (2025). MSCI Announces the Results of the MSCI 2025 Global Market Accessibility Review.

Otoritas Jasa Keuangan (OJK). (2024). Laporan Kinerja OJK Triwulan II, III, dan IV.

Warta Ekonomi. (2026, Februari 9). OJK Ungkap 32 Kasus Dugaan Manipulasi Perdagangan Saham.

C. Legislation and Regulations

Republik Indonesia. Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal.

Republik Indonesia. Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan.

Republik Indonesia. Undang-Undang Nomor 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan (UU P2SK).

Reform of Indonesian Capital Market Governance in Response to MSCI's Evaluation of Transparency and Trading Manipulation