Legal Liability of Stock Influencers and Jurisdictional Constraints of Investor Dispute Resolution in the Indonesian Capital Market
DOI:
https://doi.org/10.30659/6spx5r84Keywords:
Alternative Dispute Resolution, Capital Market, LAPS SJK, Legal Liability, Stock InfluencerAbstract
The surge of retail investors in Indonesia is closely tied to the rise of uncertified stock influencers whose promotional hyping frequently triggers market manipulation and substantial financial losses. This study examines the legal liability framework for stock influencers under Law Number 8 of 1995 concerning Capital Market (UUPM) and critically evaluates the jurisdictional constraints of resolving investor-influencer disputes through the Alternative Dispute Resolution Institution for the Financial Services Sector (LAPS SJK) under POJK No. 61/POJK.07/2020. Utilizing a normative legal research method with statutory, conceptual, and case approaches, this research analyzes legal materials qualitatively using doctrinal interpretation and causal reasoning. The findings reveal that stock influencer liability cannot be applied uniformly; instead, conduct must be categorized into four typologies based on economic motivation, financial interest, and specific intent under Articles 90, 91, and 92 of the UUPM. Furthermore, LAPS SJK lacks direct jurisdiction over stock influencers due to their non-Financial Services Provider (non-PUJK) legal standing, requiring explicit contractual arbitration clauses or third-party joinders. The novelty of this study lies in establishing concrete liability parameters across varying degrees of influencer involvement and defining the precise jurisdictional boundaries of financial ADR forums in handling digital market disputes.
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