Perlindungan Hukum Investor Ritel Terhadap Praktik Pom Pom Saham Di Media Sosial Tinjauan Undang Undang Pasar Modal

Abstract

The rapid development of digital technology has significantly increased the number of retail investors in Indonesia's capital market. Alongside this growth, social media has given rise to stock pumping practices conducted through the dissemination of misleading information and stock promotions by influencers aimed at influencing stock prices artificially. Such practices potentially harm retail investors because investment decisions are often based on inaccurate information that does not reflect the issuer's fundamental value. This study aims to analyze legal protection for retail investors harmed by stock pumping practices and examine law enforcement mechanisms and challenges against perpetrators of such practices on social media. This research employs normative legal research using statutory and conceptual approaches. The findings indicate that legal protection under Indonesian Capital Market Law consists of preventive protection through disclosure principles, supervision, and investor education, as well as repressive protection through administrative, civil, and criminal sanctions. However, these protections remain inadequate due to the absence of explicit regulations governing stock promotions by influencers on social media. Furthermore, law enforcement faces obstacles including evidentiary difficulties, limited digital supervision, and low financial literacy among retail investors. Therefore, regulatory reform and strengthened supervision are necessary to enhance legal protection for retail investors.