Pertanggungjawaban Pidana sebagai Syarat Mutlak dalam Penjatuhan Pidana (Studi Terhadap Putusan No 7/Pid.Sus/2016/PN. Slk dan Putusan No. 10/Pid.Sus/2021/PN. Bandung)

Abstract

Investors may suffer losses because of violations of the capital market. Market manipulation is one of the violations in the capital market of securities transactions on the stock exchange can be detrimental to capital market investors. Market manipulation is a prohibited practice because it can undermine the integrity of the capital market and affect public trust in the capital market. One of the efforts to reduce violations of market manipulation in the capital market, namely by implementing POJK Number 65/POJK.04/2020 concerning Disgorgement and Disgorgement Fund in the Capital Market Sector so that market manipulation violators in the capital market cannot enjoy excessive profits obtained from violations of market manipulation. This research analyzes how the mechanism for Unauthorized Return of Profits is a form of investor legal protection and whether this mechanism can be a form of compensation settlement and accountability for investor losses because of market manipulation. The research method used is normative juridical, such as by conducting research through primary, secondary, and tertiary legal resources, and electronic literature. The research results show that Disgorgement implementation is not only an effort to reduce violations in the capital market but can also provide legal protection for capital market investors. The contribution of this research is to provide information as an evaluation material for judges and other legal institutions and to contribute ideas and the strength of legal regulations regarding the rules for the elimination of criminal sanctions

Keywords: Investor Legal Protection, Capital Market, Market Manipulation, Disgorgement