Jakarta, IDN Times – Finance Minister Purbaya Yudhi Sadewa once again addressed the contentious issue of manipulated stocks, often referred to as “saham gorengan.” His remarks came in response to a question during his attendance at the CNBC Financial Forum, held at the Main Hall of the Indonesia Stock Exchange (BEI) in Jakarta on Wednesday, December 3, 2025.
During the forum, a participant inquired about the government’s potential to offer fiscal incentives, specifically a reduction in the final tax on bond coupons. The participant highlighted how such a move could bolster the private sector, positioning it as a crucial engine for economic growth.
Purbaya acknowledged the query, deeming it a “good question” despite its direct request for incentives and tax relief. He then offered a candid insight into his internal deliberations, stating, “If I speak to my tax department, they will certainly disagree. My budget department will also disagree. But look, we need to consider this carefully. Our objective is to see the private sector thrive, with private and retail investors actively participating. The most critical aspect is that you, as investors, profit and avoid getting ensnared by stock manipulators and the like.”
The minister continued his statement by recalling a significant promise he had made to Mahendra Siregar, the Chairman of the Financial Services Authority’s (OJK) Board of Commissioners. Purbaya had previously asserted that if the OJK, under Mahendra’s leadership, could effectively address and clean up the issue of manipulated stocks, retail investors would automatically gain crucial protection in the market.
Elaborating on his conditional commitment, Purbaya explained, “I will provide additional tax incentives and other forms of relief to encourage more people to enter the stock market. However, this entry must be into a market that cannot deceive them. Otherwise, my ‘sins’ would only grow larger; it must be a relatively clean market.” This sentiment underscores his strong ethical stance regarding investor protection.
Consequently, Purbaya explicitly stated his anticipation for decisive action from both the OJK and the Indonesia Stock Exchange (BEI) concerning the manipulated stocks prevalent in the current capital market. He reiterated that if these two institutions demonstrate concrete measures, he would not hesitate to provide the necessary incentives, thereby fostering the further development of the capital market.
Setting a clear timeline for these anticipated actions, Purbaya declared, “Within the next six months, if any stock manipulators are apprehended or punished, we will swiftly introduce incentives. This is to ensure that retail investors entering the stock market, either directly or through mutual funds, can realize clear profits and participate in a truly fair market.”
On the other hand, Purbaya emphasized that these promised incentives remain contingent and cannot yet be disbursed. His reasoning is unequivocal: the presence of manipulated stock investors persists, and neither the OJK nor the BEI has taken firm action against them. “They still exist, and no one has been punished,” Purbaya concluded tersely, highlighting the ongoing challenge that prevents the implementation of his proposed market-boosting measures.
Summary
Finance Minister Purbaya Yudhi Sadewa addressed the issue of manipulated stocks (“saham gorengan”), emphasizing the need for retail investors to profit and avoid market manipulators. He stated that while he would be open to providing tax incentives and other relief to boost market participation, this is conditional upon the market being genuinely clean and unable to deceive investors. The minister made a promise to the OJK Chairman, stating that if manipulated stocks are effectively addressed, retail investors would gain crucial protection.
Purbaya explicitly expects decisive action from both the OJK and the Indonesia Stock Exchange (BEI) against stock manipulators. He set a clear six-month timeline, indicating that if manipulators are apprehended or punished within this period, incentives will be swiftly introduced to ensure a fair market for retail investors. However, he clarified that these promised incentives cannot yet be disbursed, as manipulated stock investors persist, and neither OJK nor BEI has taken firm action against them.
