FORCED DELISTING AND THE VULNERABILITY OF PUBLIC INVESTORS: A REVIEW OF LEGAL PROTECTION IN THE INDONESIAN CAPITAL MARKET

Yuni Putri Dewantara; Michelle Hadi; Carissa Amanda Siswanto

doi:10.35316/hukmy.2026.v6i2.1260-1279

Authors

Yuni Putri Dewantara Fakultas Hukum Universitas Pelita Harapan, Kampus Surabaya, Indonesia
Michelle Hadi Fakultas Hukum Universitas Pelita Harapan, Kampus Surabaya, Indonesia
Carissa Amanda Siswanto Fakultas Hukum Universitas Pelita Harapan, Kampus Surabaya, Indonesia

DOI:

https://doi.org/10.35316/hukmy.2026.v6i2.1260-1279

Keywords:

forced delisting, investor protection, capital market law, minority shareholders, OJK

Abstract

The impact of forced delisting on public investors, especially minority shareholders, on the Indonesian capital market is examined in this paper. Investors are frequently left unable to trade their shares and at danger of financial loss when a firm is forced to delist from the stock exchange owing to regulatory infractions or noncompliance with listing standards. The purpose of this study is to assess the level of legal protection afforded to public investors and to examine the legislative framework controlling forced delisting. Based on library research of pertinent laws and regulations, the study employs normative legal research methods utilizing statutory and conceptual approaches. The results demonstrate that despite the existence of delisting legislation, there are substantial gaps in investor protection, particularly with regard to compensation mechanisms and issuer duties following delisting. Although the Financial Services Authority (OJK) has adopted preventive protection through disclosure standards and supervisory duties, the effectiveness of repressive actions is still restricted. Therefore, to provide equitable treatment and improved protection for public investors in situations of forced delisting, more precise and robust legal safeguards are required.

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