JAKARTA: Indonesia's financial regulator announced new sanctions on Wednesday (Nov 4) for alleged stock market violations, part of ongoing market reforms following global index provider MSCI's recent warning of a potential downgrade.
The regulator imposed sanctions against entities, collectively worth 7.54 billion rupiah (US$415,770), for alleged violations related to two companies, tourism firm PT Panorama Sentrawisata Tbk and car dealer PT Bintang Oto Global.
The regulator found market manipulation in the trading of Panorama's shares that it said caused misleading stock movements. Eighteen securities accounts in this case were closed.
The regulator sanctioned three members of Bintang Oto's board, who it said had signed off on inaccurate information on IPO proceeds stated in its 2017 to 2020 financial statements.
Panorama and Bintang Oto did not immediately respond to requests for comment.
The regulator also penalised a securities dealer for falsifying customer portfolio reports and executing stock sales without customer instructions.
On Monday, it imposed 2.6 billion rupiah (US$143,369) of sanctions on investment manager PT Aurora Asset Management and closed down its five mutual funds for alleged violations that included failure to pay redemption requests submitted by investors.
Aurora did not immediately respond to a request for comment. - Reuters
