Pengaturan Hukum Tentang Penggunaan Jasa Influencer Untuk Mempromosikan Saham Dalam Upaya Memberikan Perlindungan Investor Pasar Modal

Abstract

The rise of stock influencers providing investment recommendations through social media without official OJK permission poses the risk of market manipulation and losses for investors, as reflected in the case of Belvin Tannadi, who was fined IDR 5.35 billion by the OJK in February 2026. This study aims to analyze the legal regulations governing influencer involvement in stock promotions and the forms of legal protection for investors from the dissemination of misleading information. The method used is normative legal research with a descriptive-analytical approach. The results show that regulations regarding stock influencers are still scattered across various regulations and have not yet formed a comprehensive system. POJK Number 13 of 2025 is the first regulation specifically governing influencer involvement, but its scope is limited to influencers partnered with securities companies, leaving independent influencers in a legal vacuum. Legal protection for investors includes a preventive dimension through regulation, licensing, and financial literacy, as well as a repressive dimension through administrative sanctions, criminal sanctions, and civil lawsuits. However, its effectiveness is still hampered by weak oversight and the difficulty of proving losses. More inclusive regulatory reforms accompanied by strengthened technology-based oversight are needed to achieve optimal investor protection.

Keywords : Capital Market,  Investor Protection, Market Manipulation, POJK Number 13 of 2025, Stock Influencers