The Legal Framework for Protecting Retail Investors from Digital Market Manipulation

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Published: 2025-01-25
Keywords:
Retail investor protection, Market manipulation, Digital trading platforms, Capital market law, Legal liability, Electronic evidence, Class action

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Hari Santoso
Universitas Sunan Giri Surabaya, Indonesia
Didit Darmawan
Universitas Sunan Giri Surabaya, Indonesia
Dharma Setiawan Negara
Universitas Sunan Giri Surabaya, Indonesia

Abstract

The increasing use of digital trading platforms has expanded retail investor participation in capital markets while creating opportunities for market manipulation. This study examines the legal protection available to retail investors, the legal liability arising from digital market manipulation, and the mechanisms for recovering financial losses. Using normative legal research, the study applies statutory and conceptual approaches to relevant Indonesian legislation and academic literature. The findings indicate that the amended capital market framework provides a legal foundation for addressing manipulative practices, including transactions and misleading information distributed through digital systems. Administrative and criminal accountability require careful identification of unlawful conduct, responsible parties, and supporting electronic evidence. Civil claims and representative group actions offer avenues for compensation, although establishing causation and calculating individual losses remain legally demanding. Investor protection requires consistent regulatory interpretation, reliable digital evidence, and accessible remedies that connect market supervision with the recovery of investor losses effectively.

Article Details

Issue

Vol. 5 No. 1 (2025): Journal of Social Science Studies (JOS3)

Section

Articles

How to Cite

Santoso, H., Darmawan, D., & Negara, D. S. (2025). The Legal Framework for Protecting Retail Investors from Digital Market Manipulation. Journal of Social Science Studies, 5(1), 293-308. https://jos3journals.id/index.php/jos3/article/view/459

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