Nama: DOTTO KOYAGE PHILIPO NPM: 2106759810

KELAS: EKO PAGI REGULAR

SOAL UJIAN AKHIR SEMESTER [S2-MIH]

HUKUM PASAR MODAL
=========================================================================
Mata Kuliah : Hukum Investasi dan Pasar Modal
Hari & Tanggal : Selasa, 18 Oktober 2022 sd Rabu, 19 Oktober 2022
Sifat : Open Book, Open Regulations, On-Line Test
Dosen : Dr. Arman Nefi, SH, MM.
Jumlah Peserta : 136 Orang, KELAS A dan B
Waktu : 21.00 – 20:59 WIB (24 Jam)
Tempat : Ditempat Masing-Masing/Online Test
=======================================================================================

Petunjuk Mengerjakan:
• Lembaran Soal dalam bentuk MICROSOFT WORD, 1 atau 1,5 spasi, font 12
• Peserta ujian menjelaskan, menganalisis, memberikan argumentasi, menyebutkan dasar
hukumnya secara spesifik, pasal dan ayatnya serta menerapkan Bahasa Indonesia yang baik
dan benar.
• Dilarang berbuat kecurangan dalam ujian (mencontek, bertanya pada peserta ujian lain, copy
paste pekerjaan peserta lain, dan lain-lain). Peserta yang terbukti berbuat kecurangan
(walaupun satu paragraf analisis) terhadap 2 atau lebih peserta maka ujiannya langsung
diberikan nilai E.
• Jawaban Langsung Diketik Pada Lembar Soal ini, Termasuk Penilaian Anggota Kelompok.
• Hasil Ujian dikirim dikirim ke email: arman.nefi@gmail.com paling lambat Rabu, 19
Oktober 2022, pukul 21.05 WIB. (5 menit untuk proses pengiriman), Subjek Email: UAS
Pasmod MIH Kelas A/B*

----------------------------------------------------------------------------------------------------------------------------

1. Soal 1 Esai (bobot 50%)

Mr. Lawrence Sprinkle (LS) adalah merupakan investor yang berasal dari Hongkong. Saat
ini dia mengalami kerugian yang sangat besar atas investasi sahamnya pada PT. Suba Indah
Makmur (SIMA). LS telah menyewa private investigator guna membuktikan bahwa
kerugian yang dideritanya adalah merupakan hasil transaksi yang tidak wajar yang
dilakukan oleh beberapa Pihak. Protect & Recover (PR) sebagai private investigator yang
diminta oleh LS kemudian melakukan kerjasama dengan Kantor anda, tempat dimana anda
bergabung.
PR menyampaikan hasil investigasinya kepada Anda sebagaimana tersebut dibawah ini.
Anda diminta oleh PR untuk melakukan analisis hukum atas fakta-fakta yang ditemukan
oleh PR sesuai dengan ketentuan peraturan perundang-undangan di bidang Pasar Modal di
Indonesia karena disadari bahwa para Pihak hanya dapat dituntut berdasarkan ketentuan
perundangan yang berlaku di Indonesia.
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Fakta-fakta:
Descriptions of the suspicious transaction of the SIMA have been given in tens of
newspaper and television programs locally and internationally since horrific lost of the
investor on 18 July 2022. The whole transactions which led to our client magnificent lost
probably lasted no more than 15 days commenced on 18 July 2022.
We from PR found several people, suspected having internal relation and intentionally
creating the fake movement on SIMA’s share trading in Indonesia Stock Exchange.
1. Mr. Sukarman Sakir (hereinafter called SS), a young political activist. Domicile in
Jakarta.
2. Mr. Gatiko Handoyo (hereinafter called GH), an entrepreneur. Domicile in
Bandung.
3. Mrs. Sutarti (hereinafter called ST), doctor, mother of 2 children. Domicile in
Jakarta.
4. Mr. Karman Sukarman (hereinafter called KS), occupation unknown. Domicile in
Bandung.
Between 18 July to 4 August 2022, all above-mentioned parties extensively bought SIMA’s
share in Indonesia Stock Exchange (ISX) totally IDR 18 Billion. The buying was become
a simple modus operandi since the transaction easily traced and related to the counterfeit
transaction conducted by the parties, caused the down fall of the SIMA’s share price in
ISX. The price moved from IDR 1200 at the highest to the IDR 875 at the lowest.
We understand that all the abovementioned parties known having close relationship and a
single purpose on their modus operandi. They brought the price to its lowest and they
bought the SIMA’s share in a extensive amount, this is part of the Indonesian systemic
weakness in Capital Market-and in some emerging market as well-to be fair.
We know that in your Law of Capital Market Number 8 Year 1995, pursuant to the Article
number 91, prohibits anyone, either alone or with others in a conspiracy, with intent to
obtain benefits from themselves or others, from engaging in a series of Securities
transactions that create of a deceptive pattern of prices on Securities Exchange, based on
trade that are not legitimate.
We also found that GH is a very close friend with Mr. Arvy Buana (AB) who has been
serving as a President Director of the SIMA since 1995. Our witness has found that both
GH and AB has been many times spend their time together at Ambarukmo Café in Hotel
Sahid Jaya, Jakarta and they once stayed at the Le Meridian Hotel Singapore in 10 July
2022.
At the same time, SIMA was planned to be merged by Beng Thai Inc (BT) Hongkong (now
both company has been merged under the name PT. Suba Beng Tbk-SB). The merger
between SIMA and BT resulted of the increasing price of the SIM’s share in ISX for
approximately 75% since the merger (June 2022).
In Article 95 of your law, also mentioned that an insider of an issuer or Public company
that is engaged in transactions with another company, is also prohibited from trading of the

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Securities of such company, even though he is not an insider of other company. Pursuant
to the Article 96, an insider is also prohibited from influencing other person to buy and or
sell securities of such issuer or public company, even when insider, so as not to use inside
information to induce other persons to trade in the Securities, does not actually pass on the
inside information to such other person.
We simply need your expertise on above-mentioned problem regarding the legal aspect in
Indonesian Capital Market. Fully analysis would be very appreciated and we certainly need
your correct guidance without having any unnecessary analysis.
We consider a payment of 50% in advance at the amount agreed between PR and for your
expertise.
//arman/file18102022

 Answers
The capital market is one of the most important segments of the Indonesian financial
system. It is the market available to the companies for meeting their requirements of long-
term funds. It refers to all the facilities and the institutional arrangements for borrowing
and lending funds. In other words, it is concerned with the rise of money Capital to make
long-term investments. This market consists of a number of individuals and institutions,
including the government, that channel the supply and demand for long-term capital and
claim on it. One of the prime functions of a capital market is to channel resources toward
productive purposes. The ability to market security offered to the public demands fixing a
correct price closer.

Apart from that, we need to know about the meaning of “insider trading” whereas, which
refers to the illegal trading in the shares of the company while in possession of unpublished,
price-sensitive information in respect of the securities of the said company, with a view to
the making of a profit, or the avoidance of a loss. Under insider trading, the restriction is
on corporate insiders directly or indirectly using the price-sensitive information that they
hold to the exclusion of the other shareholders in arriving at trading decisions. Such illegal
trading undermines investor confidence in the fairness and integrity of the financial market.

The general offense of insider trading requires the fulfillment of the following components;

 The person responsible for committing the offense must be an insider.

 The insider must hold material unpublished price-sensitive information.
 The insider must use this knowledge to trade in the company’s securities.

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  The insider must, consequently, earn profit at the expense of the public
investors.

Apart from the definition above, let’s focus on the problem question in the scenario above.
The authority responsible for supervising the progress of the capital market in Indonesia is
(PAPEPAM)- “Badan Pengawas Pasar Modal” as mentioned under Article 3(1) of Law
No. 8 of 1995 on Capital Market. Which stated;

“The capital market supervisory Agent, hereinafter referred to as BAPEPAM shall

provide guidance, regulation, and day-to-day supervision of the Capital Market.”

Based on the factors released by the Protect and Recover Communicates (PR), the
counterfeit led to the fall of the shares of the SIMA ( Suba Indah Marker) PT. namely;

 Defrauding or deceiving another person by any means or method

This point is related as we can see there is clear deception made between Mr. Arvy Buana
(AB), who served as a president director of the SIMA since 1995. and Mr. Gatiko Handoyo
(GH), who was referred to as the buyer of the company’s share in the lowest prices, and
this is contrary to Article 90 (a) of Law No.8 of 1995 on Capital Market. According to the
report seem, Mr. Arvy Buana (AB) and Mr. Gatiko Handoyo (GH) spends their time
together between 10th July 2022. Even before Mr. GH decided to buy shares of the SIMA.
So, through this point, it’s clear there is deceiving action against the provision of Law No.8
of 1995 on the Capital Market.

Based on the Article 92 of the Law No. 8 of 1995 on Capital Market stated;

“...Every person, either alone or with others, intends to influence others to buy, sell
or hold Securities Transactions that directly or indirectly cause the price of
securities on the securities Exchange to rise, fall or remain steady….”

Through this provision of the article, it is clear that within the scenario, there is a kind of
influence made by parties on buying the company’s share as stated in the report that;
Between 18th July 2022 to 4th august 2022, all parties as mentioned earlier extensively
bought SIMA’s share in Indonesia Stock Exchange (ISX) IDR 18 billion, which later cause
the fall of the price from IDR 1200 per share to the IDR 875 Per share.

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Law No.8 of 1995 on the Capital Market prohibits this kind of fraud contrary to article 94.
Where by the PAPEPAM is responsible for determining the activities of the securities
company if found any matter related to mentioned above.

This problem question has been supported by the case of PT SARIJAYA IN 2008-2009
The case that we are advancing here is a case that once shocked the world of the Indonesian
Capital Market in late 2008 to early 2009. This case is a case carried out by a fairly large
securities company called PT Sarijaya Permana Sekuritas. Unfortunately, at that time,
PT SARIJAYA was one of the most trusted securities companies in Indonesia;

 the case of PT SARIJAYA is a criminal case because the action taken by the
directors of PT SARIJAYA is to misappropriate customer funds the purpose of
placing these funds into personal accounts and bringing the customer's money away
in the amount of 245 billion. But since the money is intended for stock trading on
the exchange, it is also related to this problem in the crime of the capital market.
For misappropriation of funds committed by the president commissioner of PT
SARIJAYA named, Herman Ramli, the perpetrator was charged with article 378
of the Criminal Code regarding fraud. As for capital market crimes committed
by perpetrators, the article imposed is CHAPTER XI of Law No. 8 of 1995 on the
Capita Market. which regulates fraud, market manipulation, and insider trading,
especially, Article 90, Article 91 as well as Article 94 of Law No. 8 of 1995 on the
Capita Market.

Therefore, the above case is simply related to the problem question; as we can see, there is
a violation of articles 90, 91 94 of law No. 8 of 1995 made by Mr. Arvy Buana (AB)
through the influence of his friend to buying the share in a lower price to gain high profit
based on company’s interest as well as other involved parties mentioned by the Protect &
Recovery (PR) communicates results.

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2. Soal 2 (Jelaskan dengan ringkas) bobot 50%

a. Jelaskan tahapan-tahapan yang lengkap jika perusahaan dengan status Badan Usaha
Milik Negara (BUMN) berencana untuk menjadi Go Publik, beserta keterbukaan
informasi yang wajib diperhatikan dan dilaksanakan. Termasuk analisis jika terjadi
oversubscribes dan greenshoe option.

Answer
State-Owned Enterprise (BUMN) is a business venture with full or partial government
ownership. This legitimate entity is primarily established to indulge in commercial affairs on
behalf of the government. State-owned enterprises usually drive economic growth while
preserving public interest. The most important role played by State-owned enterprises are;

 Generate revenue for the government while furthering its public policy objective.
 They are instrumental in modernizing the country and are usually set up in sectors
like Infrastructure, strategic goals, and service, Banking as well as healthcare.

According to Law No. 19 of 2003 (BMW). Article 1 defines the term State-Owned Entity
as;

“… State-Owned Entity, hereinafter called “State-Owned Entity (BUMN),” means an

entity, the capital of which is in part or in whole owned by the state through direct
participation that is derived from the state’s separated assets….”

State-Owned Entity (BUMN) in the form of a liability company, the capital of which is
divided into shares in which all or at least 51% of its shares are owned by the state of the
Republic of Indonesia, aiming mainly to make a profit. This is read together with Article 1(2)
of Law No. 19 of 2003 (BMW).

The following are some of the Objectives of the State-Owned Entity (BUMN), namely
according to Article 2 of Law No. 19 of 2003 (BMW);

 Make contributions to national economic development and state revenue in

particular.
 Make a profit.

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  Establish public benefit through the supply of high-quality and affordable goods and
/or services for the life of many people.
 Become the pioneer of business activities that cannot be performed by the private
sector and cooperatives.

Go public is an initial public offering ( IPO) of shares to the general public in accordance
with the procedures regulated by Law No.8 of 1995 on the Capital market and its
implementing Regulations. As stated in Article 70(1) of Law No.8 of 1995 on the Capital
market;

“…the only Issuer that may conduct a Public Offering are those that have submitted a
registration statement to BAPEPAM with respect to the sale or offering of securities to
the public, and then only after such Registration Statement has become effective…”

In the capital market, the term public company can also be called IPO (Initial Public
Offering), which is a company that has made its initial public offering to the public. Example
of the companies that have IPO in Indonesia such as;

 PT. Adhi Karya Tbk

 PT. Bank Central Asia Tbk
 PT. Astra International Tbk

There are some benefits when the company is entitled to as IPO – an initial Public Offering;

 Get unlimited funding

 The selling value of the company increases
 The name of the company is increasingly known to many people
 Get tax incentives

The following are the Process of a company applying to Go public;

1. Holding the general meeting with the shareholders to ask for the blessing regarding
registering a company going public.
2. Appointing Underwriters must be registered with Financial Services Authority.

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 3. Prepare a Financial Statement or report and this report must be including External
Auditor, as well as Legal Consultants.
4. Apply for registration in accordance with Law No. 19 of 2003 (BMW) under Article
35(1) as well as contrary to Article 74 of Law No.8 of 1995 on the Capital Market.
5. Share Offering refers to the final stage for the company to became Initial Public
Offering (IPO).

Therefore, all companies in any field can apply to become a company to Go Public such as
Technology companies such as Gojek and Tokopedia.

b. Apabila terjadi perubahan pengendalian perusahaan, mengapa Pihak pengambilalih

WAJIB melakukan Tender Offer? Dan Jelaskan jika terjadi kondisi semua
pemegang saham yang lama 100% mengembalikan/menjual kepada pengendali baru.

Answer
A tender Offer is an offer submitted by a party, either an individual or a company, to get
shares of a company by purchasing through mass media such as television, radio,
newspapers, and other media. Several regulations must be met by the bidder when
conducting a tender offer, such as purchasing mass media such as television, radio,
newspapers, and other media. Also, provide a higher bid price than the market price. The
tender offer can be regulated under Law No.21 of 2011 Concerning Financial Services
Authority (OJK). As well as the financial Service Authority Regulation Number 54/POJK.04/
2015 Concerning Voluntary Tender Offer.
There are some important purposes of a Tender Offer, namely;

 Acquisition of a company made by the bidder

 Companies need new funding
 Companies want to go private.

A change in company control means a change in ownership or control. Whether a change

in control has occurred shall be objectively determinable and not subject to the discretion of
the committee, the board of Directors, or any other person. This must be read together with
Law No.40 of 2007 on the limited liability company as stated under Article 4 stated;

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 “…this Law, the article of association of the company, and provision of other
legislation shall apply to the Company...”

Therefore, any company, whether public or private, must have what we call an article of
association as well as a memorandum of association, which will play a party in case the case
needs to change its board of directors or managing of the company together with the right to
tender offer toward its shareholders, all his must be specified.

c. Jelaskan unsur-unsur Manipulasi Pasar dan Apa Perbedaannya dengan Penipuan?

Jelaskan juga tentang Fiduciary Obligation dan Tippee dalam Insider Trading,
berikan contoh.

Answer
Market manipulation refers to artificial inflation or deflation of the price of securities. It
involves the literal manipulation of the financial market for personal gain. Also, we can say it
is influencing the behavior of the securities with the intent to do so. Market Manipulation
can be difficult for authorities and market regulators to detect, given that multiple variables
affect the price movement of securities. There are two main techniques of Market
Manipulation.

 Pump and Dump

This is the manipulation technique that is used frequently to inflate the price of
security artificially. the manipulator then sells out, and the followers are left with an
overvalued security. Most of the time, this works on the stock with micro-market
capitalization.
 Poop and scoop
The poop and scoop technique are not as frequently used as the pump and dump.
But the price of the stock of medium or large-cap companies is artificially deflated.

Therefore, this Market manipulation is different from form fraud based on article 90, article
91 as well as article 94 of Law No. 8 0f 1995 on the Capital Market. Defines fraud and how
parties can be approved for that fraud. But Market Manipulation is difficult to identify at
once.

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The fiduciary obligation is the obligation or trust imposed by law on officials of an
organization, making them liable for the proper use and disbursement of the organization's
money, funds, and property. It is the employees' or directors' legal and moral duty to exercise
the powers of their office for the benefit of the employer or the firm.

Fiduciary Security in Indonesia is defined by Law number 42/1999 on Fiduciary Security as

the right to cover moving objects, both tangible and intangible and immovable objects, which
cannot be encumbered with a mortgage. The objects will remain in control of the person or
entity, which provides fiduciary security over the objects (Fiduciary Provider). The Fiduciary
Security is used to secure repayment of certain debt and gives the beneficiary of a Fiduciary
Security (Fiduciary Beneficiary) a preferred position against other creditors.

Insider trading is buying and selling carried out by employees or people in a company who
has authority in making decisions and have the financial responsibility to investors. For
example, we have the inside trading cases appear in Indonesia, namely;

 The Case of Bank Danamon (2012)

It started when the Monetary Authority Singapore revealed that Vincent Rajiv Louis, the
former Head of Investing Banking of UBS Indonesia, had bought 1 million shares of
Bank Danamon or BDMN in March 2012 after receiving non-public information about
the acquisition of Danamon shares by DBS. As a result of this insider trading practice,
Rajiv made a profit of up to IDR 2.5 billion. After the case unfolded, Rajiv was dismissed
as Managing Director of Carlyle Group LP.

d. Apa syarat menjadi Konsultan Hukum di Bidang Pasar Modal menurut Peraturan
Otoritas Jasa Keuangan?. Hal-hal apa saja yang perlu diperhatikan dalam Standar
Profesi Himpunan Konsultan Hukum Pasar Modal (HKHPM) Jika terjadi Conflict
Kepentingan Para Pihak.

Answer
According to Annex Decision of the Chairman of the Capital Market Supervisory Agency
and Financial Institution Number: KEP-16/BL/2011 About Registration Legal Consultant
who is operating in the Capital Markets (BAPEPAM), Capital Market Legal Consultants is

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a legal consultant who has obtained the registered mark BAPEPAM- to conduct activities in
the capital market. As mentioned under Article 90 of Law No.8 of 1995 on the Capital
Market. Legal consultants who conduct activities in the capital market must be registered
with BAPEPAM- and meet the following requirements. Namely;

 Indonesian citizen.
 Member of the Association of Capital Market Legal Consultants (HKHPM)
 has a bachelor's degree in higher education law
 never committed a disgraceful act and / or was convicted of a criminal offense in the
financial sector.
 have good character and morals

all these requirements are recognized under Law No. 21 of 2011 concerning the Financial
Service Authority. (OJK).

e. Bagaimana proses pembentukan suatu Reksa Dana, jenis Reksa Dana dan bentuk
jasa yang diperoleh oleh Manajer Investasi dan dimana diatur?
Answer

A mutual fund is a type of financial investment. A group of investors pool their money and
purchase securities, including stocks. This group of securities is called a portfolio and it is
professionally managed based on the objectives of the group. Mutual funds allow individuals
to purchase a managed portfolio that is balanced for a lower cost than many other types of
investments. Each share of a mutual fund is part ownership of the fund and the generated
income. While a mutual fund portfolio may include many different stocks, mutual fund
investors do not own any stocks; only the fund owns the stocks.
The following are the types of mutual funds namely;

• Open-Ended fund.
These mutual funds continually create new units or redeem issued units on demand.
They are also called Unit Trusts. The Unit holders buy the fund’s Units or may
redeem them continuously at the prevailing Net Asset Value (NAV). These units

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 can be purchased and redeemed through the Management Company, which
announces offer and redemption prices daily.

• Close-funded funds
These funds have a fixed number of shares, like a public company, and are floated
through an IPO. Once issued, they can be bought and sold at market rates in the
secondary market (Stock Exchange). The market rate is announced daily by the
stock exchange.

Other types are;

 Interval- ended fund

 Equity Fund
 Dept Fund
 Balance or Hybrid Funds

f. Bagaimana sebaiknya pengaturan tentang Repurchase Agreement (REPO), agar

jaminan REPO tidak mudah ditransaksikan lagi (dijual) kepada Pihak ketiga lainnya?
Ataupun Pihak Penjual REPO tidak menebus kembali dengan alasan nilai Sahamnya
turun drastis?

Answer
A repurchase agreement (REPO) is a form of short-term borrowing for dealers in
government securities. In the case of (REPO), a dealer sells government securities to
investors, usually overnight, and buys them back the following day at a slightly higher price.
That small difference in price is the implicit overnight interest rate. REPO is typically used
to raise short-term capital. They are also a common tool of central bank open market
operations.

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 g. Bagaimana kedudukan Fatwa Dewan Syariah dalam Pasar Modal Syariah Indonesia
dan apa kriteria sebuah emiten dikatakan sebagai emiten yang berbasiskan syariah
dan emiten yang masuk kategori Jakarta Islamic Index (JII).

Answer.
Fatwa of DSN fatwa has binding legal force in Indonesia as stated in The Law of Indonesia.
Based on article 26 of Law No. 21 of 2008 on Sharia Banking, the Fatwa of DSN is applied
formally in all activity’s sharia banking in Indonesia. Similarly, in the sharia capital market
activities, the strength of the fatwa of DSN becomes formal legal provisions binding on the
sharia capital market. Provisions on the Fatwa of DSN-related decisions of BAPEPAM (now
replaced by OJK) as a regulator and supervisor of the capital market in Indonesia based on
Law No. 8 of 1995 on Capital Market.

h. Good Corporate Governance, dalam kerangka hukum Indonesia statusnya apakah

sebagai code of ethics, principles ataukah norm? Agar dijelaskan dengan argumen
yang komprehensif.
Answer
Law No. 40 of 2007 on Limited Liability Companies (Company Law) governs limited liability
companies in Indonesia. The Company Law provides the general roles of shareholders,
boards of directors, boards of commissioners, and stakeholders of a company, such as
employees, business partners, and the public. Further, a company's articles of association are
the general governance document of the company, for example, limitation on the authority
of the board of directors and the mechanism on how decisions are made at the board of
directors’ meetings, board of commissioner’s meetings and general meetings of shareholders.
In addition, in practice, companies normally prepare their own good corporate governance
manual to reference the companies' ethics and business practices.
There following are some of the Good Governance in maintaining Indonesia’s Capital
Market;

• The general principle under the Company Law is that the management and its
supervisors (the board of directors and board of commissioners, respectively)
represent the company and not the shareholders. Under the Company Law, the
board of directors is defined as the company organ with the authority and full
responsibility for managing the company in the interests of the company, in

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 accordance with the purposes and objectives of the company. It is the organ that
represents the company inside and outside the courts in accordance with the
provisions of its articles of association. The board of commissioners is defined as the
company organ with the duty to conduct general and special supervision of and advise
the board of directors.

• for public companies (companies with at least 300 shareholders or listed on the
Indonesia Stock Exchange (IDX)), the members of the board of directors and the
board of commissioners are also subject to capital market regulations, including Law
No. 8 of 1995 on Capital Markets. Public companies are also supervised by the
Financial Services Authority (OJK) and the IDX. Therefore, the conduct of public
companies must also comply with the regulations issued by the OJK and the IDX,
which are more detailed and provide more clarity on how good corporate governance
should be implemented: for example, the requirement to establish certain
committees, such as an audit committee and a remuneration committee, and to have
a non-affiliated director and independent commissioners.

Hence, Good Corporate Governance within the framework of Indonesia Laws.

i. Jelaskan dan analisis tentang Delisting, Relisting dan Going Private, yang mengacu
pada aturan terbaru dari Otoritas Jasa Keuangan dan atau Peraturan Bursa Efek
Indonesia.
Answer

delisting is the act of deleting the records of shares listed on the exchange due to certain
conditions so that the shares can no longer be traded publicly. The following are the type of
Delisting based on their nature, namely;

• Voluntary Delisting:
This is a voluntary delisting of shares submitted by the issuer's own application for some
reason. for example, due to a merger (the process of merging/taking over. with a company
that has gone public, the will of a new controller, or other considerations.

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 • Forced Delisting
This is an act of the stock exchange authority (IDX) to forcibly remove the company's
shares. This usually happens due to a decrease in the criteria so that the company no
longer meets the listing requirements of the exchange. For example, no financial
statements, no certainty of the company's business continuity, and no explanation for
two consecutive years.

So, if your investor and found that your shares are delisted, there are two important ways you
can choose to redeem your shares ;
• Selling such shares in the negotiation market.
IDX will open a suspension of shares that will be delisted within a certain time (generally
only a few days), where the suspension will be open in the negotiation market. Within that
time frame, investors should sell the shares. Although the value has plummeted and there
are rarely any enthusiasts.
• Letting stocks
Delisted companies usually remain public companies and can relist in this condition; the
investor's shares are still there. But this possibility is indeed quite small.

Therefore, investing in stocks does provide a high rate of return. Still, generally, high-return
investments have high risks as well. as an investor, you need to be more thorough and
consider the various risks before investing in them.

Catatan. Mohon mengisikan angka 40 sd 100 (40 Tidak Berpartisipasi, 100 Sangat Baik),
terhadap performance dan achievement teman anda dalam kelompok dalam mengerjakan
dan menyelesaikan tugas kelompok (Jurnal). Berikan penilaian yang jujur, adil dan objektif.
(Tidak menilai diri sendiri). Tambahkan baris jika anggota kelompok lebih dari 5 orang.

Kelompok: 1
No Nama Nilai
1 Dotto Koyage Philipo- 2106759810 93
2 Yuma K.Y - 2106667942 93
3 Hotma P.A..M- 2106800154 87
4

Selamat Bekerja: //arman.nefi/file18102022

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