ANALISIS YURIDIS TERHADAP TANGGUNG JAWAB PERDATA PLATFORM DIGITAL ATAS KERUGIAN INVESTOR DALAM KASUS PERDAGANGAN SAHAM ILEGAL DI INDONESIA

Abstract

The development of digital platforms that facilitate securities trading and investment offerings opens up opportunities for financial inclusion but also poses the risk of illegal stock trading activities that harm investors. This article analyzes the civil liability of digital platform operators (marketplaces/aggregators/trading platforms) when investors suffer losses due to illegal stock trading practices. The research approach is normative-juridical, analyzing laws and regulations, supervisory policies (OJK), as well as relevant jurisprudence and legal literature. The results indicate a legal framework that is beginning to regulate the involvement of digital platforms in financial services (the latest POJKs). However, there are gaps in enforcement and legal certainty regarding the allocation of civil liability between platforms, licensed financial service providers, and securities intermediaries. This article recommends regulatory clarification regarding digital due diligence obligations, reparation mechanisms for victims, strengthening reporting and transparency obligations, and establishing specific rules regarding the role of aggregators/platforms as parties subject to civil liability.