EFEKTIVITAS PERLINDUNGAN HUKUM BAGI INVESTOR DALAM PENAWARAN UMUM PERDANA (IPO) DI INDONESIA

Abstrak

Penawaran Umum Perdana (Initial Public Offering/IPO) merupakan salah satu mekanisme penghimpunan dana di pasar modal yang memberikan kesempatan bagi perusahaan untuk memperoleh modal dari masyarakat sekaligus membuka peluang investasi bagi investor. Namun, dalam praktiknya, investor masih menghadapi berbagai risiko, seperti asimetri informasi, pelanggaran prinsip keterbukaan, manipulasi pasar, dan lemahnya penegakan hukum yang berpotensi menimbulkan kerugian. Penelitian ini bertujuan untuk menganalisis efektivitas perlindungan hukum bagi investor dalam IPO di Indonesia. Metode yang digunakan adalah penelitian hukum normatif dengan pendekatan perundang-undangan (statute approach). Data penelitian diperoleh melalui studi kepustakaan yang bersumber dari peraturan perundang-undangan, buku, jurnal ilmiah, dan literatur terkait, kemudian dianalisis secara kualitatif. Hasil penelitian menunjukkan bahwa perlindungan hukum bagi investor IPO telah memiliki landasan hukum yang kuat melalui Undang-Undang Pasar Modal, peraturan Otoritas Jasa Keuangan (OJK), dan ketentuan Bursa Efek Indonesia. Meskipun demikian, efektivitas perlindungan tersebut belum sepenuhnya optimal karena masih terdapat hambatan berupa asimetri informasi, kesulitan pembuktian kerugian investor, serta belum maksimalnya pengawasan dan penegakan hukum. Oleh karena itu, diperlukan penguatan pengawasan, penegakan hukum, dan peningkatan literasi keuangan masyarakat guna mewujudkan perlindungan investor yang lebih efektif.

An Initial Public Offering(IPO) is a fundraising mechanism in the capital market that provides companies with the opportunity to obtain capital from the public while simultaneously opening up investment opportunities for investors. However, in practice, investors still face various risks, such as information asymmetry, violations of the principle of transparency, market manipulation, and weak law enforcement that have the potential to cause losses. This study aims to analyze the effectiveness of legal protection for investors in IPOs in Indonesia. The method used is normative legal research with a statute approach. Research data were obtained through a literature review sourced from laws and regulations, books, scientific journals, and related literature, then analyzed qualitatively. The results show that legal protection for IPO investors has a strong legal basis through the Capital Market Law, the regulations of the Financial Services Authority (OJK), and the provisions of the Indonesia Stock Exchange. However, the effectiveness of this protection is not fully optimal due to obstacles such as information asymmetry, difficulties in proving investor losses, and suboptimal supervision and law enforcement. Therefore, it is necessary to strengthen supervision, law enforcement, and improve public financial literacy in order to realize more effective investor protection.