PERLINDUNGAN HUKUM TERHADAP INVESTOR AKIBAT ADANYA EMITEN DELISTING DI PASAR MODAL (Studi Di Pusat Informasi Pasar Modal - Bursa Efek Jakarta Malang)
Capital market one of important part in nun of macro economics. Therefore capital market become effective medium to company which is go public ( issuer / emiten) to look after fund of society ( investor) and as consequence of capital sharing, hence investor get return. In capital market there are term of delisting meaning cancellation of record-keeping of effect of emiten stock. To the the happening of delisting, hence require to be clarified form protection of law to investor. Research object and at the same time becoming this problem what the factors that resulting the happening of delisting in capital market ? And also how form protection of law to investor effect of existence of capital market delisting ?. In line with lifted problems formula, hence Intention of this writing is to know factors resulting the happening of delisting in capital market and to know form protection of law to investor effect of existence of capital market delisting. Method of data analyses in this study is analytical descriptive method, that explaining obtained facts from result of research in obtained data and also field of bibliography study later; then analyse the the data’s to be pulled into a conclusion. Pursuant to result of research in range of time between 1999-2007 there are a number of case of delisting. There are two big factor was noted which result delisting that is delisting by effect exchange authorities and delisting by request of emiten (voluntary delisting). Delisting by effect exchange authorities becaused of : less than 3 billion rupiahs company equity counted 10 emiten, conducting merger or forge of effort counted 12 emiten, do not submit annual report counted 6 emiten, broken by bankrupt counted 3 emiten, and liquidation counted 13 emiten. Besides causes above also there are action of voluntary delisting conducted by 11 emiten, action of voluntary delisting because of go private conducted emiten. Protection form to investor effect of existence of this delisting in the form of with refer to rules in form of Code/Law, Bapepam Regulation and also Stock Exchange Regulations. In this case BEJ as Stock authority certain mechanism and criterions relate to delisitng in the form of Decision Of Board Of Directors of BEJ Kep-308/Bej/07-2004 About Regulation Of I-I About Abolition of Record-Keeping ( Record-Keeping and delisting) Return ( relisting). From some case known that when investor delisting happened it will not losing the ownership of its share automatically. Because the shares admit of to be commercialized by outside stock. Or if emiten expressed by stockholder bankrupt admit of to obtain; get its rights though after existence of settlement of company debt. If Emiten conduct to merger or forge of effort, hence emiten obliged by doing price conversion of stocks and conductpurchasing return to shares which disagree with existence of merger or forge of effort. The rule arranged in rule No. IX.G About Business Combination Or Forge Of Effort Company Of Public Or of Emiten and Section 126 jo 62 UU No. 40 Year 2007 about Limited Liability. Bapepam as Capital Market Authority of vital importance. Though do not peculiarly, Bapepam release some regulation to protect importance of investor related to occurence of delisitng for example regulation of Bapepam No. IIIA.10 about commerce outside stock, Regulation Of Bapepam No. IX.E.1 about Collision Have interest Certain Transaction and Pursuant to regulation of IX.G about Business Combination Or Forge Of Effort Company Of Public of Emiten
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