The Financial Services Authority (OJK) imposed administrative sanctions on a capital market social media influencer identified as BVN, who is suspected to be Belvin Tannadi (@belvinvvip), along with three other parties, in connection with alleged price manipulation practices involving shares of PT Agro Yasa Lestari Tbk (AYLS), PT MD Pictures Tbk (FILM), and PT Bintang Samudera Mandiri Lines Tbk (BSML).

Acting Head of Capital Market Supervision at OJK, Hasan Fawzi, stated that the authority had imposed a fine of Rp5.35 billion on BVN for price manipulation violations carried out through the dissemination of information on social media during the 2021–2022 period.

“The influencer identified as BVN also placed buy and sell orders for several stocks, including AYLS, FILM, and BSML, using multiple nominee securities accounts repeatedly, thereby causing artificial stock price formation that was not based on genuine market supply and demand forces or in accordance with fair market mechanisms,” Hasan said at the Indonesia Stock Exchange on Friday (February 20, 2026).

Based on the results of the investigation, BVN was found to have committed violations in trading AYLS shares during the periods of September 1–27, 2021 and November 8–December 29, 2021. Violations were also identified in the trading of FILM shares from January 12–December 27, 2021, as well as BSML shares from March 8–June 17, 2022.

OJK stated that the examination was conducted through in-depth analysis of stock transaction facts, review of the individual’s social media activities, identification of transaction patterns, and other investigative findings.

One of the identified patterns involved market manipulation through the placement of buy and sell orders for certain stocks using multiple securities accounts. This pattern was deemed to have created price formation that did not reflect actual supply and demand conditions.

Such actions generated a misleading impression of stock trading activity on the Exchange and had the potential to influence investors’ trading decisions.

Furthermore, BVN was known to have disseminated information via social media regarding one or more stocks, including planned purchases and projected price movements. At the same time, he executed buy or sell transactions by taking advantage of his followers’ reactions to the information shared.

Based on these findings, OJK concluded that BVN had violated Articles 90, 91, and 92 of the Capital Market Law as amended under the Law on Financial Sector Development and Strengthening (UUPPSK).