Legal Protection for Investors in Securities Crowdfunding: A Case Study of PT Santara Daya Inspiratama and a Comparison Between Indonesia and The United States (Indonesian Journal of Law and Syariah)

Summary

• The Financial Services Authority (OJK) issued Letter No. S-231/D.04/2022 on November 8, 2022, ordering a Specific Action Order against PT Santara Daya Inspiratama.p.3
• OJK sanctioned PT Santara for violating Article 40, paragraph (4) and subparagraph (8) of POJK 57/2020 regarding securities registration and distribution.p.2
• Effective July 25, 2025, OJK Regulation No. 17 of 2025 superseded previous crowdfunding rules POJK 57/2020 and POJK 16/2021 in Indonesia.p.4
• Under current SEC guidelines in the United States, Regulation Crowdfunding sets a maximum fundraising cap of US$5 million over a 12-month period.p.5
• Capital market operations in Indonesia are broader framed under Law No. 8 of 1995 as amended by Law No. 4 of 2023 on Development and Strengthening of the Financial Sector.p.4

Key insights

1. The OJK's enforcement action against PT Santara was grounded on non-compliance with administrative rules on securities registration and distribution rather than established data manipulation.p.3
2. Indonesia structures securities crowdfunding oversight through sector-specific regulations issued by the Financial Services Authority.p.4
3. The United States equity crowdfunding framework is established via Title III of the JOBS Act of 2012, which added Section 4(a)(6) and Section 4A to the Securities Act of 1933.p.4
4. US rules require crowdfunding offerings to take place through SEC-registered intermediaries consisting of broker-dealers or funding portals.p.5
5. In the United States, investment limits under Regulation Crowdfunding apply only to non-accredited investors, while accredited investors face no statutory limit.p.5
6. Restricting crowdfunding platform operators from adding new issuers or investors serves as a protective mechanism to prevent expanding risk prior to completing regulatory distribution requirements.p.4
7. Both the Indonesian and United States regulatory designs aim to decrease information asymmetry and mitigate business and liquidity risks for retail investors.p.6