Can Bandarmology Practices Be Criminalized? Examining the Legal Elements Behind Stock Manipulation in Indonesia’s Capital Market

The term bandarmology has increasingly appeared in discussions among Indonesian retail investors in recent years. This approach refers to attempts to read transaction patterns of large market participants believed to have the ability to influence stock price movements. As bandarmology becomes more popular, an equally important question arises: can such practices lead to criminal consequences, especially when associated with the phenomenon of “stock market manipulation” (goreng saham) that often harms retail investors? This question is relevant because those labeled as “bandar” (market makers)  are frequently associated with parties who move prices artificially, yet not all activities linked to these actors can automatically be classified as unlawful conduct from a legal perspective. It is therefore crucial to distinguish clearly between bandarmology as a legitimate analytical method and manipulative acts that may satisfy the elements of a criminal offense under capital market law.