Bab 8 – Pasar Modal

Pasar modal adalah kegiatan yang bersangkutan dengan penawaran umum dan perdagangan efek. Tujuannya adalah mempercepat proses ikut sertanya masyarakat dalam pemilikian saham menuju pemerataan pendapatan masyarakat serta meningkatkan parttisipasi masyarakat dalam pengetahan dana penggunaannya secar produktif untuk pembiayaan pembangunan nasional.

Produk-produk yang terdapat dalam pasar modal, antara lain :

  1. Saham

Penyertaan dalam modal dasar suatu perseroan terbatas dengan surat saham sebagai buktinya

  1. Obligasi

Surat pernyataan utang jangka panjang dari perusahaan kepada para pemberi pinjaman dengan kesanggupan melunasinya dan membayar bunga  setiap tahunnya.

  1. Reksadana

Sertifikat kepemilikan uang

            Para pelaku dalam pasar modal :

  1. Pelaku, yaitu pembeli dan penjual dana/modal
  2. Emiten, pihak yang melakukan penawaran umum.
  3. Komoditi, barang yang diperjualbelikan.
  4. Lembaga Penunjang, lembaga-lembaga swasta yang terkait sebagai profesi penunjang.
  5. Investasi, kegiatan menanamkan modal.

Investasi di pasar modal dapat melalui dua cara, yaitu :

  1. Pembelian efek di pasar perdana

Yakni pasar dalam masa penawaran efek dari perusahaan penjual efek ke masyarakat (di pasar perdana efeknya belum masuk bursa)

  1. Jul/beli efek di pasar sekunder

Dimana harga efek ditentukan oleh kondisi perisahaan emiten dan kekuatan permintaan dan penawaran efek di bursa.

Instalasi yang Terkait dalam Pasar Modal

  1. Badan Pengawasan Pasar Modal

Badan yang mengelola burasa di Indonesia.

  1. Bursa Efek

Lembaga yang menyelenggarakan dan menyediakan sarana untuk mempertemukan penawaran, jual beli efek pihak-pihak lain dengan tujuan memperdagangkan efek di antara mereka.

  1. Lembaga Kliring dan Penjamin

Pihak yang menyediakan jasa kliring dan penjamin penyelesaian transaksi bursa.

  1. Lembaga Penyimpanan dan Penyelesaian

Pihak yang menyelenggarakan kegiatan custodian sentral bank kustodian, perusahaan efek, dan pihak lain.

Reksadana

Wadah yang digunakan untuk menghimpun dana dari masyarakat pemodal, untuk selanjutnya diinvestasikan dalam portofolio efek oleh manajer investasi.

Lembaga Penunjang dalam Pasar Modal

Lembaga yang menunjang beroperasinya suatu pasar modal dengan menjalankan fungsinya, yaitu :

  1. Penjamin emisi : Membuat kontrak dengan emiten untuk melakukan penawaran umum.
  2. Penanggung : Menanggung ketika emiten tidak mampu memenuhi kepentingan pemodal.
  3. Wali amanat : Perwakilan untuk kepentingan pemodal.
  4.  Perantara perdagangan efek : Menyampaikan harga jual dan beli saham/obligasi yang disediakan oleh bursa efek (broker)
  5. Perdaganagn efek : Pemodal yang melakukan jual beli efek
  6. Perusahaan surat berharga : Menjadi perantara perdagangan efek dan penyediaan jasa pengelola dana.
  7. Perusahaan pengelola dana : melakukan pengelolaan dana dan penyimpanan dana.
  8. Biro adnimistrasi efek : melakukan pencatatan pemilikan efek dan pembagian hak yg berkaitan dengan efek.

Profesi Penunjang dalam Pasar Modal

  1. Notaris : Menyatakan keabsahan segala akta yang menyangkut ekstensi perusahaan.
  2. Konsultan hukum : Memberikan pendapat dari segi hukum mengenai segala kewajiban yang mengikatperusahaan yang hendak go public.
  3. Akuntan publik : Memberi pendapat terhadap kaajaran kewajiban laporan keuangan perusahaan yang hendak go public.
  4. Perusahaan penilaian : Pihak yang melakukan penilaian kekayaan perusahaan yang hendak go public.

Larangan  dalam Pasar Modal

  1. Penipuan dan manipulasi
  2. Perdagangan orang dalam
  3. Larangan bagi orang dalam untuk mempengaruhi dan memberi informasi
  4. Larangan bagi pihak yang dipersamakan dengan orang dalam
  5. Perusahaan efek yang memiliki informasi orang dalam

Sanksi terhadap Larangan

  1. Sanksi administrasi seperti, peringatan tertulis, denda, pembatasan kegiatan usaha, pembekuan kegiatan usaha, pencabutan izin usaha, pembatalan perjanjian, pembatalan pendaftaran.
  2. Sanksi pidana

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