Judicial Analysis on Ownership Evidence for Shareholders in a Scripless Share Trading System in Stock Exchange

Abstract

Transfer of property rights on share in scripless trading system in stock exchange related to ownership evidence for scripless shareholdres is not regulated yet in the procedure law. In fact, it becomes important for the sake of legal certainty. The electronic document is equal to the document made on paper. Therefore, the implementation of Law of the Republic of Indonesia Number 11 of 2008 regarding Electronic Transaction and Information is the answer of the technological development and advancement, especially information technology field, so that it can be used to anticipate the harmful possibilities that may happen. Based on formal-judicial aspect, Civil Procedure Law and Criminal Procedure Law do not accommodate electronic documents yet as the evidence. The regulation on electronic evidence in formal law is extremely needed in order to achieve legal certainty. Ownership evidence for shareholders in scripless share trading system is in form of beneficial ownership on securities, provided by the Custodian to securities account holders in form of written confirmation, regarding the sales or the purchase of securities, providing receipts of securities deposit into securities account, confirming on securities receipts or deliveries, providing monthly securities account reports on debits and credits in the securities account, and providing other documents issued by the Custodian regarding debits and credits in the securities account, including electronic confirmation. The written confirmation for the Custodian to the securities account holders is actually the ownership evidence on share in form of electronic data.

Keywords: Ownership Evidence, Scripless Share Trading

DOI: 10.7176/JLPG/91-06

Publication date: November 30^th 2019