SUPERVISING the capital market is a bit like carrying a thin pane of glass. Hold it too tightly and the glass will break. Hold it too loosely, the glass will fall and also break.

During the 1990s, this art of carrying panes of glass was unofficially used by the Capital Market Supervisory Agency (Bapepam) or by the management of PT Bursa Efek Jakarta (the Jakarta Stock Exchange, JSE) in dealing with dishonesty in the capital market. At that