JAKARTA: Indonesia's financial regulator has handed over sanction letters to parties found to have violated trading rules involving three listed companies, with fines totalling 2.1 trillion rupiah (US$116.67 million), it said late on Wednesday.

The fines, linked to trading in PT Dian Swastatika Sentosa Tbk, PT Barito Renewables Energy Tbk and PT Petrindo Jaya Kreasi Tbk, were the largest ever imposed by the regulator, known by its Indonesian abbreviation OJK, its chair, Friderica Widyasari Dewi, told reporters.

The OJK identified the sanctioned parties only by their initials.

The penalties were part of capital market reforms announced by the OJK last week, after MSCI warned it could downgrade Indonesian equities from "emerging" to "standalone" market status because not enough was being done to combat coordinated trading practices in the stock market.