RECONSTRUCTING INVESTOR PROTECTION IN DIGITAL DISTRIBUTION OF RETAIL SBSN: RISK DISCLOSURE, MEANINGFUL CONSENT, AND ACCOUNTABILITY

Abstract

The digital distribution of Retail Sovereign Sharia Securities (SBSN ritel) expands public access to government investment instruments, but it also intensifies information-asymmetry and interface-driven risks that may lead to mis-selling. This article evaluates whether disclosure and risk-communication practices in SBSN retail digital channels satisfy the principles of transparency, accountability, and anti-mis-selling, particularly across the end-to-end investor journey (pre-offering, transaction, and after-sales). Employing a normative legal method supported by qualitative analysis of the digital consent flow and risk-summary presentation, the study maps risk-based disclosure obligations and assesses their operationalization in platform design. The analysis indicates that disclosure can become “formally available” yet substantively ineffective when material risks are placed in marginal locations, consent is easily bypassed, and UI/UX practices (including artificial urgency and biased framing) compress deliberation and steer decisions. These patterns weaken accountability and complicate proof and redress without reliable audit trails. The study concludes that investor protection in SBSN retail digital distribution requires enforceable minimum standards for digital risk disclosure and meaningful consent, strengthened auditability (consent record and audit trail), and integrated after-sales complaint and remedy pathways, complemented by accessible, traceable sharia-compliance assurance.