Gadai yang diatur pada Pasal 1150-1160 KUH Perdata merupakan jaminan kebendaan bagi benda bergerak, hal mana dengan ini dapat digunakan untuk saham yang berkedudukan sebagai benda bergerak berdasarkan Pasal 60 ayat (1) Undang- Undang Perseroan Terbatas. Keberadaan jaminan mendorong pemberian kredit, dan pemberian kredit berpotensi meningkatkan pertumbuhan ekonomi dan kemakmuran negara. Meskipun demikian, seiring dengan kemajuan masyarakat dewasa ini, pengaturan gadai dalam KUH Perdata sudah berusia lebih dari 100 tahun. Ditemukan juga bahwa pelaksanaan eksekusi jaminan di Indonesia per tahun2019 cukup rendah, hanya 6% lelang eksekusi dari total non-performing loan perbankan, hal mana eksekusi ini masih didominasi oleh Hak Tanggungan. Di sisi lain, Singapura yang kerap kali menggunakan saham sebagai objek jaminan memperoleh nilai tertinggi dalam indikator penilaian “enforcing contracts” Doing Business yang dikeluarkan oleh World Bank pada tahun 2020. Penulis dengan ini bertujuan membandingkan pengaturan gadai saham dengan mortgage over shares dan melihat apakah Indonesia dapat mencontoh pengaturan Singapura.

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Pledge, as regulated under Article 1150-1160 of Indonesian Civil Code, is a type of security interest available for movable property. Shares, indicated as a movable property by the Article 60 paragraph (1) Law No. 40 of 2007 as amended by Law No. 11 of 2020, is therefore applicable for pledge. The existence of security encourages the provision of credit, and the provision of credit has the potential to increase economic growth and prosperity of a country. However, in contrast to the progress of today’s society, the arrangement of pledge in the Indonesian Civil Code is more than 100 years old. In addition to that, the execution of security rights as of 2019 can also be said to be low, only 6% of the execution auction of all the nonperforming bank loans, of which is still dominated by Mortgage. Singapore, on the other hand, recognize shares as a collateral object and also received the highest score in the Doing Business “enforcing contracts” assessment indicator issued by the World Bank in 2020. The author hereby aims to compare the arrangement of pledged shares of Indonesia with mortgage over shares of Singapore and see if Indonesia can emulate the Singapore arrangements.