Tujuan penelitian ini untuk menganalisa rumusan pasal 33 ayat 1 UU Penanaman Modal dikategorikan sebagai nominee arrangement dalam perjanjian jual beli saham dan akibat hukumnya. Penelitian ini adalah penelitian kualitatif dengan mengacu pada Putusan Pengadilan Tinggi DKI Jakarta Nomor 375/Pdt/2018/PT.DKI. Subjek penelitian adalah Putusan Pengadilan Tinggi DKI Jakarta Nomor 375/Pdt/2018/PT.DKI. Penelitian menggunakan data yang ada untuk dianalisa. Pengumpulan data dilakukan dengan wawancara dan studi kepustakaan. Hasil penelitian menunjukkan bahwa : 1. Peraturan hukum di Indonesia belum secara tegas memberikan konsekuensi hukum bagi pelaku nominee arrangement 2. Sesuai putusan hakim pada Putusan Pengadilan Tinggi DKI Jakarta Nomor 375/Pdt/2018/PT.DKI, perjanjian jual beli saham dinyatakan batal demi hukum. Dari hasil penelitian ini dapat disimpulkan bahwa praktek nominee arrangement dilarang di Indonesia / The purpose of this study is to analyze the formulation of Article 33 paragraph 1 of the Investment Law which is categorized as a nominee arrangement in a share purchase agreement and its legal consequences. This research is a qualitative research with reference to the Decision of the DKI Jakarta High Court Number 375/Pdt/2018/PT.DKI. The subject of the research is the Decision of the DKI Jakarta High Court Number 375/Pdt/2018/PT.DKI. Research uses existing data for analysis. Data collection was done by interview and literature study. The results of the study show that: 1. Indonesia Regulation have not explicitly provided legal consequences for the nominee arrangement actors., 2. According to the judge's decision in the Decision of the DKI Jakarta High Court Number 375/Pdt/2018/PT.DKI, the share purchase agreement was declared null and void. law. From the results of this study, it can be concluded that the practice of nominee arrangements is prohibited in Indonesia.