Turkey's Capital Markets Board (SPK) has filed criminal complaints against dozens of individuals and imposed two-year temporary trading bans on them, as well as on Pusula Portföy Yönetimi A.Ş., for alleged manipulative transactions in the shares of KTLEV (Katılımevim Tasarruf Finansman A.Ş.), GUNDG, and DSTKF. The regulator also canceled some capital market licenses. This action comes amidst heightened market volatility, with the BIST 100 index experiencing a significant decline.
The SPK's decision, outlined in its weekly bulletin dated September 16, 2026, targeted specific individuals, including Ayşe Seher Aydın, Enes Yazıcı, Feryal Köker, and many others, for their activities in the KTLEV share market. For some individuals, existing trading bans of six months will be deducted from the new two-year prohibition. The regulator's move aims to address suspected market manipulation during a period of market stress.
The crackdown follows a broader market downturn. On September 16, 2026, the BIST 100 index fell by as much as 6.6%, triggering circuit breakers. The decline was partly attributed to payment problems at fund managers like Pusula Portföy and Tera Portföy, which failed to meet redemption requests from investors, leading to fears of a liquidity crisis. Tera Portföy reported two of its funds with a combined 366 billion liras ($7.5 billion) in assets failed to meet redemption requests.
The market concerns were exacerbated by speculation that funds needing cash might sell shares, causing further price declines. Separately, an investigation was launched into former Borsa İstanbul head İbrahim Mustafa Turhan for social media posts allegedly causing fear and panic among investors, although prosecutors did not claim his warning contained false information or that he traded securities. The SPK's actions indicate a strong regulatory response to maintain market integrity during this turbulent period.
