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A travel ban was imposed on Tera Yatirim Holding Chairman Emre Tezmen as Türkiye’s Capital Markets Board, or SPK, moved to suspend trading in investment funds managed by seven portfolio management companies and ordered the liquidation of 130 funds.
The SPK said the measures were taken in response to developments in Borsa Istanbul markets and were aimed at protecting investors’ rights and interests.
The regulator ordered all investment funds whose participation shares are traded on the Türkiye Electronic Fund Trading Platform, or TEFAS, and founded by seven portfolio management companies to be closed to transactions.
The companies are Tera Portfoy Yonetimi AS, Pusula Portfoy Yonetimi AS, Hedef Portfoy Yonetimi AS, Atlas Portfoy Yonetimi AS, A1 Portfoy Yonetimi AS, Pardus Portfoy Yonetimi AS and Bulls Portfoy Yonetimi AS.
The SPK also ordered the liquidation of selected investment funds managed by the seven companies through a method to be determined by the board.
The funds subject to liquidation include hedge funds and money market funds.
According to the decision, five funds managed by Tera Portfoy Yonetimi, 12 by Pusula Portfoy Yonetimi, 31 by Hedef Portfoy Yonetimi, 16 by Atlas Portfoy Yonetimi, nine by A1 Portfoy Yonetimi, 15 by Bulls Portfoy Yonetimi and 42 by Pardus Portfoy Yonetimi will be liquidated.
The total number of funds affected is 130.
The SPK also temporarily eased the minimum equity maintenance ratio applied to leveraged capital market transactions.
The existing minimum ratio of 35% may be applied flexibly at 20%, provided this is consistent with brokerage firms’ own risk policies and takes customer requests into account as much as possible.
The temporary measure will remain in effect until the end of the Oct. 2 trading session, unless a second announcement is issued.
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