SPK orders liquidation of 130 investment funds
Regulators have closed TEFAS-listed funds from seven managers and are liquidating 130 funds, leaving investors facing redemption and equity sell-offs.
Mateo Fernandez ·
The Capital Markets Board (SPK) ordered the liquidation of 130 investment funds on September 17, 2026, potentially prompting investor redemptions and selling pressure on Borsa Istanbul equities.
Officials said the regulator also ordered the closure of funds managed by seven portfolio management companies and flagged TEFAS‑listed participation shares for removal from trading as part of the measures.
Officials said the decisions were taken to protect investors following developments in local markets and that the SPK will determine the method of liquidation.
130 funds ordered liquidated
The SPK said it will appoint the method for winding up the affected funds; details on timing, priority of claims and distribution mechanics will follow once the regulator publishes its instructions. Until that guidance appears, investors will rely on fund managers and custodians for account‑level information, officials said.
Market participants said the announcement raises the prospect of forced sales in underlying equity holdings if sizable redemptions are executed, which could weigh on liquidity in small‑ and mid‑cap segments. Trading in shares linked to closed funds may see heightened volatility as managers move to meet claims, participants added.
Officials have not published a timetable; market participants will watch for a liquidation‑method notice by September 24, 2026, and for formal redemption instructions the week after that.