Türkiye's SPK decides to file criminal complaints against 51 people

Türkiye's Capital Markets Board (SPK) decided to file criminal complaints against 51 people over trading in three listed shares and revoked every activity permit of the broker Tera Yatırım Menkul Değerler, its bulletin 2026/77 of 27 October said.

The bulletin lists each measure in its own table, share by share. This piece counts the rows. It names none of the private individuals listed, and it treats a criminal complaint as what it is: a referral to prosecutors, not a finding of guilt.

Source: SPK bulletin 2026/77, section A, rows counted by EM Governance Review. Names repeat across the three inquiries, which is why 86 complaint entries cover 51 people.

The complaints cite Article 107/1 of Capital Markets Law 6362 for transactions in each share's market. A footnote to each table says a person named can use the law's effective repentance provision, Article 107/3, by paying the Treasury twice the benefit gained, and no less than TRY 500,000, within 15 days of the board's decision.

The trading bans run for two years on the exchange and other organised markets, under Article 101/1 of the law and Articles 5/2 and 6/2 of the board's Communiqué V-101.1. Every person in a complaint table is also in a ban table. The bans add four companies: Aura Portföy Yönetimi in SELEC, Tera Portföy Yönetimi and MAG Tarımsal Ürünler Pazarlama ve Ticaret in MANAS, and Tera Yatırım in both. For Aura Portföy and the two Tera firms the bulletin limits the ban to their trades in the share for their own name and account.

The licence cancellations, under Article 17/1 of the same communiqué, remove all licences held by 32 of the people under complaint for as long as their trading ban lasts. The bulletin lists no measure against the three issuers themselves.

Under Article 97/1 of the law, the board cancelled all of Tera Yatırım's activity permits and its authorisation certificate, ordered its investors compensated and ordered the broker's gradual liquidation. The same day, bulletin 2026/76 set the payout rules for the liquidated funds of Tera Portföy and two other managers, with İş Bankası running the Tera funds.

Bulletin 2026/77 also orders legal steps to block access to five web addresses, a site, its client login and registration pages and two app store listings, under Article 99/3, to stop unauthorised capital markets activity. The board publishes each bulletin on its 2026 bulletin page, where 2026/78 followed on 30 October.

For compliance teams at brokers and banks, the tables give a screening list: 51 people and four companies face two-year bans on Turkish organised markets. The board's other recent rule change raised the professional client threshold to TRY 50 million, and the parliamentary route to the fund liquidation law is in the October governance briefing on Türkiye.