By Bosphorus News Economy Desk
On October 30, 2026, Türkiye began a TL29.3 billion round of advance payments to investors in seven funds undergoing extraordinary liquidation. The Capital Markets Board (SPK) extended temporary collateral relief for credit-financed trading, while Borsa Istanbul confirmed the early termination of a contract with Barikat, a cybersecurity supplier majority-owned by Tera Yatırım Teknoloji Holding.
According to Anadolu Agency, the advances cover 235,705 investors in funds established by Atlas, Pusula and Tera portfolio management companies. The payments follow Law No. 7596, which took effect on October 27, and rules adopted by the SPK the same day.
Interim Payments Begin Across Seven Funds
Ordinary liquidations had already paid TL68 billion to 63,759 investors in 93 funds managed by A1 Capital, Bulls, Pardus and Hedef. Including the new round, the reported totals amount to TL97.3 billion across 100 funds, with a combined count of 299,464 investors. Transfers in the extraordinary liquidation began on Friday, so that sum is not a final settlement figure.
Under the fund liquidation law and SPK payment rules, investors can receive advances of up to TL1 million per fund, subject to their net investment and the cash available. The ceiling does not guarantee a payout of that amount. Fund units remain with investors until the final liquidation payment.
Türkiye İş Bankası is administering Tera Portföy fund liquidations, while Ziraat Bankası is handling those established by Pusula and Atlas. Money-market funds have priority. Individuals and institutions the SPK identifies as having participated in specified market-abuse violations are excluded from distributions through the liquidation and recovery accounts.
The September intervention initially covered 131 funds run by seven portfolio management companies. On September 23, the SPK counted 455,758 unique investors holding units in those funds, more than the number included in the latest advance-payment round.
SPK Extends Collateral Relief to November 13
The SPK extended temporary flexibility in the equity-maintenance ratio for credit-financed securities transactions through the close of trading on November 13. Decision 76/1918, adopted on October 27 and published in the board's October 30 bulletin, continues a measure renewed on October 3 without another change to the applicable ratio.
The regulator cited conditions in Borsa Istanbul markets and its duty to protect investors and maintain orderly trading. The measure concerns collateral on credit-financed transactions, not payments from funds being liquidated.
Borsa Istanbul Confirms Barikat Contract Termination
Borsa Istanbul said on October 30 that it had terminated its contract with Barikat İnternet Güvenliği Bilişim ahead of schedule after learning of a change in the supplier's ownership. The relationship began in 2017 and covered only products from internationally recognized vendors, according to the exchange.
Public Disclosure Platform (KAP) records identify Barikat as a 63.1%-owned subsidiary of Tera Yatırım Teknoloji Holding, following an increase in its stake in September 2025.
The announcement came days after the SPK action involving Tera Yatırım's brokerage licence and related share-trading suspensions. Those trading suspensions involved Tera Yatırım and Tera Finansal Yatırımlar Holding (TRHOL), a separate company from Barikat shareholder Tera Yatırım Teknoloji Holding (TEHOL). Borsa Istanbul did not disclose when the Barikat contract ended and maintained that the supplier had never accessed its information or systems.
Sources: Capital Markets Board of Türkiye, Borsa Istanbul, Public Disclosure Platform, Official Gazette of Türkiye, Grand National Assembly of Türkiye, Anadolu Agency, Bosphorus News review and reporting.