Türkiye's Capital Markets Board (SPK) published an extraordinary bulletin on 17 September 2026 after recent market disruption. It ordered all TEFAS-traded investment funds founded by Tera, Pusula, Hedef, Atlas, A1, Pardus and Bulls portfolio-management companies to be closed to purchase and sale transactions. It also listed funds that are to be liquidated by a method the Board will determine. The document is immediately relevant to holders, but it does not state a liquidation timetable, a final payment value or an instant cash-access date.
The decision has two separate fund effects
First, every fund founded by the seven named managers and traded on TEFAS is closed in both the purchase and sale directions. That means an investor should not assume a normal redemption order will settle on the usual timetable. Second, the bulletin names funds that SPK says will be liquidated through a method it will appoint. Trading closure and liquidation are related but not identical steps; the exact fund name and status must be matched against the official four-page bulletin rather than a social-media list.
It is not a freeze on every Turkish investment fund
The measure is tied to seven managers: Tera Portföy, Pusula Portföy, Hedef Portföy, Atlas Portföy, A1 Capital Portföy, Pardus Portföy and Bulls Portföy. Funds founded by other managers are not included merely because they trade on TEFAS or invest in Borsa Istanbul. Holders should check the fund founder, full legal title and current platform notice. A similar-sounding fund, distributor or bank name is not enough to decide whether a position is affected.
Liquidation does not mean a guaranteed value or immediate payout
SPK's bulletin says the listed funds will be liquidated by a method to be determined by the Board. It does not publish a completion date, valuation formula, interim payment schedule or guaranteed return. The amount eventually available to a holder may depend on the assets, liabilities, expenses, valuation and implementation instructions applicable to that fund. Investors should therefore treat any fixed payout date or recovery percentage circulating online as unverified unless it appears in a later SPK, TEFAS, manager, custodian or distributor notice.
What a holder can document now
Save the latest account statement, fund code and full title, number of participation units, transaction history and any pending orders. Ask the bank or brokerage in writing whether the order was accepted, rejected or remains pending, and request the official notice that governs the answer. Keep the response together with the SPK bulletin. Do not send money, passwords or identity images to people claiming they can release a frozen fund. SPK's decision does not create a private fast-track service or require payment to an intermediary.
The same bulletin temporarily changes margin maintenance
A separate part of Bulletin 2026/60 allows brokers, within their own risk policies and while considering customer requests, to apply a minimum maintenance-equity ratio of 20% instead of 35% for margin transactions until the close of the 2 October 2026 session, unless SPK announces otherwise. This is flexibility, not an instruction that every broker must lower every customer's requirement. It also does not cancel losses, margin calls, open orders or the broker's stricter contractual risk limits.
Extra checks for international and non-resident investors
A non-resident may face additional questions about bank access, tax residence, currency conversion and receiving Turkish-lira proceeds. None of those issues is settled by the bulletin. Confirm the registered account, contact details and payment channel with the licensed intermediary, especially if the original investment was funded from abroad. Calculate any eventual result in both lira and the home currency, including transfer charges and exchange-rate movement, rather than reading a lira valuation as a guaranteed euro, dollar or sterling outcome.
What to watch next
The decisive follow-up will be SPK's chosen liquidation method and fund-specific implementation notices. Monitor the SPK bulletin page, the manager and distributor's official channels, TEFAS status and any custodian communication. Check whether a later document changes the scope, timetable or permitted transactions. This article explains the published decision; it cannot determine an individual claim, redemption value or legal remedy. Investors with a material exposure should obtain advice from a licensed professional who has reviewed the exact fund and account records.
Capital Markets Board of Türkiye (SPK) — press announcement, 17 September 2026 →
Borsa Istanbul — official TEFAS financial-literacy explainer →