Türkiye's Capital Markets Board published a three-part enforcement decision after reviewing transactions in Tera Finansal Yatırımlar Holding AŞ shares, traded under the TRHOL code. The bulletin says the Board decided to file criminal complaints against 37 individuals, imposed two-year trading prohibitions on the listed parties and cancelled every capital-markets licence held by 23 named individuals for the duration of their bans. A referral or administrative measure is not a finding of guilt by a criminal court.
Three separate measures in the bulletin
The first section records criminal-complaint decisions concerning 37 individuals under Article 107/1 of the Capital Markets Law. The second lists Tera Yatırım Menkul Değerler AŞ, Tera Portföy Yönetimi AŞ and the 37 individuals under two-year trading prohibitions. The third cancels all capital-markets licences held by 23 of those individuals for as long as their trading prohibitions remain in force. The measures should not be merged into a claim that every listed party received the same sanction.
The firms' restriction is expressly limited
For Tera Yatırım and Tera Portföy, the bulletin expressly limits the own-account prohibition to the TRHOL share market. It does not say that either company has been closed, that every licence held by the companies has been cancelled or that all of their services have stopped. Investors should distinguish this company-specific scope from the individual prohibitions in the same table.
What Article 107/1 covers
SPK's investor guide describes Article 107/1 as transaction-based market manipulation: buying or selling, placing, cancelling or changing orders, or carrying out account movements with the aim of creating a false or misleading impression about a security's price, price movements, supply or demand. The bulletin records SPK's decision to refer the named individuals; any criminal liability is determined through the judicial process.
What investors should verify
The decision does not state that TRHOL has been delisted, that ordinary investors' shares have been cancelled or that trading in the stock has permanently ended. Check current Borsa İstanbul and KAP disclosures, your broker's notices and the official SPK bulletin before acting. Avoid social-media claims that turn a regulatory referral into a final judgment or predict a guaranteed price move.
Turkey Compass fact check
Confirmed: SPK published criminal-complaint decisions concerning 37 people, two-year trading prohibitions covering the listed parties and temporary licence cancellations for 23 individuals. Not confirmed by the bulletin: a court conviction, a shutdown of the two firms, cancellation of investor holdings or automatic delisting of TRHOL.
Capital Markets Board of Türkiye (SPK) — investor guide to market manipulation →
Capital Markets Board of Türkiye (SPK) — 2026 bulletin archive →