The Capital Markets Board (SPK) has initiated legal action against 65 individuals and imposed two-year trading bans on both individuals and six corporate entities following investigations into price manipulation in three Turkish stocks.
The regulatory crackdown targets trading activities in E-Data Teknoloji (BIST: EDATA), Kardemir Çelik (BIST: KARCL), and Graintürk Holding (BIST: GRTHO).
- Enforcement Scope: 65 individuals face criminal complaints, with 76 total counts of alleged market abuse, according to Ekonomim.
- Trading Prohibitions: A two-year ban applies to 65 individuals and six corporate entities, including units of A1 Capital and Tera, as reported by ParaMedya.
- Policy Extension: The SPK extended the flexible equity ratio requirement for leveraged transactions until the end of the 2026 trading year to maintain market stability.
The SPK’s investigation, detailed in the November 13, 2026, weekly bulletin, centers on violations of Article 107/1 of the Capital Markets Law, which covers market fraud. While the investigation highlights 65 unique individuals, the total number of criminal complaints reaches 76, as some subjects were involved in multiple stocks, Ekonomim noted. The regulator also canceled the capital market licenses of 36 individuals for the duration of their trading bans.
The Kardemir Çelik (BIST: KARCL) case involves several financial institutions and individuals. According to ParaMedya, the trading ban extends to six corporate entities: A1 Capital Portföy Yönetimi, A1 Capital Yatırım Menkul Değerler, Pardus Portföy Yönetimi, Tera Girişim Sermayesi Yatırım Ortaklığı, Tera Portföy Yönetimi, and Tera Yatırım Bankası.
These firms are prohibited from trading KARCL for two years, specifically regarding transactions conducted for their own name and account.
| Company | Action | Financial Impact |
|---|---|---|
| Plastikkart | Capital Increase | 22 milyon 750 bin TL to 300 milyon TL |
| Flap Kongre | Capital Increase | 93 milyon 750 bin TL to 400 milyon TL |
| Yeo Teknoloji | Bond Issuance | Up to $300M USD |
According to Ekonomim, individuals may benefit from “effective remorse” provisions if they pay the Treasury an amount equal to twice the benefit obtained—or caused to be obtained—from the manipulative transactions, provided the payment is not less than a specified minimum amount and is completed within 15 days.
The decision to extend the flexible equity ratio for leveraged transactions through December 31, 2026, serves as a stabilizer. The SPK said that this measure was adopted to ensure the reliable and stable operation of capital markets in light of recent volatility on the Borsa İstanbul.
The regulator has decided to file criminal complaints and impose trading bans regarding transactions in the share markets of E-Data Teknoloji (BIST: EDATA) and Graintürk Holding (BIST: GRTHO).
The SPK’s bulletin concludes by noting that the crackdown is intended to preserve investor rights and market integrity. AŞ of the latest update, the board confirmed that the legal proceedings against the 65 individuals are ongoing under the provisions of the Capital Markets Law.
