27 companies removed from BIST 100 index with Borsa Istanbul regulations
Following changes in the market procedure and listing directive, 27 companies left the BIST 100 index, leaving 1.3 trillion liras of market value out of scope.
As a result of comprehensive changes implemented by Borsa Istanbul in its equity market procedure and listing directive, 27 companies were removed from the BIST 100 index while a total market value of 1.3 trillion liras remained outside the index.
Rationale for Comprehensive Changes
Index and market changes carried out by Borsa Istanbul every three months were applied quite comprehensively this period.
The basis of the regulations consisted of updates made to the equity market procedure and the listing directive.
New Volatility and Market Value Criteria
While a volatility criterion was included in the equity market procedure, various exceptions were completely removed.
In the listing directive, market value criteria were doubled and a new threshold was established.
Reflection of Market Revision on Indices
As a result of these changes, the number of companies in the star market was reduced.
KAP Announcement and Market Distribution
The new market revision announced by Borsa Istanbul through the Public Disclosure Platform (KAP) will be valid between October 1 and December 31.
According to the published periodic table, 149 equities will be traded in the star market, 396 in the main market, and 49 in the sub-market.
Minimum Market Value Limits
With the directive amendment, the minimum market value limits for publicly offered shares were doubled.
The star market limit was raised to 4 billion liras, the main market limit to 1 billion liras, and the sub-market limit to 400 million liras.
Manipulation Operations
On the other hand, simultaneous operations were carried out in Istanbul and Aydın in line with the Capital Markets Board's findings regarding manipulative transactions.
Minister of Justice Akın Gürlek announced that 14 out of 15 suspects with arrest warrants were detained in the operations and the total number of suspects against whom judicial proceedings were initiated reached 60.