27 Companies Removed from Borsa İstanbul and Market Regulations Implemented
As a result of regulations made by Borsa İstanbul in the Equity Market Procedure and Listing Directive, 27 companies were removed from the BIST 100 index; additionally, 14 suspects were detained in a manipulation investigation.
The index and market changes carried out by Borsa İstanbul every three months were more comprehensive than ever before during this period. As a result of new regulations made in the Equity Market Procedure and Listing Directive, 27 companies were removed from the BIST 100 index, while numerous suspects were captured in a parallel market fraud investigation.
Procedure and Directive Amendments
According to information obtained from Borsa İstanbul sources, the scope of the changes was determined by regulations made in the Equity Market Procedure and Listing Directive. While a volatility criterion was introduced for the calculation of the star and main markets, exceptions were completely abolished.
In the Listing Directive, the market value criterion was doubled, transitioning to a new system, and market revisions were published on the Public Disclosure Platform to be valid for the October 1 - December 31 period.
Volatility and Market Value Criteria
With the amendment made to Article 37 of the Equity Market Procedure, a condition was introduced not to be in the highest volatility bracket in order to be included in the star market. High fluctuations in stocks put companies' presence in the indices at risk.
In the Listing Directive, market limits were doubled. The minimum market value limit for the star market was determined as 4 billion Turkish Liras.
Companies Removed from BIST Indices
According to Borsa İstanbul's statement, the change of 27 companies in the BIST 100 index means the most comprehensive periodic revision in index history. While 1 company was changed in the BIST 30, this number became 6 in the BIST 50.
The total market value of the 27 companies remaining outside the index corresponds to 1.3 trillion Turkish Liras, and these companies include Destek Finans Faktoring and Katılımevim.
Stocks Newly Included in the Index
TR Anadolu Metal Madencilik shares were included in the BIST 30 index in place of Destek Finans Faktoring. Six new companies were included in the BIST 50 index.
Among the 27 companies newly entering the BIST 100 index are prominent names such as Anadolu Grubu Holding, Ahlatçı Doğalgaz, Akçansa, and Türk Traktör.
Manipulation Investigation and Operations
Within the scope of the investigation into manipulative transactions in capital markets, simultaneous operations were organized in Istanbul and Aydın. Out of 15 suspects for whom arrest warrants were issued, 14 were detained.
It was reported that the investigation was carried out in line with the Capital Markets Board's findings of market fraud in certain company shares, and the total number of suspects rose to 60.