Liquidation Process of 131 Funds Initiated by Capital Markets Board Decision
The procedures and principles regarding the liquidation of funds managed by seven portfolio management companies, with a size exceeding 800 billion liras, have been clarified.
Following developments in Borsa Istanbul, the Capital Markets Board decided to liquidate 131 funds with a total size exceeding 800 billion liras and announced the details of the process.
Liquidation Decision and Scope
The Capital Markets Board decided to liquidate 131 funds managed by seven portfolio management companies, with a total size exceeding 800 billion liras. This step was taken following recent developments in Borsa Istanbul.
Custodian Institutions and Transactions
T. İş Bankası AŞ and TC Ziraat Bankası AŞ will undertake the portfolio custodianship of the funds included in the liquidation scope. During the liquidation period, TEFAS transactions and all other trading activities will be suspended.
Conversion to Cash and Payments
The assets in the fund portfolios will be converted into cash according to a designated schedule. The obtained cash will be transferred to individual custody accounts in proportion to the investors' shares.
Process and Market Evaluation
Liquidation transactions are projected to be completed within approximately three months. Meanwhile, the Financial Stability Committee stated that the volatility in the markets originated from credit and liquidity issues in a limited number of funds.