The rules of the liquidation are set out in Bulletin No. 2026/61 of 17 September 2026 of the Capital Markets Board (SPK). Below we explain these rules in order and in plain language.
In brief
- Payment is made automatically; no application, petition or intermediary is required.
- The payment goes to your account at the bank or brokerage firm where you hold the units.
- It may arrive not in a single sum but in instalments, in the periods determined by the bank.
- The amount depends on the sale value of the fund’s assets; there is no principal guarantee.
Steps of the liquidation
- The bank conducting the liquidation has been appointedTürkiye İş Bankası for the Tera funds, and T.C. Ziraat Bankası for the funds of the other six companies, were appointed as the funds’ new portfolio custodian. 1
- Who holds how many units is verifiedA reconciliation is carried out between the Central Securities Depository (MKK) and the banks within two business days. The reconciliation covers the number of units in circulation, the units in each investor’s account, the pledges, attachments and injunctions on the accounts, and unexecuted orders. 1
- The fund’s debts and receivables are determinedDebts and receivables arising from transactions such as repo, reverse repo, deposits and loans are reconciled between the previous custodian, the new bank and Takasbank within ten business days at the latest. 1
- Assets are converted to cashThe bank sells the assets in the fund portfolio at a frequency it determines itself, having regard to investors’ interests, market depth and liquidity. Money market transactions that have not yet matured are converted to cash at maturity. 1
- Cash is distributed to accountsThe cash obtained is transferred to the accounts whose reconciliation has been completed, in proportion to the fund units held. First, debts arising from unexecuted redemption orders are paid. 1
- The fund comes to an endIn the liquidation procedure, the period was initially set at a maximum of three months from the announcement. 1 By a decision announced on 21 September 2026, the SPK extended this maximum period to six months; the other provisions of the procedure did not change. The liquidation ends on the first business day following the end of the period. 2
By Board decision No. 59/1710 dated 20 September 2026, the SPK extended the three-month maximum period in the liquidation procedure to six months. The aim is to allow the fund portfolios to be sold on the most favourable terms possible in the light of market conditions. The Board stated that six months does not mean the liquidation will necessarily take that long, and that it may be completed earlier depending on conditions. If the period is counted from 17 September 2026, the six-month maximum period expires in mid-March 2027; payments continue to be made in the periods determined by the banks, without waiting for that date. 2 1
Differences by founder company
The general rules apply to all funds. On 30 September 2026, the SPK added two separate supplementary procedures to them. 3 On 15 October 2026, it moved the Hedef funds from the interim payment procedure to the liquidation order procedure. 4
| Founder companies | Supplementary procedure |
|---|---|
| Tera, Pusula, Atlas | An interim payment, to be deducted from the final payment, is made to everyone whose reconciliation has been completed. Implementation starts with the money market funds. 3 |
| A1 Capital, Bulls, Pardus and (from 15 October 2026) Hedef | Liquidation starts with the funds whose name includes “money market”, then proceeds from the fund with the most investors to the one with the fewest. 3 4 |
According to the official statement, in-kind and cash liquidation transactions totalling approximately TRY 40.8 billion have been completed for more than 45,000 people in 66 funds of A1 Capital, Bulls and Pardus, and the number of funds still in liquidation has fallen from 131 to 65. The remaining funds belong to Hedef, Atlas, Pusula and Tera. Payments to as many people as possible, starting with money market funds, are planned for the coming week. 5
How much will I receive?
The exact amount emerges as the fund’s assets are sold. In a liquidation, payments out of the fund’s assets may be made only to fund unit holders; the fund’s assets are separate from the assets of the managing company and the custodian and cannot be attached. 6
On the other hand, if the fund has suffered a loss in value or has receivables that cannot be collected, the amount due to you is affected by this as well. The type of fund, for example its being a money market fund, does not by itself provide a principal guarantee.
The Bill before the Turkish Grand National Assembly provides that, if the cash to be distributed is insufficient, payments are to be made on the basis of the inflation-adjusted net investment amount rather than the fund price. This provision is not yet in force. Details are on the interim payment page. 7
Where can I track the payment?
- Your bank or brokerage account: The payment arrives here. Keep your account statements and receipts.
- e-YATIRIMCI: You can view the units registered in your name and the transactions on them here. 8
- Public Disclosure Platform (KAP): The liquidation procedures and principles are published by the MKK on the KAP pages of the relevant funds. 1 9
- SPK bulletins: Decisions on the period, the order of payment and new procedures are announced here. 1
If there is an attachment or pledge on my units
Attachments, pledges and injunctions on accounts are separately identified in the reconciliation. 1 In such a case, to whom the amount due to you will be paid depends on the type of restriction. If there is a restriction on your account, ask your distributor (the bank or brokerage firm) in writing about the situation.
Sources
- SPK Bulletin 2026/6117 September 2026. Decision No. 57/1708: the liquidation procedures and principles (paragraph A), suspension of transactions outside TEFAS (B), the current list of 131 funds (C).
- SPK Press Release, 21 September 2026: Time Limit Arrangement for the Funds Subject to LiquidationBy Decision No. 59/1710 of 20 September 2026 of the Board’s decision-making body, only the 3-month period in paragraph (A/8) of the liquidation procedures and principles announced in Bulletin 2026/61 was changed to 6 months; the other provisions of the paragraph remain in force unchanged. The Board stated that six months does not mean the liquidation will necessarily take that long. (Text checked against the primary source, 16 October 2026.)
- SPK Bulletin 2026/6730 September 2026. Decision No. 64/1770 (order of liquidation for the A1 Capital, Bulls and Pardus funds) and Decision No. 64/1775 (interim payment for the Tera, Pusula, Atlas and Hedef funds).
- SPK Bulletin 2026/7016 October 2026. Decision No. 70/1821 of the Board’s decision-making body dated 15 October 2026: the funds founded by Hedef Portföy Yönetimi A.Ş. were removed from the scope of interim payment decision No. 64/1775; their liquidation will follow the principles set by decision No. 64/1770 for the A1 Capital, Bulls and Pardus funds. (Content checked against the official statement and press reports, 19 Oct 2026.)
- Directorate of Communications statement, 18 October 2026: Sixth Fund Board MeetingIn-kind and cash liquidation transactions of approximately TRY 40.8 billion completed by Ziraat Bank for more than 45,000 people in 66 funds of A1, Bulls and Pardus Portföy; funds in liquidation down from 131 to 65; Hedef funds made subject to the same principles by the SPK decision of 15 October 2026; payments, starting with money market funds, planned for the coming week; the Bill expected to be debated in the General Assembly. (Reported by CNBC-e.)
- Capital Markets Law No. 6362 (SPKn)The text of the law in force. The relevant articles are indicated separately on each page.
- Bill No. 2/3939“Tasfiyesine Karar Verilen Bazı Yatırım Fonları Hakkında Kanun Teklifi” (Bill on Certain Investment Funds Placed in Liquidation). Submitted to the Turkish Grand National Assembly on 9 October 2026 and adopted by the Planning and Budget Committee on 14 October 2026. Not yet enacted.
- MKK e-YATIRIMCIThe official portal where you can view the units and movements registered in your own name.
- Public Disclosure Platform (KAP)Official announcements of the funds and of the liquidation process.
Have a question?
These articles are general information. You can send questions about your own situation through the contact section or by e-mail.
Av. Dr. Mustafa Aykanat · Ankara Bar Association Reg. No 43042 · Yenimahalle, Ankara