Türkiye is beginning the first interim-payment phase for certain investment funds placed under extraordinary liquidation, with the process scheduled to start on October 30, 2026. Under rules issued by the Capital Markets Board, or SPK, an investor’s interim payment for each fund cannot exceed either the net investment amount calculated by the Central Securities Depository or 1 million Turkish liras. The amount will not be identical for every investor because available cash and statutory limits will also apply.
The SPK announced the payment framework after Law No. 7596 on Certain Investment Funds Ordered into Liquidation was published in the Official Gazette on October 27. The rules cover funds founded by Tera Portfolio Management, Pusula Portfolio Management and Atlas Portfolio Management that were placed into liquidation by decisions dated September 17, 2026. Ziraat Bank will administer the liquidation of the Pusula and Atlas funds, while İşbank will handle the Tera funds.
Funds with “money market” in their names will receive priority. For those funds, the net investment amount will be calculated using end-of-day data from September 16, the day before the liquidation decision. For other funds, the reference point will be the end of the day before the interim-payment calculation. Each payment will be determined within the combination of that net amount, the fund’s available resources and the 1 million-lira ceiling.
If a fund does not hold enough distributable cash to meet all interim-payment obligations, administrators may use a payment order or a minimum-payment method. The SPK can approve alternative distribution approaches intended to allow the available resources to reach the greatest possible number of investors. The 1 million-lira figure is therefore a maximum for each investor in each fund, not a guaranteed payment.
An interim payment will not require investors to surrender their participation units immediately. According to the SPK, those units will remain in place until the final liquidation-payment stage. If the cash generated by selling a fund’s assets is sufficient to cover the total amount calculated using the applicable unit price and eligible holdings, administrators may make a final payment instead of an interim one.
The framework also specifies exclusions. People or institutions found by the SPK to have committed, or acted together with the funds in committing, violations covered by relevant provisions of the Capital Markets Law will not receive money from liquidation and recovery accounts after being reported by the Central Securities Depository to the authorized institutions.
Separate figures announced by the Fund Coordination Board show that, by October 23, in-kind and cash liquidation payments totaling 68 billion liras had been made to 71,899 accounts across 93 funds. That figure represents the cumulative result of earlier liquidation work, not the value of the new extraordinary interim-payment round beginning on October 30. Of 31 funds founded by Hedef Portfolio Management, 27 were largely processed, with 27.2 billion liras paid to 26,152 accounts.
The central distinction for investors is between an interim payment and a final liquidation payment. The interim amount is an advance that will be deducted from the total eventually due after liquidation. The final entitlement can only be determined after assets are converted into cash and the liquidation accounts are completed. Investors should therefore follow official notices from the SPK and the banks responsible for each fund rather than treating the 1 million-lira ceiling as an automatic entitlement or the interim transfer as the final settlement.
