{"id":29634,"date":"2025-11-05T15:48:43","date_gmt":"2025-11-05T12:48:43","guid":{"rendered":"https:\/\/www.bicakhukuk.com\/?p=29634"},"modified":"2026-09-27T06:33:08","modified_gmt":"2026-09-27T03:33:08","slug":"borsa-manipulasyonu-sucu-ve-cezasi","status":"publish","type":"post","link":"https:\/\/www.bicakhukuk.com\/en\/borsa-manipulasyonu-sucu-ve-cezasi\/","title":{"rendered":"Borsa Manip\u00fclasyonu: Su\u00e7, Ceza ve Yat\u0131r\u0131mc\u0131 Haklar\u0131"},"content":{"rendered":"

G\u00fcnl\u00fck dilde \u201cborsa manip\u00fclasyonu<\/em>\u201d denilen fiiller, 6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu<\/a>\u2019nda (SPKn) piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131<\/strong> ad\u0131yla d\u00fczenlenmi\u015ftir. Kanunun<\/a> 107. maddesi iki ayr\u0131 su\u00e7 tipi \u00f6ng\u00f6r\u00fcr. \u0130\u015flem bazl\u0131 piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131<\/strong>; al\u0131m-sat\u0131m, emir verme, emir iptali veya de\u011fi\u015ftirilmesi ve hesap hareketleriyle fiyat, fiyat de\u011fi\u015fimi, arz veya talep hakk\u0131nda yanl\u0131\u015f ya da yan\u0131lt\u0131c\u0131 izlenim olu\u015fturmay\u0131 ama\u00e7layan davran\u0131\u015flar\u0131 cezaland\u0131r\u0131r. Bilgi bazl\u0131 piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131<\/strong> ise fiyatlar\u0131, de\u011feri veya yat\u0131r\u0131mc\u0131 kararlar\u0131n\u0131 etkilemek amac\u0131yla yalan, yanl\u0131\u015f ya da yan\u0131lt\u0131c\u0131 bilgi, s\u00f6ylenti, haber, yorum veya rapor \u00fcreten ya da yayan ve bu yolla menfaat sa\u011flayan ki\u015fileri konu al\u0131r.\u00a0<\/span>Her fiyat y\u00fckseli\u015fi, fon zarar\u0131, likidite sorunu veya ba\u015far\u0131s\u0131z yat\u0131r\u0131m karar\u0131 su\u00e7 de\u011fildir. Piyasa ekonomisi kazan\u00e7 ihtimali kadar zarar ihtimalini de i\u00e7erir. Ceza hukukunu harekete ge\u00e7iren unsur; piyasa riskinden farkl\u0131 olarak, kanunda tan\u0131mlanan kas\u0131tl\u0131 i\u015flem veya bilgi davran\u0131\u015flar\u0131n\u0131n somut delillerle ortaya konulmas\u0131d\u0131r.<\/span><\/p>\n

Eyl\u00fcl 2026\u2019da kamuoyuna yans\u0131yan fon soru\u015fturmas\u0131nda Sermaye Piyasas\u0131 Kurulu, yedi portf\u00f6y y\u00f6netim \u015firketine ait 131 fonun tasfiyesine karar vermi\u015ftir<\/a>. Merkezi Kay\u0131t Kurulu\u015fu kay\u0131tlar\u0131na g\u00f6re bu fonlarda 455.758 tekil yat\u0131r\u0131mc\u0131 bulunmaktad\u0131r<\/a>. Ancak bu say\u0131, zarar\u0131 kesinle\u015fmi\u015f veya ceza hukuku anlam\u0131nda su\u00e7 ma\u011fduru oldu\u011fu belirlenmi\u015f ki\u015fi say\u0131s\u0131 de\u011fildir. Fon tasfiyesi, ceza soru\u015fturmas\u0131, idar\u00ee yapt\u0131r\u0131m, malvarl\u0131\u011f\u0131 tedbirleri ve yat\u0131r\u0131mc\u0131lar\u0131n tazminat talepleri birbirinden farkl\u0131 hukuk\u00ee s\u00fcre\u00e7lerdir.\u00a0<\/span>Bu \u00e7al\u0131\u015fma, \u00f6nce g\u00fcncel fon olay\u0131n\u0131 olgusal d\u00fczeyde ortaya koymakta; ard\u0131ndan SPKn<\/a> m.104, 106\u2013110 ve 115 ile ba\u011flant\u0131l\u0131 ceza hukuku, delil ve muhakeme sorunlar\u0131n\u0131 incelemektedir.<\/span><\/p>\n

1. Manip\u00fclasyon, Piyasa Doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 ve Spek\u00fclasyon<\/span><\/h3>\n

1.1. Kanun\u00ee terim: piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131<\/span><\/h4>\n

\u201cBorsa manip\u00fclasyonu<\/em>\u201d kamuoyunda yerle\u015fmi\u015f bir ifade olsa da SPKn<\/a> m.107\u2019nin kulland\u0131\u011f\u0131 kanun\u00ee terim \u201cpiyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131<\/em>\u201dd\u0131r. Bununla birlikte uygulamada manip\u00fclasyon s\u00f6zc\u00fc\u011f\u00fc; yapay fiyat veya hacim g\u00f6r\u00fcnt\u00fcs\u00fc yarat\u0131lmas\u0131, arz-talep dengesinin ger\u00e7e\u011fe ayk\u0131r\u0131 g\u00f6sterilmesi yahut yat\u0131r\u0131mc\u0131 kararlar\u0131n\u0131n yan\u0131lt\u0131c\u0131 bilgiyle y\u00f6nlendirilmesi anlam\u0131nda kullan\u0131lmaya devam etmektedir.<\/span><\/p>\n

Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131, T\u00fcrk Ceza Kanunu<\/a>\u2019ndaki klasik doland\u0131r\u0131c\u0131l\u0131ktan farkl\u0131 ve sermaye piyasas\u0131na \u00f6zg\u00fc bir su\u00e7tur. Klasik doland\u0131r\u0131c\u0131l\u0131kta<\/a> hileli davran\u0131\u015fla bir ki\u015finin aldat\u0131lmas\u0131, bunun sonucunda ma\u011fdurun zarar\u0131na fail veya ba\u015fkas\u0131 yarar\u0131na menfaat sa\u011flanmas\u0131 aran\u0131r. \u0130\u015flem bazl\u0131 piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131nda ise belirli bir yat\u0131r\u0131mc\u0131n\u0131n fiilen aldat\u0131lmas\u0131 veya zarar etmesi zorunlu de\u011fildir. Korunan de\u011fer, do\u011fru fiyat olu\u015fumunun ve piyasa g\u00fcveninin de i\u00e7inde bulundu\u011fu sermaye piyasas\u0131n\u0131n d\u00fcr\u00fcst i\u015fleyi\u015fidir.<\/span><\/p>\n

1.2. Spek\u00fclasyon neden tek ba\u015f\u0131na su\u00e7 de\u011fildir?<\/span><\/h4>\n

Bir yat\u0131r\u0131mc\u0131n\u0131n kamuya a\u00e7\u0131k verileri de\u011ferlendirerek bir pay\u0131n y\u00fckselece\u011fini \u00f6ng\u00f6rmesi, risk almas\u0131 ve bu beklentiyle i\u015flem yapmas\u0131 me\u015fru spek\u00fclasyon alan\u0131ndad\u0131r. Yat\u0131r\u0131mc\u0131 yan\u0131labilir, fiyat d\u00fc\u015febilir veya y\u00fcksek kazan\u00e7 elde edebilir. Bunlar\u0131n hi\u00e7biri tek ba\u015f\u0131na su\u00e7 olu\u015fturmaz. <\/span>Su\u00e7 bak\u0131m\u0131ndan belirleyici olan, i\u015flemin ekonomik sonucundan ziyade kanundaki fiil ve ama\u00e7t\u0131r. G\u00f6r\u00fcn\u00fc\u015fte hukuka uygun al\u0131m-sat\u0131mlar, \u00f6nceden anla\u015f\u0131lm\u0131\u015f ki\u015filer ve hesaplar aras\u0131nda koordineli bi\u00e7imde y\u00fcr\u00fct\u00fcld\u00fc\u011f\u00fcnde yanl\u0131\u015f arz, talep veya fiyat g\u00f6r\u00fcnt\u00fcs\u00fc olu\u015fturabilir. Buna kar\u015f\u0131l\u0131k y\u00fcksek hacimli ya da ba\u015far\u0131l\u0131 bir i\u015flem, s\u0131rf fiyat\u0131 etkiledi diye otomatik olarak manip\u00fclasyon say\u0131lamaz. \u0130\u015flemin ekonomik gerek\u00e7esi, piyasa ko\u015fullar\u0131, hesaplar aras\u0131ndaki ili\u015fkiler ve failin amac\u0131 birlikte de\u011ferlendirilmelidir.<\/span><\/p>\n

1.3. Her yat\u0131r\u0131m zarar\u0131 su\u00e7 de\u011fildir<\/span><\/h4>\n

Bir fon y\u00f6neticisi \u00f6ng\u00f6r\u00fcs\u00fcnde yan\u0131labilir; portf\u00f6ydeki varl\u0131klar de\u011fer kaybedebilir; piyasa likiditesi daralabilir ve yat\u0131r\u0131mc\u0131 y\u00fcksek getiri beklentisiyle \u00fcstlendi\u011fi riskin sonucunda zarar edebilir. Ceza hukuku, k\u00f6t\u00fc yat\u0131r\u0131m kararlar\u0131n\u0131 veya ticari ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 kendili\u011finden su\u00e7 h\u00e2line getirmez. <\/span>Ancak yat\u0131r\u0131mc\u0131ya ger\u00e7e\u011fe ayk\u0131r\u0131 bilgi verilmesi, fon de\u011ferinin yapay i\u015flemlerle y\u00fcksek g\u00f6sterilmesi, m\u00fc\u015fteri ya da fon varl\u0131klar\u0131n\u0131n a\u00e7\u0131klanan ama\u00e7 d\u0131\u015f\u0131nda kullan\u0131lmas\u0131 veya ili\u015fkili hesaplar aras\u0131nda yan\u0131lt\u0131c\u0131 i\u015flem d\u00fczeni kurulmas\u0131 h\u00e2linde mesele art\u0131k normal piyasa riskiyle s\u0131n\u0131rl\u0131 olmayabilir. Bu ayr\u0131m, hem yat\u0131r\u0131mc\u0131 haklar\u0131n\u0131n korunmas\u0131 hem de me\u015fru risk alma ve portf\u00f6y y\u00f6netimi faaliyetlerinin kriminalize edilmemesi i\u00e7in zorunludur.<\/span><\/p>\n

Serbest piyasa; doland\u0131r\u0131c\u0131l\u0131k, sahtecilik veya manip\u00fclasyon serbestisi de\u011fildir. \u00d6zel m\u00fclkiyet, s\u00f6zle\u015fme \u00f6zg\u00fcrl\u00fc\u011f\u00fc, g\u00f6n\u00fcll\u00fc i\u015flem ve do\u011fru bilgi piyasan\u0131n temelidir. Bununla birlikte yat\u0131r\u0131m ba\u015far\u0131l\u0131 oldu\u011funda kazanc\u0131n yat\u0131r\u0131mc\u0131ya, ba\u015far\u0131s\u0131z oldu\u011funda her zarar\u0131n kamuya y\u00fcklenmesi de s\u00fcrd\u00fcr\u00fclebilir de\u011fildir. Hukuk, ola\u011fan piyasa riski ile hile sonucu olu\u015fan hak ihlalini ay\u0131rmal\u0131d\u0131r.<\/span><\/p>\n

2. Olgu Analizi: 2026 Fon Soru\u015fturmas\u0131<\/span><\/h3>\n

2.1. Kapsam ve y\u00f6ntem<\/span><\/h4>\n

Bu b\u00f6l\u00fcmde, 25 Eyl\u00fcl 2026 tarihine kadar resm\u00ee a\u00e7\u0131klamalara, KAP ve MKK verilerine, \u015firket beyanlar\u0131na ve bas\u0131na yans\u0131yan bilgilere dayan\u0131larak olay\u0131n g\u00f6r\u00fcn\u00fcm\u00fc ortaya konulmaktad\u0131r. Buradaki anlat\u0131m bir iddianame<\/a>, bilirki\u015fi raporu<\/a> veya mahkeme h\u00fckm\u00fc de\u011fildir. Kimin hangi su\u00e7u i\u015fledi\u011fi, ancak ki\u015fiselle\u015ftirilmi\u015f delillerin yetkili yarg\u0131 mercilerince de\u011ferlendirilmesi sonucunda belirlenebilir.\u00a0<\/span><\/p>\n

Kaynaklar ayn\u0131 a\u011f\u0131rl\u0131kta de\u011fildir. SPK b\u00fcltenleri ve a\u00e7\u0131klamalar\u0131, MKK verileri, KAP bildirimleri ve yarg\u0131 kararlar\u0131 birincil kaynaklard\u0131r. Haberler, uzman yorumlar\u0131 ve \u015firket a\u00e7\u0131klamalar\u0131 ise olay\u0131n farkl\u0131 y\u00f6nlerini anlamaya yard\u0131m eder; fakat resm\u00ee tespit veya kesin h\u00fck\u00fcm yerine ge\u00e7mez.<\/span><\/p>\n

2.2. Fon piyasas\u0131 nas\u0131l i\u015fler?<\/span><\/h4>\n

Yat\u0131r\u0131m fonu, kat\u0131lma paylar\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda yat\u0131r\u0131mc\u0131lardan toplanan paralarla pay sahipleri hesab\u0131na olu\u015fturulan malvarl\u0131\u011f\u0131d\u0131r. Fon portf\u00f6y\u00fc, yetkili portf\u00f6y y\u00f6netim \u015firketi taraf\u0131ndan fonun yat\u0131r\u0131m stratejisi, ihra\u00e7 belgesi, i\u00e7t\u00fcz\u00fc\u011f\u00fc ve ilgili mevzuat \u00e7er\u00e7evesinde y\u00f6netilir. Fonun malvarl\u0131\u011f\u0131, kurucunun ve portf\u00f6y y\u00f6netim \u015firketinin kendi malvarl\u0131\u011f\u0131ndan ayr\u0131d\u0131r.<\/span><\/p>\n

Merkezi Kay\u0131t Kurulu\u015fu yat\u0131r\u0131mc\u0131 ve kat\u0131lma pay\u0131 kay\u0131tlar\u0131nda; Takasbank ve ilgili piyasa altyap\u0131lar\u0131 takas ve fon platformu i\u015flemlerinde; portf\u00f6y saklama kurulu\u015flar\u0131 ise varl\u0131klar\u0131n saklanmas\u0131 ile belirli uygunluk ve kontrol g\u00f6revlerinde rol oynar. T\u00fcrkiye Elektronik Fon Al\u0131m Sat\u0131m Platformu<\/a> (TEFAS), kapsama giren fonlar\u0131n al\u0131m-sat\u0131m\u0131na ortak bir da\u011f\u0131t\u0131m kanal\u0131 sa\u011flar.<\/span><\/p>\n

Fonun birim pay de\u011feri portf\u00f6ydeki varl\u0131klar\u0131n de\u011ferine g\u00f6re hesaplan\u0131r. Yat\u0131r\u0131mc\u0131 fona girerken kat\u0131lma pay\u0131 al\u0131r; \u00e7\u0131kmak istedi\u011finde iade emri verir. Portf\u00f6yde kolay sat\u0131lamayan veya fiyat\u0131 sa\u011fl\u0131kl\u0131 olu\u015fmayan varl\u0131klar\u0131n a\u011f\u0131rl\u0131\u011f\u0131 artt\u0131\u011f\u0131nda, yo\u011fun iade taleplerini kar\u015f\u0131layabilmek zorla\u015fabilir. B\u00f6yle bir likidite sorunu, kendi ba\u015f\u0131na su\u00e7 tespiti de\u011fildir; fakat varl\u0131k de\u011ferlerinin yapay i\u015flemlerle olu\u015ftu\u011fu veya mevzuata ayk\u0131r\u0131 yo\u011funla\u015fma bulundu\u011fu iddias\u0131yla birle\u015fti\u011finde ayr\u0131nt\u0131l\u0131 inceleme gerektirir.<\/span><\/p>\n

2.3. D\u00fczenleyici kronoloji<\/span><\/h4>\n

SPK\u2019n\u0131n 18 Eyl\u00fcl 2026 tarihli a\u00e7\u0131klamas\u0131na g\u00f6re Kurul<\/a>, belirli portf\u00f6y y\u00f6netim \u015firketlerinin y\u00f6netti\u011fi fonlar\u0131n fiil\u00ee dola\u015f\u0131m\u0131 d\u00fc\u015f\u00fck paylarda ekonomik ger\u00e7eklik ve temel finansal b\u00fcy\u00fckl\u00fcklerle a\u00e7\u0131klanamayan fiyat hareketlerine yol a\u00e7t\u0131\u011f\u0131n\u0131 2025\u2019in son \u00e7eyre\u011finde g\u00f6zlemledi. Konu, 2 Aral\u0131k 2025 tarihli Finansal \u0130stikrar Komitesi toplant\u0131s\u0131nda ele al\u0131nd\u0131; ertesi g\u00fcn ilgili kurumlar\u0131n kat\u0131l\u0131m\u0131yla bir \u00e7al\u0131\u015fma grubu olu\u015fturuldu. <\/span>Aral\u0131k 2025\u2019ten 2026 yaz\u0131na kadar nitelikli yat\u0131r\u0131mc\u0131 e\u015fi\u011fi, TEFAS i\u015flemleri, fon de\u011ferlemesi ve portf\u00f6y s\u0131n\u0131rlamalar\u0131na ili\u015fkin ad\u0131mlar at\u0131ld\u0131. 28 A\u011fustos 2026\u2019da Yat\u0131r\u0131m Fonlar\u0131na \u0130li\u015fkin Rehber<\/a>\u2019de yap\u0131lan de\u011fi\u015fikliklerle fon portf\u00f6ylerindeki yo\u011funla\u015fma ve fiil\u00ee dola\u015f\u0131m\u0131 d\u00fc\u015f\u00fck paylara ili\u015fkin s\u0131n\u0131rlamalar g\u00fc\u00e7lendirildi. Fonlar\u0131n yeni kurallara uyum sa\u011flamak i\u00e7in ellerindeki baz\u0131 varl\u0131klar\u0131 satmas\u0131 gerekmesi, piyasa likiditesi ve fiyatlar \u00fczerinde bask\u0131 olu\u015fturdu.<\/span><\/p>\n

Eyl\u00fcl ortas\u0131nda baz\u0131 fonlarda iade taleplerinin kar\u015f\u0131lanamad\u0131\u011f\u0131 ve likidite s\u0131k\u0131nt\u0131s\u0131 ya\u015fand\u0131\u011f\u0131 haberleri yay\u0131mland\u0131. Kamu kurumlar\u0131 ve d\u00fczenleyiciler devreye girerken soru\u015fturma kapsam\u0131 \u015firket ve ger\u00e7ek ki\u015filere do\u011fru geni\u015fledi. SPK\u2019n\u0131n 17 Eyl\u00fcl tarihli kararlar\u0131yla<\/a> yedi portf\u00f6y y\u00f6netim \u015firketinin fonlar\u0131 i\u00e7in al\u0131m-sat\u0131m ve tasfiye tedbirleri a\u00e7\u0131kland\u0131. Kurulun b\u00fclten ve duyurular\u0131, tasfiye bankalar\u0131n\u0131, mutabakat i\u015flemlerini, varl\u0131klar\u0131n nakde \u00e7evrilmesini ve yat\u0131r\u0131mc\u0131lara yap\u0131lacak d\u00f6nemsel da\u011f\u0131t\u0131mlar\u0131n esaslar\u0131n\u0131 belirledi. <\/span>Ba\u015flang\u0131\u00e7ta \u00fc\u00e7 ay olarak a\u00e7\u0131klanan azam\u00ee tasfiye s\u00fcresi, Kurul Karar Organ\u0131n\u0131n 20 Eyl\u00fcl 2026 tarihli ve 59\/1710 say\u0131l\u0131 karar\u0131yla<\/a> alt\u0131 aya \u00e7\u0131kar\u0131ld\u0131. SPK, bu de\u011fi\u015fikli\u011fin fon varl\u0131klar\u0131n\u0131n portf\u00f6y yap\u0131s\u0131 ve piyasa ko\u015fullar\u0131 dikkate al\u0131narak m\u00fcmk\u00fcn oldu\u011funca uygun ko\u015fullarda sat\u0131labilmesi amac\u0131yla yap\u0131ld\u0131\u011f\u0131n\u0131; tasfiyenin mutlaka alt\u0131 ay s\u00fcrece\u011fi anlam\u0131na gelmedi\u011fini belirtti. <\/span>SPK\u2019n\u0131n 23 Eyl\u00fcl 2026 tarihli a\u00e7\u0131klamas\u0131na<\/a> g\u00f6re tasfiye karar\u0131 yedi portf\u00f6y y\u00f6netim \u015firketine ait 131 fonu kapsamaktad\u0131r. MKK kay\u0131tlar\u0131ndaki tekil yat\u0131r\u0131mc\u0131 say\u0131s\u0131 455.758\u2019dir.<\/span><\/p>\n

Ba\u015fl\u0131ca olaylar\u0131n kronolojisi<\/span><\/strong><\/p>\n

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Tarih<\/span><\/th>\nGeli\u015fme<\/span><\/th>\nKaynak ve hukuk\u00ee anlam\u0131<\/span><\/th>\n<\/tr>\n<\/thead>\n
2025\u2019in son \u00e7eyre\u011fi<\/span><\/td>\nSPK, belirli PY\u015e fonlar\u0131n\u0131n fiil\u00ee dola\u015f\u0131m\u0131 d\u00fc\u015f\u00fck paylarda a\u00e7\u0131klanmas\u0131 g\u00fc\u00e7 fiyat hareketlerine neden oldu\u011funu g\u00f6zlemledi\u011fini bildirdi.<\/span><\/td>\nD\u00fczenleyicinin kendi a\u00e7\u0131klamas\u0131ndaki ilk risk tespit d\u00f6nemidir; belirli ki\u015finin su\u00e7lulu\u011funu g\u00f6stermez.<\/span><\/td>\n<\/tr>\n
2-3 Aral\u0131k 2025<\/span><\/td>\nKonu Finansal \u0130stikrar Komitesinde ele al\u0131nd\u0131 ve kurumlar aras\u0131 \u00e7al\u0131\u015fma grubu olu\u015fturuldu.<\/span><\/td>\nD\u00fczenleyici haz\u0131rl\u0131k s\u00fcrecinin ba\u015flang\u0131\u00e7 a\u015famalar\u0131ndand\u0131r.<\/span><\/td>\n<\/tr>\n
Aral\u0131k 2025 -Temmuz 2026<\/span><\/td>\nNitelikli yat\u0131r\u0131mc\u0131 e\u015fi\u011fi, TEFAS ve de\u011ferleme alanlar\u0131nda d\u00fczenlemeler yap\u0131ld\u0131.<\/span><\/td>\nFon piyasas\u0131ndaki riskleri s\u0131n\u0131rlamaya y\u00f6nelik kademeli tedbirlerdir.<\/span><\/td>\n<\/tr>\n
28 A\u011fustos 2026<\/span><\/td>\nYat\u0131r\u0131m Fonlar\u0131na \u0130li\u015fkin Rehber de\u011fi\u015fikli\u011fi yay\u0131mland\u0131.<\/span><\/td>\nPortf\u00f6y yo\u011funla\u015fmas\u0131 ve fiil\u00ee dola\u015f\u0131m\u0131 d\u00fc\u015f\u00fck paylara ili\u015fkin yeni s\u0131n\u0131rlamalar getirildi.<\/span><\/td>\n<\/tr>\n
Eyl\u00fcl 2026 ortas\u0131<\/span><\/td>\nBaz\u0131 fonlarda likidite ve iade taleplerinin kar\u015f\u0131lanmas\u0131na ili\u015fkin sorunlar kamuoyuna yans\u0131d\u0131.<\/span><\/td>\nHaber ve \u015firket a\u00e7\u0131klamalar\u0131yla ortaya \u00e7\u0131kan olgular, resm\u00ee kay\u0131tlarla birlikte de\u011ferlendirilmelidir.<\/span><\/td>\n<\/tr>\n
17 Eyl\u00fcl 2026<\/span><\/td>\nSPK b\u00fcltenlerinde su\u00e7 duyurular\u0131, idar\u00ee tedbirler, fonlar\u0131n i\u015fleme kapat\u0131lmas\u0131 ve tasfiye esaslar\u0131 a\u00e7\u0131kland\u0131.<\/span><\/td>\n\u0130dar\u00ee karar ve su\u00e7 duyurusu mahk\u00fbmiyet de\u011fildir.<\/span><\/td>\n<\/tr>\n
20 – 21 Eyl\u00fcl 2026<\/span><\/td>\nAzam\u00ee tasfiye s\u00fcresi \u00fc\u00e7 aydan alt\u0131 aya \u00e7\u0131kar\u0131ld\u0131.<\/span><\/td>\nS\u00fcre uzat\u0131m\u0131 \u00f6deme garantisi de\u011fil, varl\u0131klar\u0131n daha uygun ko\u015fullarda sat\u0131labilmesine y\u00f6nelik tedbirdir.<\/span><\/td>\n<\/tr>\n
23 Eyl\u00fcl 2026<\/span><\/td>\nSPK, 131 fonda 455.758 tekil yat\u0131r\u0131mc\u0131 bulundu\u011funu a\u00e7\u0131klad\u0131.<\/span><\/td>\nBu say\u0131, zarar\u0131 veya ma\u011fdur s\u0131fat\u0131 kesinle\u015fen ki\u015fi say\u0131s\u0131 de\u011fildir.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

2.4. \u0130ddia edilen fon – hisse geri besleme mekanizmas\u0131<\/span><\/h4>\n

Kamuoyuna yans\u0131yan temel iddia, baz\u0131 fonlar\u0131n fiil\u00ee dola\u015f\u0131m\u0131 d\u00fc\u015f\u00fck ve i\u015flem derinli\u011fi s\u0131n\u0131rl\u0131 paylarda yo\u011fun al\u0131m yapmas\u0131yla ilgilidir. Yo\u011fun al\u0131m fiyat\u0131 y\u00fckseltti\u011finde, ayn\u0131 paylar\u0131 ta\u015f\u0131yan fonlar\u0131n portf\u00f6y de\u011feri ve ge\u00e7mi\u015f getiri g\u00f6r\u00fcn\u00fcm\u00fc de y\u00fckselir. Dikkat \u00e7ekici getiri yeni yat\u0131r\u0131mc\u0131lar\u0131 fona \u00e7ekebilir; yeni kaynaklar ayn\u0131 veya ili\u015fkili varl\u0131klara y\u00f6neldi\u011finde d\u00f6ng\u00fc bir s\u00fcre daha devam edebilir. <\/span>Bu mekanizman\u0131n tersine d\u00f6nmesi ise daha sert olabilir. D\u00fczenleme de\u011fi\u015fikli\u011fi, yat\u0131r\u0131mc\u0131lar\u0131n iade talepleri veya g\u00fcven kayb\u0131 sat\u0131\u015f zorunlulu\u011fu do\u011furdu\u011funda, i\u015flem derinli\u011fi d\u00fc\u015f\u00fck paylarda yeterli al\u0131c\u0131 bulunamayabilir. Pay fiyat\u0131ndaki d\u00fc\u015f\u00fc\u015f fon de\u011ferini azalt\u0131r; azalan de\u011fer yeni iade taleplerini ve yeni sat\u0131\u015flar\u0131 tetikleyebilir.\u00a0<\/span>Bu \u015fema, bir ekonomik risk modelidir. Belirli ki\u015fi veya fon bak\u0131m\u0131ndan m.107 su\u00e7unun olu\u015ftu\u011funu tek ba\u015f\u0131na g\u00f6stermez. Ceza sorumlulu\u011fu i\u00e7in hangi i\u015flemin kim taraf\u0131ndan, hangi hesaplar \u00fczerinden, ne zaman, hangi ama\u00e7la yap\u0131ld\u0131\u011f\u0131; emirlerin ve fon yat\u0131r\u0131m kararlar\u0131n\u0131n koordineli olup olmad\u0131\u011f\u0131; pay de\u011ferlemesinin hangi verilere dayand\u0131\u011f\u0131 ve kimlerin menfaat sa\u011flad\u0131\u011f\u0131 kan\u0131tlanmal\u0131d\u0131r.<\/span><\/p>\n

2.5. Akt\u00f6rler ve i\u015flevsel rolleri<\/span><\/h4>\n

Soru\u015fturman\u0131n kamuoyundaki g\u00f6r\u00fcn\u00fcm\u00fc Pusula, Tera, Hedef ve Bulls gruplar\u0131yla ba\u011flant\u0131l\u0131 portf\u00f6y y\u00f6netim \u015firketleri, yat\u0131r\u0131m kurulu\u015flar\u0131, holdingler ve y\u00f6neticiler \u00fczerinde yo\u011funla\u015fm\u0131\u015ft\u0131r. Resm\u00ee SPK b\u00fcltenleri baz\u0131 pay i\u015flemleri nedeniyle ger\u00e7ek ve t\u00fczel ki\u015filer hakk\u0131nda su\u00e7 duyurusu, i\u015flem yasa\u011f\u0131 ve lisans tedbirleri a\u00e7\u0131klam\u0131\u015ft\u0131r. Bas\u0131na yans\u0131yan soru\u015fturma haberlerinde ise g\u00f6zalt\u0131<\/a>, tutuklama<\/a>, adl\u00ee kontrol<\/a> ve malvarl\u0131\u011f\u0131 dondurma<\/a> tedbirlerine ba\u015fvuruldu\u011fu belirtilmi\u015ftir.\u00a0<\/span><\/p>\n

Akt\u00f6rleri yaln\u0131z isimleriyle s\u0131ralamak, ekonomik ve hukuk\u00ee ili\u015fkiyi a\u00e7\u0131klamaz. Fon y\u00f6neticileri yat\u0131r\u0131m kararlar\u0131n\u0131n al\u0131nmas\u0131 ve uygulanmas\u0131nda; portf\u00f6y y\u00f6netim \u015firketlerinin y\u00f6netim organlar\u0131 g\u00f6zetim ve organizasyonda; arac\u0131 kurumlar emirlerin al\u0131nmas\u0131 ve piyasaya iletilmesinde; ihra\u00e7\u00e7\u0131 \u015firketler kamuyu ayd\u0131nlatma ve \u015firket faaliyetlerinde; portf\u00f6y saklay\u0131c\u0131lar\u0131 varl\u0131klar\u0131n saklanmas\u0131 ve mevzuat\u0131n y\u00fckledi\u011fi kontrollerde farkl\u0131 roller \u00fcstlenir. Hesap sahibi, finansman sa\u011flayan, para veya pay aktaran ki\u015filer ise ancak somut katk\u0131lar\u0131, bilgileri ve iradeleri ortaya konuldu\u011funda ceza hukuku bak\u0131m\u0131ndan s\u0131n\u0131fland\u0131r\u0131labilir.<\/span><\/p>\n

Bir holding veya \u015firketle ortakl\u0131k, y\u00f6netim ya da aile ba\u011flant\u0131s\u0131 bulunmas\u0131 tek ba\u015f\u0131na i\u015ftirak delili de\u011fildir. Ayn\u0131 \u015fekilde ki\u015finin g\u00f6zalt\u0131na al\u0131nmas\u0131 veya hakk\u0131nda malvarl\u0131\u011f\u0131 tedbiri uygulanmas\u0131, isnad\u0131n ispatland\u0131\u011f\u0131 anlam\u0131na gelmez. Buna kar\u015f\u0131l\u0131k emir kay\u0131tlar\u0131, fon yat\u0131r\u0131m komitesi belgeleri, para ve pay virmanlar\u0131, haberle\u015fme i\u00e7erikleri ve menfaat ak\u0131\u015f\u0131 birlikte de\u011ferlendirildi\u011finde akt\u00f6rlerin i\u015flevsel rolleri belirlenebilir.<\/span><\/p>\n

2.6. Tasfiye ne anlama geliyor?<\/span><\/h4>\n

Tasfiye, fon portf\u00f6y\u00fcndeki varl\u0131klar\u0131n belirlenen usulle nakde \u00e7evrilmesi, fon bor\u00e7lar\u0131n\u0131n \u00f6denmesi ve kalan tutar\u0131n hak sahiplerine paylar\u0131 oran\u0131nda da\u011f\u0131t\u0131lmas\u0131 s\u00fcrecidir. Tasfiye karar\u0131, yat\u0131r\u0131mc\u0131lar\u0131n ba\u015flang\u0131\u00e7ta yat\u0131rd\u0131klar\u0131 tutar\u0131n veya ekranda g\u00f6r\u00fclen son fon de\u011ferinin tamam\u0131n\u0131 alaca\u011f\u0131 garantisini vermez. Ger\u00e7ekle\u015fecek \u00f6deme; fon varl\u0131klar\u0131n\u0131n fiilen hangi fiyatla sat\u0131labildi\u011fine, bor\u00e7lara, giderlere ve \u00f6deme s\u0131ras\u0131na ba\u011fl\u0131d\u0131r.\u00a0<\/span>Tasfiye ayr\u0131ca ceza yarg\u0131lamas\u0131n\u0131n<\/a> yerine ge\u00e7mez. Bir fonun tasfiyesi i\u00e7in mahk\u00fbmiyet aranmad\u0131\u011f\u0131 gibi, tasfiye karar\u0131 belirli y\u00f6neticilerin su\u00e7lu oldu\u011funu da g\u00f6stermez. Benzer bi\u00e7imde ceza soru\u015fturmas\u0131nda su\u00e7tan elde edilen menfaatin ara\u015ft\u0131r\u0131lmas\u0131 veya malvarl\u0131\u011f\u0131na tedbir konulmas\u0131, fon tasfiyesindeki yat\u0131r\u0131mc\u0131 \u00f6demesinden farkl\u0131 ama\u00e7 ve kanun\u00ee dayanaklara sahiptir.<\/span><\/p>\n

2.7. Kar\u015f\u0131 a\u00e7\u0131klamalar ve sistemik risk tart\u0131\u015fmas\u0131<\/span><\/h4>\n

\u0130lgili \u015firket ve y\u00f6neticilerden baz\u0131lar\u0131 sorunun ge\u00e7ici likidite s\u0131k\u0131nt\u0131s\u0131 oldu\u011funu, piyasan\u0131n planl\u0131 bir spek\u00fclatif sald\u0131r\u0131yla kar\u015f\u0131la\u015ft\u0131\u011f\u0131n\u0131 veya \u015firket faaliyetlerinin ekonomik temellere dayand\u0131\u011f\u0131n\u0131 ileri s\u00fcrd\u00fc. Kamu makamlar\u0131 ise sorunun fon piyasas\u0131n\u0131n belirli bir b\u00f6l\u00fcm\u00fcnde yo\u011funla\u015ft\u0131\u011f\u0131n\u0131 ve finansal sistemin geneline yay\u0131lm\u0131\u015f yap\u0131sal bir risk bulunmad\u0131\u011f\u0131n\u0131 a\u00e7\u0131klad\u0131. <\/span>Bu beyanlar olgu analizinin par\u00e7as\u0131d\u0131r; do\u011fruluklar\u0131 ba\u011f\u0131ms\u0131z delillerle de\u011ferlendirilmelidir. \u201cSistemik risk yoktur<\/em>\u201d tespiti, belirli fon yat\u0131r\u0131mc\u0131lar\u0131n\u0131n zarar etmeyece\u011fi anlam\u0131na gelmez. Ayn\u0131 \u015fekilde ciddi yat\u0131r\u0131mc\u0131 zarar\u0131 bulunmas\u0131 da tek ba\u015f\u0131na \u00fclke finansal sisteminin sistemik risk alt\u0131nda oldu\u011funu g\u00f6stermez.<\/span><\/p>\n

2.8. Do\u011frulanan olgular ve a\u00e7\u0131k sorular<\/span><\/h4>\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
Resm\u00ee olarak do\u011frulanan hususlar<\/span><\/th>\nCevaplanmas\u0131 gereken ba\u015fl\u0131ca sorular<\/span><\/th>\n<\/tr>\n<\/thead>\n
Yedi PY\u015e\u2019ye ait 131 fon hakk\u0131nda tasfiye karar\u0131 verilmi\u015ftir.<\/span><\/td>\nFonlar\u0131n yat\u0131r\u0131m kararlar\u0131 ile ili\u015fkili ki\u015fi ve hesaplar\u0131n i\u015flemleri aras\u0131nda koordinasyon var m\u0131d\u0131r?<\/span><\/td>\n<\/tr>\n
Fonlarda 455.758 tekil yat\u0131r\u0131mc\u0131 bulunmaktad\u0131r.<\/span><\/td>\nPay fiyatlar\u0131 ve fon birim de\u011ferleri ekonomik ger\u00e7ekli\u011fi ne \u00f6l\u00e7\u00fcde yans\u0131tm\u0131\u015ft\u0131r?<\/span><\/td>\n<\/tr>\n
Azam\u00ee tasfiye s\u00fcresi \u00fc\u00e7 aydan alt\u0131 aya \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/span><\/td>\nDe\u011ferleme, saklama, risk y\u00f6netimi ve g\u00f6zetim g\u00f6revleri zaman\u0131nda yerine getirilmi\u015f midir?<\/span><\/td>\n<\/tr>\n
Baz\u0131 pay i\u015flemleri nedeniyle SPK su\u00e7 duyurular\u0131 ve idar\u00ee tedbirler a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/span><\/td>\nMenfaat kimler taraf\u0131ndan, hangi i\u015flem veya transferler sonucunda elde edilmi\u015ftir?<\/span><\/td>\n<\/tr>\n
D\u00fczenleyici kurum, riskleri 2025\u2019in son \u00e7eyre\u011finde g\u00f6zlemledi\u011fini a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/span><\/td>\nD\u00fczenleyici tespitten Eyl\u00fcl 2026 tedbirlerine kadar hangi somut fon ve hesap \u00f6nlemleri uygulanm\u0131\u015ft\u0131r?<\/span><\/td>\n<\/tr>\n
Soru\u015fturma kapsam\u0131nda \u00e7ok say\u0131da ki\u015fi hakk\u0131nda koruma tedbiri uygulanm\u0131\u015ft\u0131r.<\/span><\/td>\nHer ki\u015finin bilgisi, iradesi ve fiil\u00ee katk\u0131s\u0131 hangi delillerle ki\u015fiselle\u015ftirilecektir?<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

3. Korunan Hukuk\u00ee De\u011fer ve D\u00fczenleyici \u00c7er\u00e7eve<\/span><\/h3>\n

SPKn<\/a>\u2019n\u0131n amac\u0131, sermaye piyasas\u0131n\u0131n g\u00fcvenilir, \u015feffaf, etkin, istikrarl\u0131, adil ve rekabet\u00e7i bi\u00e7imde i\u015flemesini ve yat\u0131r\u0131mc\u0131lar\u0131n hak ve menfaatlerinin korunmas\u0131n\u0131 sa\u011flamakt\u0131r. Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7lar\u0131 yaln\u0131z tek tek yat\u0131r\u0131mc\u0131lar\u0131n malvarl\u0131\u011f\u0131n\u0131 de\u011fil; fiyatlar\u0131n ger\u00e7ek arz ve talep ko\u015fullar\u0131nda olu\u015fmas\u0131na duyulan kamusal g\u00fcveni korur. <\/span>Ceza hukuku bu alandaki tek ara\u00e7 de\u011fildir. SPKn<\/a> m.104 ve VI-104.1 say\u0131l\u0131 Piyasa Bozucu Eylemler Tebli\u011fi<\/a> idar\u00ee yapt\u0131r\u0131m alan\u0131n\u0131; m.106 bilgi suistimalini; m.107 piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131n\u0131; m.108 su\u00e7 say\u0131lmayan me\u015fru i\u015flemleri; m.109 izinsiz sermaye piyasas\u0131 faaliyetini; m.110 fon veya m\u00fc\u015fteri varl\u0131klar\u0131n\u0131n k\u00f6t\u00fcye kullan\u0131lmas\u0131 d\u00e2hil \u00f6zel fiilleri; m.115 ise belirli su\u00e7larda Kurulun yaz\u0131l\u0131 ba\u015fvurusuna ili\u015fkin muhakeme \u015fart\u0131n\u0131 d\u00fczenler.<\/span><\/p>\n

Fon mevzuat\u0131, portf\u00f6y s\u0131n\u0131rlamalar\u0131, de\u011ferleme, risk y\u00f6netimi, saklama ve kamuyu ayd\u0131nlatma y\u00fck\u00fcml\u00fcl\u00fckleri de incelemenin par\u00e7as\u0131d\u0131r. Bir davran\u0131\u015f fon mevzuat\u0131na ayk\u0131r\u0131 oldu\u011fu h\u00e2lde m.107\u2019deki su\u00e7un b\u00fct\u00fcn unsurlar\u0131n\u0131 ta\u015f\u0131mayabilir. Tersinden, g\u00f6r\u00fcn\u00fc\u015fte tek tek hukuka uygun i\u015flemler, koordinasyon ve \u00f6zel ama\u00e7 nedeniyle birlikte de\u011ferlendirildi\u011finde piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 olu\u015fturabilir.<\/span><\/p>\n

4. \u0130\u015flem Bazl\u0131 Piyasa Doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 – SPKn m.107\/1<\/span><\/h3>\n

4.1. Se\u00e7imlik hareketler<\/span><\/h4>\n

SPKn<\/a> m.107\/1; sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131, fiyat de\u011fi\u015fimleri, arz ve talepleri hakk\u0131nda yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 izlenim uyand\u0131rmak amac\u0131yla:<\/span><\/p>\n