{"id":825,"date":"2026-10-08T14:53:01","date_gmt":"2026-10-08T14:53:01","guid":{"rendered":"https:\/\/www.anahithukuk.com\/?p=825"},"modified":"2026-10-08T14:53:02","modified_gmt":"2026-10-08T14:53:02","slug":"fon-krizi-2026-tasfiye-edilen-131-fonda-yatirimcinin-hukuki-haklari-ve-izlenecek-yollar","status":"publish","type":"post","link":"https:\/\/www.anahithukuk.com\/index.php\/2026\/10\/08\/fon-krizi-2026-tasfiye-edilen-131-fonda-yatirimcinin-hukuki-haklari-ve-izlenecek-yollar\/","title":{"rendered":"Fon Krizi 2026: Tasfiye Edilen 131 Fonda Yat\u0131r\u0131mc\u0131n\u0131n Hukuki Haklar\u0131 ve \u0130zlenecek Yollar"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/www.anahithukuk.com\/wp-content\/uploads\/2026\/10\/Fon_Krizi_Rehber_Kapak_1600x900-7ed0b5.svg\" alt=\"\" class=\"wp-image-826\"\/><\/figure>\n\n\n\n<p>Sermaye Piyasas\u0131 Kurulu (SPK), 17 Eyl\u00fcl 2026\u2019da yedi portf\u00f6y y\u00f6netim \u015firketinin kurdu\u011fu 131 yat\u0131r\u0131m fonunun tasfiyesine karar verdi. Kurulun a\u00e7\u0131klamas\u0131na g\u00f6re bu fonlarda 455.758 tekil yat\u0131r\u0131mc\u0131 bulunuyor (SPK bas\u0131n duyurusu, 23.09.2026). Ayn\u0131 g\u00fcnlerde \u0130stanbul Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131 geni\u015f kapsaml\u0131 bir ceza soru\u015fturmas\u0131 ba\u015flatt\u0131.<\/p>\n\n\n\n<p>\u00dc\u00e7 haftad\u0131r en s\u0131k duyulan soru ayn\u0131: \u201cParam gitti mi, geri alabilir miyim?\u201d Bu sorunun tek c\u00fcmlelik bir cevab\u0131 yok. Paran\u0131n nerede oldu\u011fu, ne zaman ve ne kadar\u0131n\u0131n d\u00f6nece\u011fi, zarardan kimin sorumlu tutulabilece\u011fi ve hangi yolun ne kadar s\u00fcre i\u00e7inde kullan\u0131lmas\u0131 gerekti\u011fi ayr\u0131 ayr\u0131 hukuki kurallara ba\u011fl\u0131. Bu rehberde bu ba\u015fl\u0131klar\u0131 s\u0131ras\u0131yla ele al\u0131yorum. Her bilginin dayana\u011f\u0131 olan kanun maddesi, SPK karar\u0131 veya resm\u00ee a\u00e7\u0131klama parantez i\u00e7inde yer al\u0131yor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Son durum<\/a><\/h2>\n\n\n\n<p>8 Ekim 2026 itibar\u0131yla \u00f6demeler iki ayr\u0131 yoldan ilerliyor.<\/p>\n\n\n\n<p><strong>A1 Capital, Bulls ve Pardus fonlar\u0131.<\/strong>&nbsp;Bu \u015firketlerin ola\u011fan tasfiyedeki 17 fonunda tasfiye tutarlar\u0131 8 Ekim\u2019de ilgili banka ve arac\u0131 kurulu\u015flar\u0131n hesaplar\u0131na aktar\u0131ld\u0131. Tutarlar yat\u0131r\u0131mc\u0131 hesaplar\u0131na bu kurulu\u015flar taraf\u0131ndan ge\u00e7irilecek (\u0130leti\u015fim Ba\u015fkanl\u0131\u011f\u0131 a\u00e7\u0131klamas\u0131, 08.10.2026). Bu \u00f6demeden 43.643 yat\u0131r\u0131mc\u0131n\u0131n yararlanaca\u011f\u0131 a\u00e7\u0131klanm\u0131\u015ft\u0131 (Cumhurba\u015fkan\u0131 Yard\u0131mc\u0131s\u0131n\u0131n TBMM Genel Kurulu a\u00e7\u0131klamas\u0131, 07.10.2026).<\/p>\n\n\n\n<p><strong>Tera, Pusula ve Hedef fonlar\u0131.<\/strong>&nbsp;Bu fonlarda fon ba\u015f\u0131na en fazla 1 milyon TL\u2019lik ara \u00f6deme, ola\u011fan\u00fcst\u00fc tasfiye kurallar\u0131n\u0131 i\u00e7eren bir kanunun yasala\u015fmas\u0131na ba\u011fland\u0131. AK Parti\u2019nin haz\u0131rlad\u0131\u011f\u0131 10 maddelik kanun teklifi 7 Ekim\u2019de milletvekillerinin imzas\u0131na a\u00e7\u0131ld\u0131. Teklifin resm\u00ee metni hen\u00fcz yay\u0131mlanmad\u0131.<\/p>\n\n\n\n<p><strong>Atlas fonlar\u0131.<\/strong>&nbsp;Atlas\u2019\u0131n 16 fonundaki 56.614 yat\u0131r\u0131mc\u0131 i\u00e7in teminat al\u0131nmas\u0131 h\u00e2linde ola\u011fan tasfiye yoluyla \u00f6deme yap\u0131laca\u011f\u0131 a\u00e7\u0131kland\u0131.<\/p>\n\n\n\n<p><strong>Kaynak.<\/strong>&nbsp;Bu s\u00fcre\u00e7te Hazine kayna\u011f\u0131 kullan\u0131lmayacak. \u00d6demeler fonlar\u0131n kendi varl\u0131klar\u0131, g\u00f6n\u00fcll\u00fc iade hesaplar\u0131 ve el konulan varl\u0131klar\u0131n sat\u0131\u015f\u0131ndan elde edilecek gelirlerle yap\u0131lacak (TBMM a\u00e7\u0131klamas\u0131, 07.10.2026).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Kriz nas\u0131l geli\u015fti?<\/a><\/h2>\n\n\n\n<p>Kriz tek bir g\u00fcnde patlamad\u0131. SPK, baz\u0131 fonlarda piyasada az i\u015flem g\u00f6ren paylarda ekonomik ger\u00e7eklikle a\u00e7\u0131klanamayan fiyat hareketlerinin 2025\u2019in son \u00e7eyre\u011finde g\u00f6zlemlendi\u011fini sonradan a\u00e7\u0131klad\u0131. Konu 2 Aral\u0131k 2025\u2019te Finansal \u0130stikrar Komitesinde g\u00f6r\u00fc\u015f\u00fcld\u00fc (SPK a\u00e7\u0131klamas\u0131; D\u00fclger, 2026). 18 Aral\u0131k 2025\u2019te nitelikli yat\u0131r\u0131mc\u0131 e\u015fi\u011fi 1 milyon TL\u2019den 10 milyon TL\u2019ye \u00e7\u0131kar\u0131ld\u0131 (SPK B\u00fclteni 2025\/64). 28 A\u011fustos 2026\u2019da fonlar\u0131n ili\u015fkili taraflarla yapt\u0131\u011f\u0131 borsa d\u0131\u015f\u0131 repo i\u015flemlerine s\u0131n\u0131r getirildi (SPK\u2019n\u0131n 52\/1589 say\u0131l\u0131 karar\u0131).<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>Tarih<\/td><td>Geli\u015fme<\/td><td>Dayanak<\/td><\/tr><\/thead><tbody><tr><td>8\u20139 Eyl\u00fcl 2026<\/td><td>Tera Portf\u00f6y Para Piyasas\u0131 Fonu (TP2), grup \u015firketiyle y\u00fczde 43 faizli borsa d\u0131\u015f\u0131 ters repo i\u015flemini kamuya a\u00e7\u0131klad\u0131.<\/td><td>KAP<\/td><\/tr><tr><td>15\u201316 Eyl\u00fcl 2026<\/td><td>Pusula ve Tera, baz\u0131 fonlarda iade \u00f6demelerinin yap\u0131lamad\u0131\u011f\u0131n\u0131 bildirdi. KTLEV, GUNDG ve DSTKF paylar\u0131na ili\u015fkin su\u00e7 duyurusu yap\u0131ld\u0131.<\/td><td>KAP; SPK B\u00fclteni 2026\/59<\/td><\/tr><tr><td>17 Eyl\u00fcl 2026<\/td><td>Yedi \u015firketin TEFAS\u2019taki t\u00fcm fonlar\u0131 i\u015fleme kapat\u0131ld\u0131; 131 fonun tasfiyesine karar verildi.<\/td><td>SPK B\u00fcltenleri 2026\/60\u201361<\/td><\/tr><tr><td>18 Eyl\u00fcl 2026<\/td><td>Tasfiye i\u00e7in Tera fonlar\u0131nda T\u00fcrkiye \u0130\u015f Bankas\u0131, di\u011fer fonlarda Ziraat Bankas\u0131 g\u00f6revlendirildi.<\/td><td>SPK B\u00fclteni 2026\/61<\/td><\/tr><tr><td>21 Eyl\u00fcl 2026<\/td><td>Tasfiye s\u00fcresi \u00fc\u00e7 aydan alt\u0131 aya \u00e7\u0131kar\u0131ld\u0131.<\/td><td>SPK\u2019n\u0131n 59\/1710 say\u0131l\u0131 karar\u0131<\/td><\/tr><tr><td>30 Eyl\u00fcl 2026<\/td><td>\u00dc\u00e7 yat\u0131r\u0131m bankas\u0131 ve iki faktoring \u015firketinin y\u00f6netimi TMSF\u2019ye devredildi; ara \u00f6deme karar\u0131 al\u0131nd\u0131.<\/td><td>BDDK karar\u0131; SPK B\u00fclteni 2026\/67<\/td><\/tr><tr><td>1 Ekim 2026<\/td><td>Fon ba\u015f\u0131na 1 milyon TL\u2019ye kadar ara \u00f6deme ve g\u00f6n\u00fcll\u00fc iade hesaplar\u0131 duyuruldu.<\/td><td>SPK duyurular\u0131; Adalet Bakanl\u0131\u011f\u0131<\/td><\/tr><tr><td>2 Ekim 2026<\/td><td>Fon Koordinasyon Kurulu topland\u0131; kanun teklifi haz\u0131rl\u0131\u011f\u0131 ba\u015flad\u0131.<\/td><td>\u0130leti\u015fim Ba\u015fkanl\u0131\u011f\u0131<\/td><\/tr><tr><td>3 Ekim 2026<\/td><td>Kredili i\u015flemlerdeki \u00f6zkaynak esnekli\u011fi 30 Ekim\u2019e uzat\u0131ld\u0131.<\/td><td>SPK B\u00fclteni 2026\/68<\/td><\/tr><tr><td>5 Ekim 2026<\/td><td>A1 Capital, Bulls ve Pardus fonlar\u0131nda ola\u011fan tasfiye ba\u015flad\u0131.<\/td><td>TBMM a\u00e7\u0131klamas\u0131, 07.10.2026<\/td><\/tr><tr><td>6 Ekim 2026<\/td><td>SPK, Borsa \u0130stanbul uyar\u0131lar\u0131na ili\u015fkin iddialar\u0131 yan\u0131tlad\u0131.<\/td><td>SPK bas\u0131n a\u00e7\u0131klamas\u0131<\/td><\/tr><tr><td>7 Ekim 2026<\/td><td>Cumhurba\u015fkan\u0131 Yard\u0131mc\u0131s\u0131 TBMM\u2019yi bilgilendirdi; 10 maddelik kanun teklifi imzaya a\u00e7\u0131ld\u0131.<\/td><td>TBMM Genel Kurulu<\/td><\/tr><tr><td>8 Ekim 2026<\/td><td>17 fonun tasfiye tutarlar\u0131 banka ve arac\u0131 kurulu\u015f hesaplar\u0131na aktar\u0131ld\u0131.<\/td><td>\u0130leti\u015fim Ba\u015fkanl\u0131\u011f\u0131<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Tasfiyedeki fonlar\u0131n kurucular\u0131 Tera, Pusula, Hedef, Atlas, A1 Capital, Pardus ve Bulls Portf\u00f6y Y\u00f6netimi A\u015e\u2019dir (SPK B\u00fclteni 2026\/60). Resm\u00ee a\u00e7\u0131klamaya g\u00f6re bu 131 fon, T\u00fcrkiye\u2019deki toplam fon say\u0131s\u0131n\u0131n y\u00fczde 4,6\u2019s\u0131n\u0131, toplam portf\u00f6y de\u011ferinin y\u00fczde 7,7\u2019sini olu\u015fturuyor (TBMM a\u00e7\u0131klamas\u0131, 07.10.2026).<\/p>\n\n\n\n<p>Hukuki a\u00e7\u0131dan bu kriz birbirine ba\u011fl\u0131 ama ayr\u0131 kurallara tabi \u00fc\u00e7 s\u00fcre\u00e7ten olu\u015fuyor: idari tasfiye (SPKn m.96), ceza soru\u015fturmas\u0131 (SPKn m.115; TCK) ve yat\u0131r\u0131mc\u0131ya \u00f6deme ile zarar\u0131n tazmini.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Paran\u0131z nerede?<\/a><\/h2>\n\n\n\n<p>Yat\u0131r\u0131m fonu, portf\u00f6y y\u00f6netim \u015firketinin malvarl\u0131\u011f\u0131ndan ayr\u0131 tutulan, t\u00fczel ki\u015fili\u011fi olmayan bir malvarl\u0131\u011f\u0131d\u0131r. Yat\u0131r\u0131mc\u0131 bu malvarl\u0131\u011f\u0131nda \u201ckat\u0131lma pay\u0131\u201d sahibidir (SPKn m.52). Sistemde d\u00f6rt akt\u00f6r vard\u0131r: yat\u0131r\u0131mc\u0131, fonu kuran ve y\u00f6neten portf\u00f6y y\u00f6netim \u015firketi (SPKn m.55), varl\u0131klar\u0131 saklayan ve i\u015flemlerin mevzuata uygunlu\u011funu kontrol eden saklay\u0131c\u0131 (SPKn m.56) ve fonu satan banka ya da arac\u0131 kurum (III-52.1 Tebli\u011fi m.25).<\/p>\n\n\n\n<p>Bu krizdeki en \u00f6nemli g\u00fcvence, fon malvarl\u0131\u011f\u0131n\u0131n ayr\u0131l\u0131\u011f\u0131d\u0131r (SPKn m.53):<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Kurucu \u015firketin alacakl\u0131lar\u0131 fon varl\u0131klar\u0131na el atamaz.<\/li>\n\n\n\n<li>Fon malvarl\u0131\u011f\u0131 kamu alacaklar\u0131 i\u00e7in dahi haczedilemez (SPKn m.53\/2).<\/li>\n\n\n\n<li>Tasfiyede fon malvarl\u0131\u011f\u0131ndan yaln\u0131zca kat\u0131lma pay\u0131 sahiplerine \u00f6deme yap\u0131labilir (SPKn m.53\/3).<\/li>\n<\/ul>\n\n\n\n<p>Ancak bu g\u00fcvence fon varl\u0131klar\u0131n\u0131n m\u00fclkiyetini korur, de\u011ferini korumaz. Portf\u00f6yde de\u011feri yapay bi\u00e7imde \u015fi\u015firilmi\u015f paylar veya tahsil edilemeyen alacaklar varsa, yat\u0131r\u0131mc\u0131ya da\u011f\u0131t\u0131lacak tutar da bundan etkilenir (SPKn m.53\/3; III-52.1 Tebli\u011fi m.28\/2).<\/p>\n\n\n\n<p>Kurucu ile yat\u0131r\u0131mc\u0131 aras\u0131ndaki ili\u015fkiye, aksi \u00f6ng\u00f6r\u00fclmedik\u00e7e vek\u00e2let s\u00f6zle\u015fmesi h\u00fck\u00fcmleri k\u0131yasen uygulan\u0131r (SPKn m.52\/4; TBK m.502\u2013514). Bu, kurucunun yat\u0131r\u0131mc\u0131ya kar\u015f\u0131 \u00f6zen ve sadakat borcu alt\u0131nda oldu\u011fu anlam\u0131na gelir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Tasfiye nas\u0131l i\u015fliyor?<\/a><\/h2>\n\n\n\n<p>Tasfiye, fon varl\u0131klar\u0131n\u0131n sat\u0131l\u0131p nakde \u00e7evrilmesi ve paran\u0131n kat\u0131lma pay\u0131 sahiplerine paylar\u0131 oran\u0131nda da\u011f\u0131t\u0131lmas\u0131d\u0131r (III-52.1 Tebli\u011fi m.28). SPK bu karar\u0131, mevzuata ayk\u0131r\u0131l\u0131k h\u00e2linde faaliyetleri durdurma ve yetki iptali yetkisine dayanarak vermi\u015ftir (SPKn m.96\/1). Bu bir fon tasfiyesidir; portf\u00f6y y\u00f6netim \u015firketinin kendisine ili\u015fkin tedric\u00ee tasfiye veya iflas ayr\u0131 bir tedbirdir (SPKn m.97\/1).<\/p>\n\n\n\n<p>Tasfiye edilen 131 fon SPK B\u00fclteni 2026\/61\u2019de tek tek say\u0131lm\u0131\u015ft\u0131r. Tera\u2019n\u0131n 6 fonunu T\u00fcrkiye \u0130\u015f Bankas\u0131 (388.718 tekil yat\u0131r\u0131mc\u0131), di\u011fer 125 fonu Ziraat Bankas\u0131 (151.247 tekil yat\u0131r\u0131mc\u0131) tasfiye eder. A1 Capital, Bulls ve Pardus fonlar\u0131nda kurucular, Ziraat Bankas\u0131n\u0131n g\u00f6revlendirdi\u011fi yetkiliyle birlikte tasfiyeyi y\u00fcr\u00fct\u00fcr (SPK\u2019n\u0131n 64\/1770 say\u0131l\u0131 karar\u0131; TBMM a\u00e7\u0131klamas\u0131, 07.10.2026).<\/p>\n\n\n\n<p>S\u00fcre\u00e7 SPK B\u00fclteni 2026\/61\u2019deki usul ve esaslara g\u00f6re i\u015fler: tasfiye bankas\u0131 belirlenir, Merkezi Kay\u0131t Kurulu\u015fu (MKK) ile pay ve hesap mutabakat\u0131 yap\u0131l\u0131r, fonun repo ve mevduat gibi i\u015flemlerinden do\u011fan bor\u00e7 ve alacaklar\u0131 netle\u015ftirilir, varl\u0131klar d\u00f6nemler h\u00e2linde sat\u0131l\u0131r ve elde edilen nakit yat\u0131r\u0131mc\u0131 hesaplar\u0131na pay oran\u0131nda aktar\u0131l\u0131r.<\/p>\n\n\n\n<p>Bilinmesi gereken \u00fc\u00e7 pratik nokta var:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ba\u015fvuru gerekmez.<\/strong>\u00a0\u00d6deme, mutabakat\u0131 yap\u0131lm\u0131\u015f hesaba kendili\u011finden aktar\u0131l\u0131r (SPK B\u00fclteni 2026\/61, A-5).<\/li>\n\n\n\n<li><strong>S\u00fcre en fazla alt\u0131 ayd\u0131r.<\/strong>\u00a0Kurul uzatmazsa bu s\u00fcre Mart 2027\u2019nin \u00fc\u00e7\u00fcnc\u00fc haftas\u0131nda dolar; tasfiye daha erken de bitebilir (SPK\u2019n\u0131n 59\/1710 say\u0131l\u0131 karar\u0131).<\/li>\n\n\n\n<li><strong>Ekranda g\u00f6r\u00fclen \u201c0\u201d fiyat nihai tutar de\u011fildir.<\/strong>\u00a0Bu, mutabakat s\u00fcrecinin teknik bir g\u00f6r\u00fcnt\u00fcs\u00fcd\u00fcr (SPK B\u00fclteni 2026\/61, A-2, A-5).<\/li>\n<\/ul>\n\n\n\n<p>Kat\u0131lma pay\u0131 \u00fczerinde haciz varsa, pay kar\u015f\u0131l\u0131\u011f\u0131 tutar haczi koyan icra dairesine \u00f6denir (SPK Yat\u0131r\u0131m Fonlar\u0131na \u0130li\u015fkin Rehber m.11; \u0130\u0130K m.89).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>\u00d6demeler: ola\u011fan tasfiye, ola\u011fan\u00fcst\u00fc tasfiye ve ara \u00f6deme<\/a><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>&nbsp;<\/td><td>Ola\u011fan tasfiye<\/td><td>Ola\u011fan\u00fcst\u00fc tasfiye<\/td><\/tr><\/thead><tbody><tr><td>Fonlar<\/td><td>A1 Capital, Bulls, Pardus; teminat al\u0131n\u0131rsa Atlas<\/td><td>Tera, Pusula, Hedef<\/td><\/tr><tr><td>Dayanak<\/td><td>Mevcut mevzuat (SPKn m.53\/3; III-52.1 Tebli\u011fi m.28; SPK 64\/1770)<\/td><td>SPK\u2019n\u0131n 64\/1775 say\u0131l\u0131 karar\u0131 ve \u00e7\u0131kar\u0131lacak kanun<\/td><\/tr><tr><td>\u00d6l\u00e7\u00fc<\/td><td>Kat\u0131lma pay\u0131 oran\u0131nda da\u011f\u0131t\u0131m; 1 milyon TL s\u0131n\u0131r\u0131 yok<\/td><td>Net yat\u0131r\u0131m tutar\u0131 esasl\u0131, fon ba\u015f\u0131na en fazla 1 milyon TL ara \u00f6deme; kalan\u0131 nihai tasfiyede<\/td><\/tr><tr><td>Takvim<\/td><td>17 fonda tutarlar 8 Ekim 2026\u2019da kurulu\u015flara aktar\u0131ld\u0131<\/td><td>Kanunun yasala\u015fmas\u0131na ba\u011fl\u0131<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a>Ola\u011fan tasfiye<\/a><\/h3>\n\n\n\n<p>Fon varl\u0131klar\u0131 sat\u0131l\u0131r ve pay\u0131n\u0131z oran\u0131nda hesab\u0131n\u0131za aktar\u0131l\u0131r (SPKn m.53\/3). 8 Ekim\u2019de tutarlar\u0131 aktar\u0131lan 17 fonun 4\u2019\u00fc para piyasas\u0131 fonu (P1A, PAB, BPZ, AC4), 13\u2019\u00fc hisse senedi fonudur (AJ1, CAH, BMU, BOS, AC5, BRT, BST, IAU, KHA, PAO, PMP, POS, PYR). Bu listede yer almayan fonlar\u0131n tasfiyesi s\u00fcrmektedir (\u0130leti\u015fim Ba\u015fkanl\u0131\u011f\u0131 a\u00e7\u0131klamas\u0131, 08.10.2026). A1 Capital, Bulls ve Pardus\u2019un 49 \u00f6zel fonundaki 2.098 yat\u0131r\u0131mc\u0131n\u0131n durumunun ayr\u0131ca \u00e7\u00f6z\u00fclece\u011fi a\u00e7\u0131klanm\u0131\u015ft\u0131r (TBMM a\u00e7\u0131klamas\u0131, 07.10.2026).<\/p>\n\n\n\n<p>Ola\u011fan tasfiyede al\u0131nan tutar, fonun o tarihteki ger\u00e7ek varl\u0131k de\u011ferine g\u00f6re belirlenir. Bu nedenle yat\u0131r\u0131lan anaparan\u0131n tamam\u0131 d\u00f6nmeyebilir; tasfiye bakiyesi yat\u0131r\u0131mc\u0131lar\u0131n ayr\u0131ca tazminat talep etme hakk\u0131n\u0131 ortadan kald\u0131rmaz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a>Ara \u00f6deme<\/a><\/h3>\n\n\n\n<p>SPK\u2019n\u0131n 64\/1775 say\u0131l\u0131 karar\u0131na g\u00f6re ola\u011fan\u00fcst\u00fc tasfiyeye tabi fonlarda, mutabakat\u0131 tamamlanan her yat\u0131r\u0131mc\u0131ya, her fon i\u00e7in ayr\u0131 ayr\u0131, MKK\u2019n\u0131n hesaplayaca\u011f\u0131 net yat\u0131r\u0131m tutar\u0131 kadar ve en fazla 1 milyon TL \u00f6deme yap\u0131l\u0131r. Bu \u00f6deme nihai tasfiye alaca\u011f\u0131ndan d\u00fc\u015f\u00fclecek bir avanst\u0131r; kar\u015f\u0131l\u0131\u011f\u0131nda kat\u0131lma pay\u0131 iade edilmez ve 1 milyon TL al\u0131nabilecek toplam tutar\u0131n s\u0131n\u0131r\u0131 de\u011fildir. \u00d6ncelik k\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131lara ve para piyasas\u0131 fonlar\u0131na verilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a>Kanun teklifinde neler var?<\/a><\/h3>\n\n\n\n<p>Teklifin resm\u00ee metni yay\u0131mlanmam\u0131\u015ft\u0131r. Bas\u0131na yans\u0131yan tasla\u011fa g\u00f6re d\u00fczenleme \u201cOla\u011fan\u00fcst\u00fc Fon Tasfiye Kanunu\u201d ad\u0131n\u0131 ta\u015f\u0131yan, 10 maddelik, ge\u00e7ici ve yaln\u0131zca bu krize \u00f6zg\u00fc bir kanun olacakt\u0131r. Taslakta \u00f6ne \u00e7\u0131kan noktalar \u015funlard\u0131r:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1 milyon TL\u2019ye kadar olan alacaklar \u00f6ncelikli olarak \u00f6denecek; \u00f6demeler en k\u00fc\u00e7\u00fck tutarlardan ba\u015flay\u0131p kademeli olarak ilerleyecek.<\/li>\n\n\n\n<li>Anapara, MKK kay\u0131tlar\u0131ndan yararlan\u0131larak yat\u0131r\u0131mc\u0131 baz\u0131nda hesaplanacak.<\/li>\n\n\n\n<li>Anaparaya ek olarak enflasyon fark\u0131 \u00f6denmesi \u00f6ng\u00f6r\u00fcl\u00fcyor; haberlere g\u00f6re bu fark TEFE-T\u00dcFE ortalamas\u0131yla hesaplanacak.<\/li>\n\n\n\n<li>\u00d6demeler her fonun kendi varl\u0131klar\u0131ndan yap\u0131lacak; 1 milyon TL\u2019yi a\u015fan alacaklar, \u00f6ncelikli \u00f6demeler tamamland\u0131ktan sonra fonda kalan kaynaktan kar\u015f\u0131lanacak.<\/li>\n\n\n\n<li>\u0130lk a\u015famadan yakla\u015f\u0131k 345\u2013355 bin yat\u0131r\u0131mc\u0131n\u0131n yararlanmas\u0131 bekleniyor.<\/li>\n<\/ul>\n\n\n\n<p>Bu bilgiler resm\u00ee metin yay\u0131mlanana kadar kesinlik ta\u015f\u0131maz. \u00d6zellikle enflasyon fark\u0131 Cumhurba\u015fkan\u0131 Yard\u0131mc\u0131s\u0131n\u0131n 7 Ekim tarihli TBMM a\u00e7\u0131klamas\u0131nda yer almam\u0131\u015ft\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a>\u00d6demenin kayna\u011f\u0131<\/a><\/h3>\n\n\n\n<p>Bu s\u00fcre\u00e7te Hazine kayna\u011f\u0131 kullan\u0131lmayacakt\u0131r. \u00d6demeler; fonlar\u0131n kendi varl\u0131klar\u0131, TMSF b\u00fcnyesinde a\u00e7\u0131lan 131 fon bazl\u0131 iste\u011fe ba\u011fl\u0131 iade hesab\u0131 ile genel hisse iade hesab\u0131 ve el konulan ya da m\u00fcsadere edilen varl\u0131klar\u0131n sat\u0131\u015f\u0131ndan elde edilecek gelirlerle yap\u0131lacakt\u0131r. Her fonun iade hesab\u0131ndaki para yaln\u0131zca o fonun yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in kullan\u0131l\u0131r; genel hesaptaki para SPK\u2019n\u0131n belirleyece\u011fi \u00f6l\u00e7\u00fctle fonlara da\u011f\u0131t\u0131l\u0131r (SPK duyurusu, 01.10.2026; TBMM a\u00e7\u0131klamas\u0131, 07.10.2026).<\/p>\n\n\n\n<p>G\u00f6n\u00fcll\u00fc iade hesaplar\u0131 ma\u011fdurun ba\u015fvuru yeri de\u011fil, fahi\u015f kazan\u00e7 sa\u011flayanlar\u0131n iade yeridir (SPK duyurusu, 01.10.2026).<\/p>\n\n\n\n<p>Her iki yolda da \u00f6deme, mutabakat\u0131 yap\u0131lm\u0131\u015f hesaba ba\u015fvuru aranmaks\u0131z\u0131n aktar\u0131l\u0131r (SPK B\u00fclteni 2026\/61, A-5; SPK 64\/1775). \u00d6deme hesab\u0131n\u0131za ge\u00e7ti\u011finde dekontu saklay\u0131n ve tutar\u0131 e-YATIRIMCI kay\u0131tlar\u0131n\u0131z ile kendi al\u0131m sat\u0131m ge\u00e7mi\u015finizle kar\u015f\u0131la\u015ft\u0131r\u0131n.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Ger\u00e7ekle\u015fmeyen sat\u0131\u015f emirleri<\/a><\/h2>\n\n\n\n<p>SPK\u2019n\u0131n 28 Eyl\u00fcl 2026 tarihli a\u00e7\u0131klamas\u0131na g\u00f6re, 17 Eyl\u00fcl g\u00fcn\u00fc TEFAS\u2019a iletilen b\u00fct\u00fcn talimatlar iptal edilmi\u015ftir. 16 Eyl\u00fcl ve \u00f6ncesinde iletildi\u011fi h\u00e2lde fonun temerr\u00fcd\u00fc veya fiyat a\u00e7\u0131klanmamas\u0131 nedeniyle ger\u00e7ekle\u015fmeyen talimatlar da tasfiye kapsam\u0131ndad\u0131r. Her iki durumda da yat\u0131r\u0131mc\u0131, kat\u0131lma pay\u0131 oran\u0131nda tasfiye bakiyesinden \u00f6deme al\u0131r; emrin erken verilmi\u015f olmas\u0131 \u00f6ncelik sa\u011flamaz (SPKn m.53\/3; III-52.1 Tebli\u011fi m.28\/2).<\/p>\n\n\n\n<p>Emir da\u011f\u0131t\u0131c\u0131 kurulu\u015f taraf\u0131ndan hi\u00e7 i\u015fleme al\u0131nmad\u0131ysa veya TEFAS\u2019a iletilmediyse, kurulu\u015fun s\u00f6zle\u015fmeye ayk\u0131r\u0131 davran\u0131p davranmad\u0131\u011f\u0131 ayr\u0131ca incelenir (TBK m.112). Bu nedenle emir numaras\u0131, tarih ve saat, TEFAS\u2019a iletim zaman\u0131 ve ger\u00e7ekle\u015fmeme nedeni kurulu\u015ftan yaz\u0131l\u0131 olarak istenmelidir.<\/p>\n\n\n\n<p>17 Eyl\u00fcl karar\u0131 yedi \u015firketin t\u00fcm fonlar\u0131n\u0131 i\u015fleme kapatm\u0131\u015f, ancak yaln\u0131zca 131\u2019inin tasfiyesine karar vermi\u015ftir (SPK B\u00fclteni 2026\/60). \u0130\u015flem yap\u0131lamayan her fon tasfiyede de\u011fildir; fon kodunuzu resm\u00ee listeyle kar\u015f\u0131la\u015ft\u0131r\u0131n. Tasfiye kapsam\u0131 d\u0131\u015f\u0131ndaki fonlar, s\u00fcre\u00e7 tamamland\u0131ktan sonra yeniden al\u0131m sat\u0131ma a\u00e7\u0131labilecektir (SPK 64\/1770).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Fon mevduat de\u011fildir: devlet g\u00fcvencesi yan\u0131lg\u0131s\u0131<\/a><\/h2>\n\n\n\n<p>Yat\u0131r\u0131m fonu kat\u0131lma pay\u0131 bir sermaye piyasas\u0131 arac\u0131d\u0131r, mevduat de\u011fildir (SPKn m.52). TMSF\u2019nin sigorta g\u00fcvencesi mevduat ve kat\u0131l\u0131m fonlar\u0131na ili\u015fkindir (5411 say\u0131l\u0131 Bankac\u0131l\u0131k Kanunu m.63). Fonun bankadan sat\u0131n al\u0131nm\u0131\u015f olmas\u0131 bankay\u0131 fonun garant\u00f6r\u00fc yapmaz; banka yaln\u0131zca da\u011f\u0131t\u0131c\u0131d\u0131r (III-52.1 Tebli\u011fi m.25).<\/p>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131 Tazmin Merkezi (YTM) ise yaln\u0131zca bir yat\u0131r\u0131m kurulu\u015funun yat\u0131r\u0131mc\u0131 ad\u0131na tuttu\u011fu nakdi \u00f6deyememesi veya sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131 teslim edememesi h\u00e2linde devreye girer (SPKn m.84). Piyasa fiyat hareketlerinden ve yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131ndan do\u011fan zararlar a\u00e7\u0131k\u00e7a kapsam d\u0131\u015f\u0131d\u0131r (SPKn m.84\/2). Fon birim fiyat\u0131ndaki d\u00fc\u015f\u00fc\u015f bu nedenle YTM kapsam\u0131nda de\u011fildir.<\/p>\n\n\n\n<p>Cumhurba\u015fkan\u0131 Yard\u0131mc\u0131s\u0131 da 7 Ekim\u2019de fon piyasalar\u0131nda bankac\u0131l\u0131ktaki gibi bir devlet garantisi bulunmad\u0131\u011f\u0131n\u0131 ve \u00f6zel zararlar i\u00e7in Hazine kayna\u011f\u0131 kullan\u0131lmayaca\u011f\u0131n\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Zarardan kim sorumlu?<\/a><\/h2>\n\n\n\n<p>Tazminat i\u00e7in \u201cfon de\u011fer kaybetti\u201d demek yetmez; hukuka ayk\u0131r\u0131 bir davran\u0131\u015f, zarar ve aralar\u0131ndaki nedensellik ba\u011f\u0131 ispat edilmelidir (TBK m.49; HMK m.190). Fonun a\u00e7\u0131klanan stratejisine uygun olarak al\u0131nm\u0131\u015f bir riskin zararla sonu\u00e7lanmas\u0131 tek ba\u015f\u0131na tazminat do\u011furmaz. Buna kar\u015f\u0131l\u0131k manip\u00fclasyon, gizlenen \u00e7\u0131kar \u00e7at\u0131\u015fmas\u0131 veya fon varl\u0131klar\u0131n\u0131n k\u00f6t\u00fcye kullan\u0131lmas\u0131 yat\u0131r\u0131mc\u0131n\u0131n \u00fcstlendi\u011fi risk kapsam\u0131nda de\u011fildir (D\u00fclger, 2026).<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>Olas\u0131 muhatap<\/td><td>Sorumlulu\u011fun dayana\u011f\u0131<\/td><\/tr><\/thead><tbody><tr><td>Kurucu portf\u00f6y y\u00f6netim \u015firketi<\/td><td>Kat\u0131lma pay\u0131 sahiplerinin haklar\u0131n\u0131 koruyacak bi\u00e7imde y\u00f6netim y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc; vek\u00e2lete k\u0131yasen \u00f6zen ve sadakat borcu (SPKn m.52\/3, m.52\/4, m.55; TBK m.502\u2013514)<\/td><\/tr><tr><td>Portf\u00f6y saklay\u0131c\u0131s\u0131<\/td><td>Saklama ve kontrol y\u00fck\u00fcml\u00fcl\u00fcklerinin ihlali (SPKn m.56)<\/td><\/tr><tr><td>Da\u011f\u0131t\u0131c\u0131 banka veya arac\u0131 kurum<\/td><td>Serbest fonda nitelikli yat\u0131r\u0131mc\u0131 belgelerini temin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc (III-52.1 Tebli\u011fi m.25\/4); bilgilendirme y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/td><\/tr><tr><td>Y\u00f6neticiler<\/td><td>Ki\u015fisel kusur ve kat\u0131l\u0131m (TTK m.553; TBK m.49)<\/td><\/tr><tr><td>\u0130zahname ve kamuyu ayd\u0131nlatma belgesi imzac\u0131lar\u0131<\/td><td>Yanl\u0131\u015f veya eksik bilgiden m\u00fcteselsil sorumluluk (SPKn m.32)<\/td><\/tr><tr><td>\u00d6rt\u00fcl\u00fc kazan\u00e7 aktar\u0131m\u0131ndan yararlananlar<\/td><td>Aktar\u0131lan tutar\u0131n kanuni faiziyle fona iadesi (SPKn m.21\/4)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u00d6rt\u00fcl\u00fc kazan\u00e7 aktar\u0131m\u0131 yolu \u00f6zellikle \u00f6nemlidir. SPK b\u00f6yle bir aktar\u0131m\u0131 tespit ederse aktar\u0131lan de\u011fer fona geri d\u00f6ner ve t\u00fcm yat\u0131r\u0131mc\u0131lar\u0131n pay\u0131 oran\u0131nda tasfiye malvarl\u0131\u011f\u0131n\u0131 b\u00fcy\u00fct\u00fcr (SPKn m.21\/4; Demir, 2026). 8 Ekim itibar\u0131yla b\u00f6yle bir tespit a\u00e7\u0131klanmam\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>Tasfiyeden \u00f6deme almak, kalan zarar i\u00e7in tazminat talebini ortadan kald\u0131rmaz (D\u00fclger, 2026). T\u00fcrk hukukundaki topluluk davas\u0131 ise yat\u0131r\u0131mc\u0131lar ad\u0131na parasal tazminat sa\u011flamaz (HMK m.113); her yat\u0131r\u0131mc\u0131n\u0131n talebi kendi belgeleri ve zarar\u0131 \u00fczerinden de\u011ferlendirilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Serbest fon ve nitelikli yat\u0131r\u0131mc\u0131 meselesi<\/a><\/h2>\n\n\n\n<p>Serbest fon yaln\u0131zca nitelikli yat\u0131r\u0131mc\u0131ya sat\u0131labilir (III-52.1 Tebli\u011fi m.6\/1-d). Talebe dayal\u0131 profesyonel m\u00fc\u015fteri \u015fartlar\u0131ndan yaln\u0131zca finansal varl\u0131k \u015fart\u0131n\u0131 sa\u011flayan ki\u015fi de nitelikli yat\u0131r\u0131mc\u0131 say\u0131l\u0131r (III-39.1 Tebli\u011fi m.32\/3). Bu e\u015fik, 19 Aral\u0131k 2025\u2019ten itibaren ilk kez stat\u00fc kazananlar i\u00e7in 10 milyon TL\u2019dir; daha \u00f6nce stat\u00fc kazananlar\u0131n s\u0131fat\u0131 devam eder (SPK B\u00fclteni 2025\/64).<\/p>\n\n\n\n<p>Nitelikli yat\u0131r\u0131mc\u0131 bilgisinin MKK\u2019ya kayd\u0131 yat\u0131r\u0131mc\u0131n\u0131n beyan\u0131yla yap\u0131l\u0131r (II-5.2 Tebli\u011fi m.9\/2). Ancak sat\u0131\u015f\u0131 yapan kurulu\u015f, yat\u0131r\u0131mc\u0131n\u0131n bu vasf\u0131 ta\u015f\u0131d\u0131\u011f\u0131na dair bilgi ve belgeleri temin etmek ve saklamakla ayr\u0131ca y\u00fck\u00fcml\u00fcd\u00fcr (III-52.1 Tebli\u011fi m.25\/4). Belge temin edilmediyse bu, da\u011f\u0131t\u0131c\u0131 aleyhine \u00f6nemli bir arg\u00fcmand\u0131r. Kar\u015f\u0131 taraf ise yat\u0131r\u0131mc\u0131n\u0131n kendi beyan\u0131n\u0131 ileri s\u00fcrerek m\u00fcterafik kusur savunmas\u0131 yapabilir (TBK m.52). Uygunluk testi kural\u0131 serbest fonlara uygulanmad\u0131\u011f\u0131ndan, \u201cuygunluk testi yap\u0131lmad\u0131\u201d iddias\u0131 tek ba\u015f\u0131na sonu\u00e7 vermez (III-52.1 Tebli\u011fi m.25\/6).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Para piyasas\u0131 fonlar\u0131ndaki kay\u0131p<\/a><\/h2>\n\n\n\n<p>Para piyasas\u0131 fonlar\u0131 en d\u00fc\u015f\u00fck riskli fon t\u00fcr\u00fc olarak bilinir. Bu fonun tan\u0131m\u0131 vadeyi ve likiditeyi s\u0131n\u0131rlar (III-52.1 Tebli\u011fi m.6\/1-b), ancak i\u015flemin kar\u015f\u0131 taraf\u0131n\u0131 tek ba\u015f\u0131na s\u0131n\u0131rlamaz. TP2\u2019nin grup \u015firketiyle yapt\u0131\u011f\u0131 borsa d\u0131\u015f\u0131 ters repo i\u015flemi bir ili\u015fkili taraf i\u015flemidir (KAP). SPK\u2019n\u0131n 28 A\u011fustos 2026 tarihli karar\u0131yla ili\u015fkili taraflarla borsa d\u0131\u015f\u0131 repo i\u015flemlerine y\u00fczde 10 ve y\u00fczde 25 s\u0131n\u0131rlar\u0131 getirilmi\u015f, mevcut a\u015f\u0131mlar i\u00e7in 31 Aral\u0131k 2026\u2019ya kadar ge\u00e7i\u015f s\u00fcresi tan\u0131nm\u0131\u015ft\u0131r (SPK\u2019n\u0131n 52\/1589 say\u0131l\u0131 karar\u0131). Ge\u00e7i\u015f s\u00fcresi, kurucunun yat\u0131r\u0131mc\u0131 haklar\u0131n\u0131 koruma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc ortadan kald\u0131rmaz (SPKn m.52\/3).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Ceza soru\u015fturmas\u0131 ve yat\u0131r\u0131mc\u0131n\u0131n yeri<\/a><\/h2>\n\n\n\n<p>Soru\u015fturma; su\u00e7 \u00f6rg\u00fct\u00fc, nitelikli doland\u0131r\u0131c\u0131l\u0131k, su\u00e7 gelirlerinin aklanmas\u0131 ve Sermaye Piyasas\u0131 Kanunu\u2019na muhalefet su\u00e7lar\u0131 kapsam\u0131nda y\u00fcr\u00fct\u00fclmektedir (Adalet Bakanl\u0131\u011f\u0131 a\u00e7\u0131klamas\u0131). 7 Ekim itibar\u0131yla 220 ki\u015fi hakk\u0131nda i\u015flem yap\u0131lm\u0131\u015f, 85 ki\u015fi tutuklanm\u0131\u015f, 23 ki\u015fi hakk\u0131nda yakalama karar\u0131 verilmi\u015f ve 81 ki\u015fiye yurt d\u0131\u015f\u0131na \u00e7\u0131k\u0131\u015f yasa\u011f\u0131 uygulanm\u0131\u015ft\u0131r (TBMM a\u00e7\u0131klamas\u0131, 07.10.2026).<\/p>\n\n\n\n<p>G\u00fcndemdeki ba\u015fl\u0131ca su\u00e7lar \u015funlard\u0131r: piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 (SPKn m.107), bilgi suistimali (SPKn m.106), nitelikli g\u00fcveni k\u00f6t\u00fcye kullanma (SPKn m.110; TCK m.155\/2), nitelikli doland\u0131r\u0131c\u0131l\u0131k (TCK m.158), su\u00e7 gelirlerinin aklanmas\u0131 (TCK m.282) ve su\u00e7 \u00f6rg\u00fct\u00fc (TCK m.220).<\/p>\n\n\n\n<p>Sermaye Piyasas\u0131 Kanunu\u2019ndaki su\u00e7lardan soru\u015fturma, SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvurusuna ba\u011fl\u0131d\u0131r (SPKn m.115\/1). Bu \u015fart TCK\u2019daki ba\u011f\u0131ms\u0131z su\u00e7lar\u0131n soru\u015fturulmas\u0131n\u0131 engellemez. Ceza sorumlulu\u011fu ki\u015fiseldir ve soru\u015fturma s\u00fcrerken herkes i\u00e7in masumiyet karinesi ge\u00e7erlidir (Anayasa m.38\/4, m.38\/7).<\/p>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131 herhangi bir cumhuriyet ba\u015fsavc\u0131l\u0131\u011f\u0131na \u015fik\u00e2yette bulunabilir (CMK m.158), soru\u015fturmada ma\u011fdur haklar\u0131n\u0131 kullanabilir (CMK m.234) ve a\u00e7\u0131lacak kamu davas\u0131na kat\u0131lma talebinde bulunabilir (CMK m.237). Ancak Sermaye Piyasas\u0131 Kanunu\u2019ndaki su\u00e7larda kat\u0131lan s\u0131fat\u0131n\u0131 kanunen SPK kazand\u0131\u011f\u0131ndan (SPKn m.115\/2), yaln\u0131zca bu su\u00e7lar\u0131n yarg\u0131land\u0131\u011f\u0131 bir davada yat\u0131r\u0131mc\u0131n\u0131n kat\u0131lma hakk\u0131 tart\u0131\u015fmal\u0131d\u0131r. \u015eik\u00e2yet\u00e7i olmak tek ba\u015f\u0131na tazminat sa\u011flamaz; ancak bilirki\u015fi ve MASAK raporlar\u0131na eri\u015fim ve ileride tahsil bak\u0131m\u0131ndan \u00f6nemli faydalar sa\u011flar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Etkin pi\u015fmanl\u0131k ve g\u00f6n\u00fcll\u00fc iade<\/a><\/h2>\n\n\n\n<p>Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131nda elde edilen menfaatin en az 500 bin TL olmak \u00fczere iki kat\u0131n\u0131n Hazineye \u00f6denmesi; soru\u015fturmadan \u00f6nce cezas\u0131zl\u0131k, soru\u015fturma a\u015famas\u0131nda yar\u0131, kovu\u015fturma a\u015famas\u0131nda \u00fc\u00e7te bir oran\u0131nda indirim sa\u011flar (SPKn m.107\/3). G\u00fcveni k\u00f6t\u00fcye kullanmada fona iade yan\u0131nda iki kat\u0131n\u0131n Hazineye \u00f6denmesi aran\u0131r (SPKn m.110\/3). Doland\u0131r\u0131c\u0131l\u0131kta ise \u00f6deme ma\u011fdura yap\u0131l\u0131r ve ceza yaln\u0131zca indirilir (TCK m.168).<\/p>\n\n\n\n<p>Prof.&nbsp;Dr.&nbsp;Murat Volkan D\u00fclger\u2019e g\u00f6re, kanunda de\u011fi\u015fiklik yap\u0131lmad\u0131k\u00e7a TMSF ad\u0131na a\u00e7\u0131lan g\u00f6n\u00fcll\u00fc iade hesaplar\u0131na yap\u0131lan \u00f6deme, SPKn m.107\/3\u2019teki etkin pi\u015fmanl\u0131\u011f\u0131n sonucunu do\u011furmaz; olsa olsa takdiri indirim (TCK m.62) veya doland\u0131r\u0131c\u0131l\u0131kta etkin pi\u015fmanl\u0131k (TCK m.168) bak\u0131m\u0131ndan de\u011ferlendirilebilir. Adalet Bakan\u0131 6 Ekim\u2019de be\u015f ki\u015finin iade yapt\u0131\u011f\u0131n\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>El konulan varl\u0131klar yat\u0131r\u0131mc\u0131ya d\u00f6ner mi?<\/a><\/h2>\n\n\n\n<p>El koyma bir koruma tedbiridir; yat\u0131r\u0131mc\u0131 lehine verilmi\u015f bir tazminat karar\u0131 de\u011fildir (CMK m.128; Demir, 2026). Su\u00e7tan elde edilen ve ma\u011fdura iadesi m\u00fcmk\u00fcn olan de\u011ferler m\u00fcsadere edilemez (TCK m.55\/1); ma\u011fdura ait oldu\u011fu belirlenen de\u011fer kendisine iade edilebilir (CMK m.131). Belirleyici olan, el konulan mal ile yat\u0131r\u0131mc\u0131n\u0131n hakk\u0131 aras\u0131nda hukuki ba\u011f kurulabilmesidir. \u00d6rne\u011fin dondurulan nakit ger\u00e7ekte fonlar\u0131n kendi paras\u0131ysa, yeni bir tazminat kayna\u011f\u0131 de\u011fil, zaten fon malvarl\u0131\u011f\u0131n\u0131n bir par\u00e7as\u0131d\u0131r (Demir, 2026).<\/p>\n\n\n\n<p>7 Ekim\u2019de, el konulan veya m\u00fcsadere edilen varl\u0131klar\u0131n sat\u0131\u015f gelirlerinin bir geri kazan\u0131m hesab\u0131na aktar\u0131larak \u00f6demelerde kullan\u0131laca\u011f\u0131 a\u00e7\u0131klanm\u0131\u015ft\u0131r. Bug\u00fcn y\u00fcr\u00fcrl\u00fckteki mevzuatta b\u00f6yle genel bir mekanizma bulunmad\u0131\u011f\u0131ndan bu y\u00f6ntem a\u00e7\u0131k bir kanuni dayanak gerektirir (Demir, 2026). Bu dayana\u011f\u0131n kanun teklifinde nas\u0131l d\u00fczenlenece\u011fi metin yay\u0131mland\u0131\u011f\u0131nda belli olacakt\u0131r. Yat\u0131r\u0131mc\u0131 kendi alaca\u011f\u0131n\u0131, ko\u015fullar\u0131 varsa ihtiyati haciz (\u0130\u0130K m.257) ve tasarrufun iptali (\u0130\u0130K m.277 vd.) yollar\u0131yla g\u00fcvenceye alabilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Tazminat yollar\u0131<\/a><\/h2>\n\n\n\n<p>SPK, kendisine yap\u0131lan \u015fik\u00e2yetler \u00fczerine yaln\u0131zca mevzuata uygunluk incelemesi yapt\u0131\u011f\u0131n\u0131, zarar tazminine karar vermedi\u011fini a\u00e7\u0131k\u00e7a belirtmektedir (SPK, \u201c\u015eik\u00e2yet Ba\u015fvurusu Nereye, Nas\u0131l Yap\u0131l\u0131r?\u201d).<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>Yol<\/td><td>Kullan\u0131m alan\u0131<\/td><td>Dikkat edilecek nokta<\/td><\/tr><\/thead><tbody><tr><td>SPK \u015fik\u00e2yeti<\/td><td>\u0130dari inceleme, tedbir, su\u00e7 duyurusu<\/td><td>Tazminat sa\u011flamaz<\/td><\/tr><tr><td>TSPB M\u00fc\u015fteri Uyu\u015fmazl\u0131klar\u0131 Hakem Heyeti<\/td><td>Borsa d\u0131\u015f\u0131 sermaye piyasas\u0131 faaliyetlerinden do\u011fan zarar<\/td><td>Tasfiye, iflas veya faaliyeti durdurulan \u00fcye hakk\u0131nda inceleme yap\u0131lmaz<\/td><\/tr><tr><td>Ticaret mahkemesi<\/td><td>Kurucu, y\u00f6neticiler, saklay\u0131c\u0131 veya da\u011f\u0131t\u0131c\u0131ya kar\u015f\u0131 tazminat<\/td><td>Arabuluculuk dava \u015fart\u0131d\u0131r (TTK m.5\/A)<\/td><\/tr><tr><td>T\u00fcketici yolu<\/td><td>\u0130\u015flemin t\u00fcketici i\u015flemi say\u0131ld\u0131\u011f\u0131 h\u00e2ller<\/td><td>Ticari ama\u00e7 varsa ticaret mahkemesi g\u00f6revlidir (Yarg\u0131tay HGK, E. 2017\/2348, K. 2019\/82)<\/td><\/tr><tr><td>\u0130dari yarg\u0131<\/td><td>SPK\u2019n\u0131n hizmet kusuru<\/td><td>\u00d6nce idareye ba\u015fvuru; daval\u0131 Kurul (\u0130YUK m.13; SPKn m.133)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Fon malvarl\u0131\u011f\u0131na icra takibi yap\u0131lamaz (SPKn m.53\/2). K\u0131smi \u00f6deme kar\u015f\u0131l\u0131\u011f\u0131nda t\u00fcm haklardan feragat sonucunu do\u011furan ibra veya sulh belgeleri dikkatle incelenmelidir (TBK m.132). Ara \u00f6deme i\u00e7in b\u00f6yle bir belge imzalama \u015fart\u0131 SPK karar\u0131nda yer almamaktad\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>S\u00fcreler<\/a><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>Talep<\/td><td>S\u00fcre<\/td><td>Dayanak<\/td><\/tr><\/thead><tbody><tr><td>Kamuyu ayd\u0131nlatma belgelerinden do\u011fan tazminat<\/td><td>Zarar\u0131n meydana geldi\u011fi tarihten itibaren 6 ay<\/td><td>SPKn m.32\/6<\/td><\/tr><tr><td>Haks\u0131z fiil tazminat\u0131<\/td><td>\u00d6\u011frenmeden itibaren 2 y\u0131l, her h\u00e2lde 10 y\u0131l; fiil su\u00e7 olu\u015fturuyorsa daha uzun ceza zamana\u015f\u0131m\u0131<\/td><td>TBK m.72<\/td><\/tr><tr><td>S\u00f6zle\u015fmeden do\u011fan talepler<\/td><td>5 y\u0131l (TBK m.147\/5) veya 10 y\u0131l (TBK m.146)<\/td><td>TBK<\/td><\/tr><tr><td>SPK kararlar\u0131na kar\u015f\u0131 iptal davas\u0131<\/td><td>\u0130landan itibaren 60 g\u00fcn<\/td><td>\u0130YUK m.7<\/td><\/tr><tr><td>SPK\u2019ya kar\u015f\u0131 idari tazminat<\/td><td>\u00d6\u011frenmeden itibaren 1 y\u0131l i\u00e7inde idareye ba\u015fvuru<\/td><td>\u0130YUK m.13<\/td><\/tr><tr><td>Kovu\u015fturmaya yer olmad\u0131\u011f\u0131 karar\u0131na itiraz<\/td><td>Tebli\u011fden itibaren 15 g\u00fcn<\/td><td>CMK m.173<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Alt\u0131 ayl\u0131k s\u00fcrenin ba\u015flang\u0131c\u0131 kanunda ayr\u0131ca tan\u0131mlanmam\u0131\u015ft\u0131r ve bu kriz i\u00e7in hen\u00fcz yarg\u0131 karar\u0131 yoktur. \u0130htiyatl\u0131 yakla\u015f\u0131m, her fon i\u00e7in zarar\u0131n ilk somutla\u015ft\u0131\u011f\u0131 tarihi esas almakt\u0131r: iade temerr\u00fcd\u00fc kamuya a\u00e7\u0131klanan fonlarda temerr\u00fct tarihi (Pusula fonlar\u0131 15 Eyl\u00fcl, Tera\u2019n\u0131n TP2 ve THF fonlar\u0131 16 Eyl\u00fcl), di\u011fer fonlarda al\u0131m sat\u0131m\u0131n durduruldu\u011fu 17 Eyl\u00fcl (SPK B\u00fclteni 2026\/60). Bu hesapla s\u00fcre 15\u201317 Mart 2027 aras\u0131nda dolar.<\/p>\n\n\n\n<p>Arabuluculuk s\u00fcresince zamana\u015f\u0131m\u0131 durur (HUAK m.18\/A-15). Savc\u0131l\u0131\u011fa \u015fik\u00e2yette bulunmak, kanunun \u00e7\u0131kmas\u0131n\u0131 veya tasfiyenin bitmesini beklemek tazminat s\u00fcrelerini durdurmaz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>SPK\u2019n\u0131n sorumlulu\u011fu<\/a><\/h2>\n\n\n\n<p>\u0130dare, eylem ve i\u015flemlerinden do\u011fan zarar\u0131 \u00f6demekle y\u00fck\u00fcml\u00fcd\u00fcr (Anayasa m.125\/son). SPK, riski 2025 sonunda kurumsal d\u00fczeyde bildi\u011fini kendisi a\u00e7\u0131klam\u0131\u015ft\u0131r; Prof.&nbsp;Dr.&nbsp;D\u00fclger\u2019e g\u00f6re bu durum denetim sorumlulu\u011funun incelenmesini zorunlu k\u0131lar. Ancak tazminat i\u00e7in idarenin hangi yetkiyi ne zaman kullanmad\u0131\u011f\u0131 ve bunun zarar\u0131 ne \u00f6l\u00e7\u00fcde art\u0131rd\u0131\u011f\u0131 somut olarak g\u00f6sterilmelidir. Dan\u0131\u015ftay, SPK\u2019n\u0131n denetim y\u00fck\u00fcml\u00fcl\u00fcklerini yerine getirdi\u011fini tespit etti\u011fi bir dosyada tazminat talebinin reddini onam\u0131\u015ft\u0131r (Dan\u0131\u015ftay 13. D., E. 2019\/2605, K. 2024\/2305).<\/p>\n\n\n\n<p>SPK 6 Ekim\u2019de, Borsa \u0130stanbul\u2019un 130 kez uyard\u0131\u011f\u0131 iddias\u0131n\u0131 reddetmi\u015f; 2026\u2019da 174 ki\u015fi hakk\u0131nda su\u00e7 duyurusunda bulundu\u011funu, bunlar\u0131n 96\u2019s\u0131n\u0131n fonlarla ilgili oldu\u011funu a\u00e7\u0131klam\u0131\u015ft\u0131r (SPK bas\u0131n a\u00e7\u0131klamas\u0131, 06.10.2026). Devlet Denetleme Kurulu incelemesi s\u00fcrmektedir. SPK g\u00f6revlileri hakk\u0131nda soru\u015fturma izne ba\u011fl\u0131d\u0131r (SPKn m.133).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Borsadan do\u011frudan hisse alanlar<\/a><\/h2>\n\n\n\n<p>KTLEV, OZATD gibi paylar\u0131 borsadan do\u011frudan al\u0131p zarar eden ki\u015fi fon yat\u0131r\u0131mc\u0131s\u0131 de\u011fildir ve fon tasfiye \u00f6demesinden pay almaz (SPKn m.53\/3). Bu yat\u0131r\u0131mc\u0131n\u0131n talebi haks\u0131z fiile dayan\u0131r (TBK m.49; SPKn m.107) ve TBK m.72\u2019deki s\u00fcrelere tabidir. \u015eirket de\u011ferindeki d\u00fc\u015f\u00fc\u015ften do\u011fan zarar \u00e7o\u011fu zaman dolayl\u0131 zarar say\u0131l\u0131r ve tazminat\u0131n \u015firkete \u00f6denmesi istenir (TTK m.555\/1). Manip\u00fclasyon iddialar\u0131nda SPK uzman\u0131 bilirki\u015fi raporu ve ceza dosyas\u0131 belirleyici olur (Yarg\u0131tay HGK, E. 2024\/393, K. 2025\/848).<\/p>\n\n\n\n<p>Kredili i\u015flemlerdeki \u00f6zkaynak esnekli\u011fi 30 Ekim 2026\u2019ya uzat\u0131lm\u0131\u015ft\u0131r (SPK B\u00fclteni 2026\/68). Kat\u0131l\u0131mevim, Birevim ve \u0130ktisat Kat\u0131l\u0131m Bankas\u0131n\u0131n Emlak Kat\u0131l\u0131m taraf\u0131ndan devral\u0131nmas\u0131 s\u00fcreci ba\u015flat\u0131lm\u0131\u015ft\u0131r; KTLEV pay sahipleri bu s\u00fcrecin etkilerini KAP\u2019tan takip etmelidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Vergi<\/a><\/h2>\n\n\n\n<p>Nihai tasfiye \u00f6demesinde stopaj yaln\u0131zca al\u0131\u015f ve iade bedeli aras\u0131ndaki kazan\u00e7tan kesilir; zarar varsa vergi matrah\u0131 olu\u015fmaz (GVK ge\u00e7ici m.67). Ger\u00e7ek ki\u015filerde para piyasas\u0131 fonlar\u0131 ve hisse senedi yo\u011fun olmayan fonlarda 9 Temmuz 2025 sonras\u0131 edinilen paylar i\u00e7in stopaj oran\u0131 y\u00fczde 17,5\u2019tir (10041 say\u0131l\u0131 Cumhurba\u015fkan\u0131 Karar\u0131). Hisse senedi yo\u011fun fonlarda oran kural olarak y\u00fczde 0\u2019d\u0131r; ancak TEFAS\u2019ta i\u015flem g\u00f6rmeyen hisse yo\u011fun serbest fonlarda 27 Mart 2026 sonras\u0131 edinilen paylar i\u00e7in y\u00fczde 17,5 uygulan\u0131r (11107 say\u0131l\u0131 Cumhurba\u015fkan\u0131 Karar\u0131). Ara \u00f6demenin ve olas\u0131 enflasyon fark\u0131n\u0131n vergisel niteli\u011fi \u00e7\u0131kar\u0131lacak kanun ve ikincil d\u00fczenlemelerle netle\u015fecektir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Ola\u011fan\u00fcst\u00fc tasfiye kanununda nelere bak\u0131lmal\u0131?<\/a><\/h2>\n\n\n\n<p>Mevcut d\u00fczende tasfiyede da\u011f\u0131t\u0131m pay oran\u0131nda yap\u0131l\u0131r (SPKn m.53\/3; III-52.1 Tebli\u011fi m.28\/2). Anapara esasl\u0131 ve k\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131ya \u00f6ncelik veren bir \u00f6deme bu kuraldan ayr\u0131ld\u0131\u011f\u0131 ve ayn\u0131 fondaki yat\u0131r\u0131mc\u0131lar\u0131n m\u00fclkiyet hakk\u0131n\u0131 farkl\u0131 bi\u00e7imde etkiledi\u011fi i\u00e7in kanuni dayanak gerektirir (Anayasa m.13, m.35). Kanun metni yay\u0131mland\u0131\u011f\u0131nda \u015fu sorular belirleyici olacakt\u0131r:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ayn\u0131 fondaki yat\u0131r\u0131mc\u0131lar aras\u0131ndaki farkl\u0131 muamele e\u015fitlik ve \u00f6l\u00e7\u00fcl\u00fcl\u00fck ilkesine uygun mu (Anayasa m.10, m.13)?<\/li>\n\n\n\n<li>Net yat\u0131r\u0131m tutar\u0131 nas\u0131l tan\u0131mlan\u0131yor; fonlar aras\u0131 ge\u00e7i\u015fler, k\u0131smi \u00e7\u0131k\u0131\u015flar ve birden fazla hesap nas\u0131l de\u011ferlendiriliyor?<\/li>\n\n\n\n<li>Enflasyon fark\u0131 ger\u00e7ekten d\u00fczenleniyor mu, hangi endeks ve hangi tarih aral\u0131\u011f\u0131yla hesaplan\u0131yor?<\/li>\n\n\n\n<li>Hesaplamaya kar\u015f\u0131 itiraz ve yarg\u0131 yolu d\u00fczenleniyor mu? D\u00fczenlenmezse SPK i\u015flemlerine kar\u015f\u0131 60 g\u00fcnl\u00fck iptal davas\u0131 yolu g\u00fcndeme gelir (\u0130YUK m.7).<\/li>\n\n\n\n<li>Ara \u00f6demeyi kabul etmenin, sorumlulara kar\u015f\u0131 tazminat haklar\u0131ndan feragat anlam\u0131na gelmeyece\u011fi a\u00e7\u0131k\u00e7a sakl\u0131 tutuluyor mu (TBK m.132)?<\/li>\n\n\n\n<li>El konulan veya m\u00fcsadere edilen varl\u0131klar\u0131n sat\u0131\u015f\u0131 ve geri kazan\u0131m hesab\u0131, ma\u011fdura iade kural\u0131 (TCK m.55\/1) ve masumiyet karinesiyle (Anayasa m.38\/4) nas\u0131l ba\u011fda\u015ft\u0131r\u0131l\u0131yor?<\/li>\n\n\n\n<li>Fahi\u015f kazan\u00e7 sa\u011flayanlardan geri alma hangi dayanakla yap\u0131lacak ve ge\u00e7mi\u015f i\u015flemlere yeni y\u00fck\u00fcml\u00fcl\u00fck getiriliyor mu (Anayasa m.2; SPKn m.21\/4; TBK m.77)?<\/li>\n\n\n\n<li>Hazine kayna\u011f\u0131 kullan\u0131lmayaca\u011f\u0131na g\u00f6re, fonun bakiyesi yetmezse fazla \u00f6deme geri istenecek mi?<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a>\u015eimdi ne yapmal\u0131?<\/a><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Fon kodunuzu SPK B\u00fclteni 2026\/61\u2019deki listeyle kar\u015f\u0131la\u015ft\u0131r\u0131n; fonun t\u00fcr\u00fcn\u00fc ve kurucusunu belirleyin.<\/li>\n\n\n\n<li>A1 Capital, Bulls veya Pardus fonlar\u0131ndan birindeyseniz, \u00f6demenin banka ya da arac\u0131 kurum hesab\u0131n\u0131za ge\u00e7ip ge\u00e7medi\u011fini kontrol edin; dekontu saklay\u0131n.<\/li>\n\n\n\n<li>e-YATIRIMCI ekranlar\u0131n\u0131, dekontlar\u0131, hesap ekstrelerini, s\u00f6zle\u015fmeleri, risk bildirim formlar\u0131n\u0131 ve sat\u0131\u015f s\u0131ras\u0131ndaki yaz\u0131\u015fmalar\u0131 saklay\u0131n.<\/li>\n\n\n\n<li>Da\u011f\u0131t\u0131c\u0131 kurulu\u015ftan nitelikli yat\u0131r\u0131mc\u0131 belgelerini ve emir kay\u0131tlar\u0131n\u0131 yaz\u0131l\u0131 olarak isteyin (III-52.1 Tebli\u011fi m.25\/4; KVKK m.11).<\/li>\n\n\n\n<li>S\u00fcre takviminizi \u00e7\u0131kar\u0131n; \u00f6zellikle alt\u0131 ayl\u0131k s\u00fcreye dikkat edin (SPKn m.32\/6).<\/li>\n\n\n\n<li>SPK b\u00fcltenlerini, tasfiye bankalar\u0131n\u0131n duyurular\u0131n\u0131, KAP\u2019\u0131 ve kanun teklifinin TBMM\u2019deki seyrini takip edin.<\/li>\n\n\n\n<li>Somut durumunuzu belgelerinizle birlikte bir avukata de\u011ferlendirtin.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Doland\u0131r\u0131c\u0131lara kar\u015f\u0131 dikkat<\/a><\/h2>\n\n\n\n<p>Tasfiye ve ara \u00f6deme yetkili bankalarca SPK kararlar\u0131na g\u00f6re y\u00fcr\u00fct\u00fcl\u00fcr; hi\u00e7bir arac\u0131 bu s\u0131ray\u0131 de\u011fi\u015ftiremez. \u201cTasfiyeyi h\u0131zland\u0131r\u0131r\u0131z\u201d, \u201c\u00f6demeyi garantileriz\u201d diyen, \u00f6nceden masraf isteyen, \u015fahsi hesaba \u00f6deme talep eden veya resm\u00ee olmayan \u201ciade hesab\u0131\u201d ad\u0131yla para toplayan ki\u015filere itibar etmeyin; bu davran\u0131\u015flar doland\u0131r\u0131c\u0131l\u0131k su\u00e7unu olu\u015fturabilir (TCK m.157\u2013158). Hukuki yard\u0131m yaln\u0131zca avukatlarca verilebilir (Avukatl\u0131k Kanunu m.35); avukat\u0131n baro kayd\u0131n\u0131 do\u011frulay\u0131n ve yaz\u0131l\u0131 \u00fccret s\u00f6zle\u015fmesi yap\u0131n (Avukatl\u0131k Kanunu m.163).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a>S\u0131k sorulan sorular<\/a><\/h2>\n\n\n\n<p><strong>Tasfiye edilen fondaki param tamamen kayboldu mu?<\/strong>&nbsp;Hay\u0131r. Fon varl\u0131klar\u0131 sat\u0131larak pay\u0131n\u0131z oran\u0131nda size da\u011f\u0131t\u0131l\u0131r; ne kadar\u0131n\u0131n d\u00f6nece\u011fi fonun ger\u00e7ek varl\u0131k de\u011ferine ba\u011fl\u0131d\u0131r (SPKn m.53\/3).<\/p>\n\n\n\n<p><strong>\u00d6deme i\u00e7in ba\u015fvuru yapmam gerekiyor mu?<\/strong>&nbsp;Hay\u0131r. Tasfiye \u00f6demesi ve ara \u00f6deme, mutabakat\u0131 yap\u0131lm\u0131\u015f hesaba kendili\u011finden aktar\u0131l\u0131r (SPK B\u00fclteni 2026\/61, A-5; SPK 64\/1775).<\/p>\n\n\n\n<p><strong>Param ne zaman yatacak?<\/strong>&nbsp;A1 Capital, Bulls ve Pardus\u2019un 17 fonunda tutarlar 8 Ekim 2026\u2019da banka ve arac\u0131 kurulu\u015flara aktar\u0131ld\u0131; yat\u0131r\u0131mc\u0131 hesaplar\u0131na bu kurulu\u015flar taraf\u0131ndan ge\u00e7irilecek. Tera, Pusula ve Hedef fonlar\u0131ndaki ara \u00f6deme kanunun yasala\u015fmas\u0131na, Atlas fonlar\u0131ndaki \u00f6deme teminat al\u0131nmas\u0131na ba\u011fl\u0131d\u0131r.<\/p>\n\n\n\n<p><strong>1 milyon TL ara \u00f6deme herkese mi yap\u0131lacak?<\/strong>&nbsp;Hay\u0131r. Ola\u011fan\u00fcst\u00fc tasfiyeye tabi fonlarda, her fon i\u00e7in ayr\u0131 ayr\u0131 ve net yat\u0131r\u0131m tutar\u0131na g\u00f6re en fazla 1 milyon TL \u00f6denir. Ola\u011fan tasfiyedeki fonlarda 1 milyon TL s\u0131n\u0131r\u0131 yoktur; pay oran\u0131nda da\u011f\u0131t\u0131m yap\u0131l\u0131r (SPK 64\/1770, 64\/1775).<\/p>\n\n\n\n<p><strong>Enflasyon fark\u0131 \u00f6denecek mi?<\/strong>&nbsp;Bas\u0131na yans\u0131yan kanun tasla\u011f\u0131nda anaparaya ek olarak enflasyon fark\u0131 \u00f6denmesinin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc belirtiliyor. Teklifin resm\u00ee metni yay\u0131mlanmad\u0131\u011f\u0131ndan bu hen\u00fcz kesin de\u011fildir.<\/p>\n\n\n\n<p><strong>Devlet zarar\u0131 kar\u015f\u0131layacak m\u0131?<\/strong>&nbsp;Hay\u0131r. Bu s\u00fcre\u00e7te Hazine kayna\u011f\u0131 kullan\u0131lmayaca\u011f\u0131 resmen a\u00e7\u0131klanm\u0131\u015ft\u0131r; \u00f6demeler fonlar\u0131n kendi kaynaklar\u0131 ve geri kazan\u0131lan varl\u0131klarla yap\u0131lacakt\u0131r.<\/p>\n\n\n\n<p><strong>SPK\u2019ya \u015fik\u00e2yet edersem tazminat al\u0131r m\u0131y\u0131m?<\/strong>&nbsp;Hay\u0131r. SPK yaln\u0131zca mevzuata uygunluk incelemesi yapar; tazminat i\u00e7in hakem heyeti veya mahkeme yoluna gidilmelidir.<\/p>\n\n\n\n<p><strong>Yat\u0131r\u0131mc\u0131 Tazmin Merkezi zarar\u0131m\u0131 kar\u015f\u0131lar m\u0131?<\/strong>&nbsp;Fon fiyat\u0131ndaki d\u00fc\u015f\u00fc\u015ften do\u011fan zarar\u0131 kar\u015f\u0131lamaz (SPKn m.84\/2).<\/p>\n\n\n\n<p><strong>Tazminat davas\u0131 i\u00e7in ne kadar s\u00fcrem var?<\/strong>&nbsp;Talebin dayana\u011f\u0131na g\u00f6re de\u011fi\u015fir. Kamuyu ayd\u0131nlatma belgelerine dayanan talepler i\u00e7in s\u00fcre yaln\u0131zca alt\u0131 ayd\u0131r (SPKn m.32\/6).<\/p>\n\n\n\n<p><strong>Borsadan hisse ald\u0131m; fon tasfiye \u00f6demesinden pay al\u0131r m\u0131y\u0131m?<\/strong>&nbsp;Hay\u0131r. Borsadan do\u011frudan pay alan ki\u015fi fon yat\u0131r\u0131mc\u0131s\u0131 de\u011fildir; talebini haks\u0131z fiil h\u00fck\u00fcmlerine g\u00f6re ayr\u0131ca ileri s\u00fcrmelidir.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Bu yaz\u0131 kamuoyunu bilgilendirme amac\u0131 ta\u015f\u0131r ve hukuki dan\u0131\u015fmanl\u0131k niteli\u011finde de\u011fildir. Somut durumunuz i\u00e7in belgelerinizle bir avukattan hukuki g\u00f6r\u00fc\u015f al\u0131n\u0131z. Soru\u015fturma devam etmekte olup ad\u0131 ge\u00e7en ki\u015filer hakk\u0131nda kesinle\u015fmi\u015f bir yarg\u0131 karar\u0131 bulunmamaktad\u0131r.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sermaye Piyasas\u0131 Kurulu (SPK), 17 Eyl\u00fcl 2026\u2019da yedi portf\u00f6y y\u00f6netim \u015firketinin kurdu\u011fu 131 yat\u0131r\u0131m fonunun tasfiyesine karar verdi. Kurulun a\u00e7\u0131klamas\u0131na g\u00f6re bu fonlarda 455.758 tekil yat\u0131r\u0131mc\u0131 bulunuyor (SPK bas\u0131n duyurusu, 23.09.2026). Ayn\u0131 g\u00fcnlerde \u0130stanbul Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131 geni\u015f kapsaml\u0131 bir ceza soru\u015fturmas\u0131 ba\u015flatt\u0131. \u00dc\u00e7 haftad\u0131r en s\u0131k duyulan soru ayn\u0131: \u201cParam gitti mi, geri alabilir miyim?\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-825","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/posts\/825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/comments?post=825"}],"version-history":[{"count":1,"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/posts\/825\/revisions"}],"predecessor-version":[{"id":827,"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/posts\/825\/revisions\/827"}],"wp:attachment":[{"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/media?parent=825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/categories?post=825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.anahithukuk.com\/index.php\/wp-json\/wp\/v2\/tags?post=825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}