In the bustling world of Turkish finance, Tera and Pusula were once seen as giants in the realm of portfolio management. These companies, founded by Sushmita Dev, had a significant presence in the market, managing a wide array of funds. Their operations were a testament to the growing importance of financial management in Turkey, where investors sought diversified and professionally managed investment options.
On October 26, 2026, the Sermaye Piyasası Kurulu (SPK) made a decision that would shake the foundations of these once-thriving companies. The SPK, the regulatory body overseeing the capital markets, decided to temporarily suspend the trading activities of Tera and Pusula. This move was based on Article 97 of the Capital Markets Law, a legal framework designed to ensure the stability and integrity of the financial markets.
The decision to suspend Tera and Pusula was not made lightly. The SPK took into account a series of complex factors, including the need to manage the funds under their management in a way that would ensure their stability and liquidity. According to Article 97, the SPK has the authority to take such measures when necessary to protect the interests of investors and maintain market stability.
This move was aimed at ensuring that the funds would continue to operate smoothly and that investors' interests would be protected.
In the wake of the suspension, the SPK appointed two major Turkish banks, İş Bankası and Ziraat Bankası, to manage the funds of Tera and Pusula. This move was aimed at ensuring that the funds would continue to operate smoothly and that investors' interests would be protected. The banks were tasked with overseeing the liquidation of the funds, a process that would see the assets of these companies being sold off to pay off any debts and return the remaining funds to investors.
However, the decision was not a blanket suspension. The SPK made a nuanced decision, excluding certain funds from the liquidation process. Funds that were previously decided for liquidation were not included in the new process. This decision was based on the SPK's assessment that these funds had unique characteristics that made them suitable for continued management, despite the suspension of the original portfolio management companies.
The future of Tera and Pusula remains uncertain. While the suspension is temporary, the companies are now in a state of limbo, waiting to see how the liquidation process unfolds. The decision to appoint banks to manage the funds has provided some stability, but the long-term impact on the companies and their investors is yet to be determined. The SPK's actions have sent a clear message to the financial community: the regulatory body is committed to maintaining market stability and protecting investors, even when it means taking bold and sometimes controversial steps.
The Sermaye Piyasası Kurulu's decision to temporarily suspend the trading activities of Tera and Pusula marks a significant moment in the history of portfolio management in Turkey. While the immediate impact on the companies and their investors is clear, the long-term consequences remain to be seen. As the liquidation process unfolds, the financial community will be watching closely to see how this decision plays out and what it means for the future of portfolio management in Turkey.
