The Capital Markets Board (SPK) has determined new principles regarding the refund of custody assets and receivables that have become time-barred and transferred to the Investor Compensation Center (YTM). The decision regulates the methods and documents required for beneficiaries who cannot submit electronic applications via e-Government.
With the Board decision dated October 20, 2026, the framework to be applied to refund requests for assets transferred to the YTM and to accounts opened in the name of investors at Takasbank under Article 83 of the Capital Markets Law has been clarified.
HOW WILL NON-E-GOVERNMENT APPLICATIONS BE MADE?
Under the new system, the primary application channel will be e-Government. However, joint account holders, proxies, heirs, guardians, trustees, and authorized representatives of legal entities may submit their applications directly to the YTM if they cannot complete the process electronically.
The special circumstances of individuals who fall outside these groups and cannot process their applications via e-Government will be evaluated by the YTM Board of Directors.
Beneficiaries who cannot apply electronically will be required to fully complete the application form on the YTM's corporate website. The wet-signed form, along with the documents requested based on the applicant's status, must be sent to the YTM headquarters address. It will be mandatory for the documents to be delivered against signature via registered mail or private courier companies.
DOCUMENTS FOR HEIRS, PROXIES, AND JOINT ACCOUNT HOLDERS
A current certificate of inheritance will be required for applications by heirs. Additionally, a letter from the tax office indicating that the Inheritance and Transfer Tax debt has been paid or that there is no liability regarding this tax must be attached to the application.
To ensure payment can be made according to the shares in the certificate of inheritance, wet-signed approval from all heirs will be sought. Alternatively, a finalized court decision regarding the conversion of joint ownership into shared ownership may be submitted.
- - For applications made through a proxy, a notarized power of attorney and a photocopy of the proxy's ID will be required.
- - The power of attorney must contain the authority to collect (ahzu kabz) or explicit authorization for the receivable to be paid into the proxy's account.
- - For guardian and trustee applications, a finalized court decision and a photocopy of the ID of the person making the application will be requested.
- - Authorized representatives of legal entities will be required to provide a photocopy of their ID, a current signature circular, and a certificate of activity obtained within the last six months. Legal entities with commercial activities will also submit a tax plate.
- - For joint accounts, photocopies of the partners' IDs and their wet-signed declarations indicating that there is no objection to the shares will be required.
Refund requests will not be finalized until the necessary approvals from heirs or joint account holders and the application form reach the YTM.
30 DAYS GRANTED FOR MISSING DOCUMENTS
In the event that missing or incorrect documents are submitted with an application, the YTM may request additional information and documents from the beneficiary, the person making the application, or the relevant investment firm. A period of 30 days will be granted to rectify the deficiencies.
If the requested documents are not submitted or errors are not corrected within this period, the application may be removed from processing. If such a decision is made, the justification will be notified to the applicant or the beneficiary. It will be mandatory for investment firms to provide the documents requested by the YTM.
The capital market instruments to be refunded will be based on the balances in Takasbank and Central Securities Depository (MKK) accounts; bonus shares added until the refund date will also be included in the calculation. For cash receivables, the interest amount specified in the Investor Compensation Center Regulation will be taken into account.
Receivables in foreign currency may, upon the request of the beneficiary, be converted into Turkish Lira at the foreign exchange buying rate applied by Takasbank on the day of payment and paid accordingly. If a refund of the foreign currency in the same denomination is requested, there must be a sufficient balance to cover the transfer costs.
It is stipulated that the account to be notified for the refund must be opened with a bank or brokerage firm resident in Turkey. With the approval of the beneficiaries, the payment may be transferred to the account of one of the beneficiaries or an authorized proxy.
The new principles will enter into force once refund requests begin to be received electronically via e-Government. The start date will be announced on the YTM website; until the announcement, the current application rules will continue to apply.
News Source: 12punto
