PBLK knot: 200,000 investors denied preferential payment rights

Following the motion approved by the Grand National Assembly, investors who issued sale orders but failed to receive their money after the Capital Markets Board (CMB) liquidated 131 investment funds belonging to 7 portfolio management companies on September 17, 2026, were included in the liquidation scope with "PBLK" (blocked fund share) status.

CHP deputy Cevdet Akay argued that approximately 200,000 investors are affected by this situation.

However, the regulation does not grant these individuals preferential payment rights. A legal distinction lies at the center of the problem: Regulatory authorities hold the view that even though sale orders were issued, since the transaction was not completed, the persons in question are still considered fund share owners. A portion of investors, on the other hand, argue that by issuing sale orders, they have moved into creditor status.

According to Ekonomim, there are two reasons the sales could not be completed: In some funds, the unit price was never disclosed; in others, payment obligations could not be fulfilled due to default. Fund shares in the accounts of these investors continue to appear within the scope of the TEFAS Transaction Block Sub-Account.

This legal distinction between fund share owner and creditor constitutes the newest and most contentious aspect of the crisis.