Turkey’s sovereign wealth fund intervened in the stock market on September 17 after redemption defaults at several portfolio managers triggered forced selling and drove the BIST 100 down roughly 8% to 10% in two to three trading sessions. Türkiye Varlık Fonu, or TVF, bought blue-chip equities through an exchange-traded vehicle managed by state-owned Ziraat Portföy, targeting companies in the Borsa Istanbul 30 Index. The Capital Markets Board, known as the SPK, suspended trading in funds managed by seven companies and ordered the liquidation of 130 to 131 funds affecting roughly 350,000 investors and more than $18.3 billion, or about TL 890 billion, in assets. The funds had concentrated positions in thinly traded stocks, leaving managers unable to meet redemption requests without intensifying price declines. Isbank and Ziraat Bank were appointed to oversee the liquidations and distribute proceeds within three months, subject to extensions. The central bank expanded repo funding to TL 300 billion and raised interbank borrowing limits, while Finance Minister Mehmet Şimşek described the disruption as temporary and localized. Regulators also pursued alleged market manipulation and potential Ponzi-like practices linked to some funds.