Stock fixing scandal threatens Turkey's emerging market status and global index inclusion
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A market manipulation scandal in Turkey has put the nation's emerging market status at risk and threatens to freeze listed companies out of global indexes after investment firms allegedly inflated stock prices. The crisis involved fund defaults by Pusula Portföy and Tera Portföy in September 2025, a 16.7% drop in the benchmark BIST 100 index that month, and the liquidation of 131 investment funds overseeing roughly 1 trillion Turkish lira ($20.2 billion). Borsa Istanbul removed affected stocks in October, and index provider MSCI threatened to revoke Turkey's emerging market status on Thursday.
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