Turkish regulators restricted the operations of various financial firms and initiated criminal proceedings against a group of suspected traders. Authorities froze assets run by 7 asset managers and referred 38 people to prosecutors, while Justice Minister Akın Gürlek announced on Friday that 20 people were jailed pending trial. These enforcement actions stem from two separate investigations into capital market misconduct.

The government ordered the liquidation of 130 investment funds to resolve turmoil in the domestic stock market that triggered market-wide circuit breakers. The crackdown follows a liquidity crisis where major asset managers failed to meet investor redemption requests, contributing to a 6% plunge in the Borsa Istanbul 100 Index.