Abstract:

Dematerialisation, in which securities are trading as a dematerialized form without certificates, started in Turkey with the regulations of Capital Markets Board and relevant provisions are stated under Article 13 of Capital Markets Law numbered 6362. Fourth paragraph of the Article is partially repealed by Constitutional Court. Concerning the securities of which the ownership is transferred to Investor Compensation Center (ICC ) since they are not delivered until the end of seventh year following the date they have started to be traded in dematerialized form prior to the repeal as per the provision in question; payments have been started to be made to beneficiaries by ICC according to the Regulation published under Official Gazette dated September 07, 2016. Investors; of whom the possession of the physical securities was transferred to ICC since the dematerialization process have not been completed in due time may demand for payback. Although the procedures/ principals regarding the calculation of the amount to be paid are basically similar; whether the  shares have been sold by ICC or not shall be taken into consideration beside issuance year of the physical shares, relevant coupons, realized capital increases and dividend pay-outs. Accordingly, calculations should be carried-out separately for each specific case.

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