SPK Complaint in Türkiye: Channels, Process and Limits

The answer to how to make a complaint to SPK depends on the subject of the complaint: an investor objecting to a transaction by an authorised brokerage and a person reporting an unauthorised forex or crypto platform that advertises in Turkish may apply to the Capital Markets Board through the same channel and still meet different outcomes. SPK handles complaints through administrative review; it does not itself decide on refunds or compensation. This article covers the SPK complaint channels (CIMER, e-Devlet, KEP, post and telephone), the information an application should contain, SPK's powers and limits, the difference between a brokerage complaint and a report of an unauthorised platform, the process after a complaint, an administrative lawsuit against an SPK decision, and the Investor Compensation Centre. For the general framework of capital markets disputes, see our SPK lawyerTR page.

📮 SPK Complaint Channels: CIMER, e-Devlet, KEP, Post and Telephone

SPK's information request page (dated 03.12.2025) points to CIMER for information requests and complaints on matters within the duties and powers of the Capital Markets Board. According to the same page, reports of manipulation and insider trading on the exchanges are made to Borsa Istanbul. On the Board's e-Devlet services page, the "SPK Information Request and Enquiry" service is also provided through CIMER.

For searches such as "SPK complaint hotline" or "SPK complaint email", the official pages show no separate complaint hotline or general complaint email address; CIMER, KEP and post are shown for written applications, and the Board's switchboard numbers for oral information. The Board's "e-Application" system, as its user guide shows, is aimed mainly at applications by companies and institutions. A report made by telephone does not replace a written application in terms of record and follow-up; a written application with concrete documents attached sets the scope of the review.

📝 What Should an SPK Complaint Contain?

According to SPK's "Where and How to Make a Complaint" page, it is considered useful for complaints and reports to include the following information, with concrete details and, where available, documents:

In addition, under Article 4 of Law No. 3071, the petition must contain the applicant's name and surname, signature and work or residence address. Petitions that do not meet these conditions, that do not contain a specific subject, or that concern matters within the remit of judicial authorities are not reviewed (Art. 6). Where an unauthorised platform is reported, the domain name, the account on which the advertisement appeared, the telephone numbers used for contact and payment records are also information that speeds up the review. Whether a platform is authorised can be checked before an application through an SPK licence queryTR.

⚖️ What Can and Cannot SPK Do? Is an SPK Refund Possible?

SPK's official statement is clear: in administrative reviews carried out on a complaint, a review of compliance with legislation is made under Law No. 6362, and there is no decision on compensation for loss. A complaint made in the expectation of an "SPK refund" therefore does not, on its own, result in repayment of the money. However, the powers the Board may use as a result of a complaint can strengthen the investor's position in other routes.

As can be seen, SPKn Art. 99/1 gives the Board the power to bring a lawsuit for the return of cash to rightful owners in cases of unauthorised activity; but this does not mean that SPK pays directly, and whether a lawsuit is brought depends on the Board's assessment. The criminal and civil routes aimed at recovering the money are described in detail in our article on refunds in forex fraudTR.

🔀 Brokerage Complaint and Report of an Unauthorised Platform

A complaint about an authorised brokerage, bank or portfolio management company. According to SPK's official page, disputes arising from exchange transactions (transmission and matching of orders and settlement obligations) may be taken to Borsa Istanbul, and, for disputes outside the exchange, claims for loss, damage and compensation may be taken to the Customer Disputes Arbitration Board within the Turkish Capital Markets Association (TSPB). A complaint to SPK, on the other hand, leads to a review of whether the institution acted in line with legislation and may lead to the measures in Art. 96. In disputes with brokerages and the exchange, the process is covered on our stock exchange lawyerTR page, and for disputes concerning investment funds on our fund lawyerTR page.

A report of an unauthorised or overseas platform. An application about a platform that offers forex, CFD or crypto services without SPK permission is technically an "SPK report". According to SPK's page on unauthorised activities, in such a finding the Board files a criminal complaint with the public prosecutor's offices; unauthorised capital markets activity is punished under SPKn Art. 109/2 with imprisonment of two to five years, and unauthorised crypto-asset service provision under Art. 109/A with imprisonment of three to five years. In these cases there is often also forex fraudTR or crypto fraud: qualified fraud under Article 158 of the Turkish Penal Code (TCK) is investigated ex officio by the prosecutor without waiting for an SPK application. An SPK report and a criminal complaint to the prosecutor are therefore not alternatives to each other but complements. On the position of overseas platforms, see our articles on overseas forexTR, for crypto where to report crypto fraudTR, and for a sample petition crypto fraud criminal complaint petitionTR. Schemes operating through Telegram and WhatsApp are listed on our share and investment fraudstersTR page.

🔎 The Process After a Complaint and SPK Complaint Enquiry

Under Article 7 of Law No. 3071, petitioners receive a reasoned reply within thirty days at the latest on the result of the application or the progress of the action being taken; if progress has been reported, the result reached is notified separately. Where the application is an information request, under Article 11 of Law No. 4982 access to the information or document is provided within fifteen working days, or within thirty working days if the opinion of another unit or institution is needed.

Because the law allows the progress of the action to be reported as well as the result, the reply within thirty days may state that the review is continuing; the administrative review, inspection and possible sanction process may extend beyond this period. For an "SPK complaint enquiry", for applications made through CIMER, the "SPK Information Request and Enquiry" service in e-Devlet is used. The review and criminal complaint process the Board carries out on a complaint is described in detail in our article on the SPK review and criminal complaint processTR.

🏛️ Can SPK Be Sued? Administrative Lawsuit Time Limits

Under SPKn Art. 134, administrative actions against Board decisions are heard by the administrative courts, and these applications are treated as urgent matters. The answer to "can SPK be sued" is therefore yes; however, the lawsuit is aimed not at collecting money from the institution complained about but at a judicial review of the lawfulness of SPK's action.

The decision of the 13th Chamber of the Council of State dated 02.11.2023, E.2021/88, K.2023/4495, shows how this route works: after an investor's complaint about a brokerage, the Board decided to take no action on the complaint on the grounds that the elements of the offence of breach of trust defined in the repealed Law No. 2499 had not arisen, and the investor brought an annulment action against this decision. The administrative court dismissed the case, stating that in a significant part of the transactions there was an order or approval from the investor, and that the brokerage's liability for compensation and whether the act constituted an offence must be assessed separately; the Council of State upheld this decision. The decision shows that SPK's decision not to file a criminal complaint is open to judicial review, but that the review is carried out according to the order and approval records in the case. Administrative lawsuit time limits are covered in general in our article on time limits in administrative lawsuits and applications to a higher authorityTR.

🛡️ Investor Compensation Centre (YTM)

Under SPKn Art. 83, the Investor Compensation Centre has been established with public legal personality for the compensation of investors, and investment institutions are required to join the YTM. According to Art. 84, the scope of compensation consists of claims arising from failure to fulfil obligations to pay cash or deliver capital markets instruments held or managed by the investment institution on behalf of the investor. Losses arising from investment advice or from price movements in the market are outside the scope. The maximum amount payable to each entitled investor is set in the Law at one hundred thousand Turkish lira, and this amount is to be increased every year by the revaluation rate (Art. 84/5).

The YTM covers the investors of authorised investment institutions against which the Board has made a compensation decision; losses on unauthorised or overseas platforms that do not belong to the YTM are not met by this system. Details are given in our article What is the Investor Compensation Centre (YTM)?TR

❓ Frequently Asked Questions

A complaint to SPK is an effective way of triggering administrative supervision of breaches in the capital markets; however, for a refund and compensation, the arbitration board, criminal and civil routes need to be assessed together. For detailed information and legal support, you can contact Savun Law & Consultancy.