About the Association

Mission Statement Aims Duties Board of Directors
Board of Auditors Discipline Committee Management Organization Structure
Departments Participations Memberships

Mission Statement

To contribute to the development of a community of professionals equipped with high level of expertise who are sincerely committed to ethical values and perceive competition as offering better products and services to investors with the ultimate aim of contributing to the development of the national economy and the capital markets.


  • Contribute to the development of the capital markets and intermediation activities,
  • Facilitate solidarity among its members,
  • Safeguard the prudent and disciplined conduct of business by its members,
  • Prevent unfair competition among its members,
  • Enhance professional know-how in the sector.


  • Conduct research and offer educational programs,
  • Establish professional rules and regulations,
  • Set safety measures aimed at preventing unfair competition,
  • Cooperate with relevant organizations with the objective of imposing disciplinary action,
  • Monitor professional developments, changes in rules and regulations and inform its members,
  • Assist in the resolution of disputes arising from off-exchange transactions among its members or between its members and investors,
  • Determine the principles on commissions and fees charged by its members and propose these to the Capital Market Board,
  • Evaluate complaints against its members and inform the Board on the results,
  • Cooperate with related foreign institutions.

Board of Directors

Tevfik ERASLAN Chairperson
İbrahim Halil ÖZTOP Vice-chairperson
Erhan TOPAÇ Member
Esen Pamir KARAGÖZ Member
M. Selim YAZICI Member
Serdar SÜRER  Member
Alim TELCİ Member
Hakan GEDİKLİ  Member
Encan AYDOĞDU Member (Representative of TDUB)
Dr. Şule KORKMAZ Independent Member
Taliye YEŞİLÜRDÜ Independent Member

Board of Auditors

Ekrem Kerem KORUR Member
Yılmaz ARISOY Member
Dr. C. Cem ÖNENÇ Member
Murat ONUK Member
İ. Gökşin DURUSOY Member

Discipline Committee

 Erkan ÜNAL Member
 Ömer ERYILMAZ Member
 İzzet ŞAHİN Member
 M. Emin ÖZER Member
 Nazlı YILMAZ Member


İlkay ARIKAN Secretary General
Süleyman MORBEL Assistant Secretary General
Adalet POLAT Assistant Secretary General
Elif GÖNENÇER Assistant Secretary General
Ekin FIKIRKOCA Director-Research and Statistics Department
Telman ŞAHBAZOĞLU Director-Information Technologies Department
Engin TURAN Director-Human Resources, Administrative and Financial Affairs Department
Esra ESİN Director-Compliance and Surveillance Deparment
Dr. Gökhan BÜYÜKŞENGÜR Director-Training Department
Tuğba OĞAN Director-Corporate Communications Department

Organization Structure


Compliance and Surveillance Department;

  • Monitors and inspects the activities of the members.
  • Performs internal audit of the Association.
  • Monitors related regulations, proposes changes in the existing or draft regulations.
  • Identifies the problems of the capital markets and offers solutions.

Legal Affairs Department;

  • Provides legal advice to other departments, General Secretariat and the Board of Directors.
  • Conducts legal investigations about the applications and complaints made to the Association.
  • Proposes changes in the existing or draft regulations.
  • Prepares the regulations of the Association.
  • Keeps records of disciplinary actions against members.
  • Assists in the resolution of disputes.
  • Monitors professional, administrative and legal developments.
  • Identifies the problems of the capital markets and offers solutions.

Research and Statistics Department;

  • Conducts research for the development of the capital markets.
  • Gathers data on members and publishes periodical statistics.
  • Follows the developments in international capital markets and informs its members.
  • Represents the Association at national and international institutions.
  • Coordinates the Association’s international relations.
  • Identifies the problems of the capital markets and offers solutions.

Training Department;

  • Prepares training programs for the market professionals.
  • Organises training programs for the employees of the Association.,
  • Organises events such as offering free training programs, internships and/or scholarships.
  • Carries out relations with the academia.

Corporate Communications Department;

  • Manages media correspondence and public relations.
  • Organizes national and international meetings, seminars and conferences.
  • Promotes activities of the Association.
  • Designs and runs investor education program.

Information Technologies Department; 

  • Develops the information technology strategies of the Association.
  • Plans and implements the strategies.

Membership Affairs Department;

  • Examines applications for memberships.
  • Provides advice to the Association for members who fail to maintain compliance with membership requirements.
  • Keeps detailed records of members and updates if necessary.
  • Keeps detailed records of disciplinary actions regarding members.
  • Provides advice on annual membership fees and assists General Secretariat.

Human Resources, Administrative and Financial Affairs Department;

  • Manages the administrative, accounting and employment operations of the Association.
  • Follows the payment of membership fees.
  • Handles communication with the third parties.



Central Registry Agency Inc. established in 2001 is responsible for registering capital market instruments & rights attached thereon in electronic form with respect to issuers, intermediary institutions and owner of rights. Moreover, it manages and represents the Investors’ Protection Fund. TCMA has 5% stake and holds one seat at the board of directors.

Capital Markets Licensing and Training Agency

Capital Markets Licensing and Training Agency established in 2011 is responsible for organizing capital market licensing exams and preparing training activities. The Association has 49% stake and holds two seats at the board of directors.

Borsa İstanbul

Borsa İstanbul; formerly named as İstanbul Stock Exchange, was founded at the end of 1985. The Exchange was demutualised in 2013 following the enactment of the new Capital Market Law. The capital markets exchanges operating in Turkey, namely İstanbul Stock Exchange, İstanbul Gold Exchange and Turkish Derivatives Exchange (TurkDex) merged under the roof of Borsa İstanbul in 2013. TCMA has 1.3% stake of Borsa İstanbul.

Birleşik Mortgage Company

In 2020, Birleşik Mortgage Company was established. TCMA has 5% stake of Birleşik Mortgage Company.

JCR Eurasia Rating

The Assosiation has 6% stake of JCR Eurasia Rating.




Foreign Economic Relations Board (DEIK) was formed in 1988 according to the Law on The Union of Chambers and Commodity Exchanges of Turkey, and Chambers and Exchanges, in order to foster the private sector’s foreign economic relations. Our association became member of the Board in 2008 as “founding institution”.


Istanbul Arbitration Center (ISTAC) was founded upon the enforcement of the Istanbul Arbitration Center Arbitration Law no. 6570 and dated 20 November 2014, which was published in the Official Gazette issue 29190 dated 29 November 2014. Istanbul Arbitration Center (ISTAC) is an independent, impartial and autonomous institution providing arbitration and mediation services for dispute resolution between commercial actors in Turkey and abroad. The ISTAC’s dispute resolution services are available to all contracting parties, without any membership requirements. The Association has become a member of ISTAC in “General Assembly Member” status.


Our Association is represented with one member on the Tax Council, which was established to provide the Ministry with feedback on the formulation and implementation of tax policies, and to work on the same.


Impact Investing Association (Etkiyap), which incorporated in 2020, advocates for policy making, conducts research and helps raise awareness to develop the impact investing ecosystem in Turkey. The Association has became a member of Etkiyap under “Advisory Board Member” status.



Asia Securities Forum was established in 1995 to exchange views and information among the securities industry in the Asia-Pacific region with the goal of contributing to the development of securities markets and economic growth in the region. The members are mainly representatives of securities dealers associations or securities companies in the Asia-Pacific region. Our Association became a member of the Forum in 2009.


International Council of Securities Associations is an organization, which represents trade associations and self-regulatory associations for the capital market. The Council was established in 1988 with the aim of contributing the development of the capital markets by coordinating the member associations. Our Association became a member of the Council in 2006.


International Forum for Investor Education was created in 2005 to improve investor education on a worldwide basis; provide investors to make informed choices about financial products and investments. Self-regulatory institutions, regulators and non-profit organizations are members of the Forum. TCMA became a member of IFIE in 2009. TCMA is also a founding member of the IFIE/Asia Chapter that was established in 2010 as a regional committee.

The OECD International Network on Financial Education (INFE) was established in 2008 to promote and facilitate international co-operation between policy makers and other stakeholders on financial education issues worldwide. TCMA became an affiliate member to the network in 2015.

The Association is an affiliate member of the International Organization of Securities Commissions (IOSCO) since 2003. IOSCO aims to promote international regulatory standards in the capital markets.