Turkey’s market regulator will increase fines and jail sentences for share manipulation and insider trading on the Istanbul Stock Exchange, Haberturk reported, citing Capital Markets Board Chairman Vedat Akgiray.
Akgiray said gains from such crimes will also be confiscated through changes the regulator will make in the capital markets law, according to the Istanbul-based newspaper. The current law orders two to five years jail sentences for those convicted of manipulation and insider trading, it said.
Akgiray also said partners and senior executives will not be able to sell shares of their company before three months from the date of purchase, Haberturk reported.
To contact the reporter on this story: Aydan Eksin at aeksin@bloomberg.net
To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net
via Turkey to Increase Penalties for Insider Trading, Haberturk Says – Bloomberg.
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