BIST Increasing GARFA.E 5.88 20.00 % RYGYO.E 7.57 19.97 % ISGSY.E 4.87 19.95 % RYSAS.E 8.85 19.92 % HUBVC.E 29.74 17.18 % Decreasing DAGHL.E 4.67 -14.94 % ALYAG.E 0.55 -9.84 % BALAT.E 2.68 -9.76 % BNTAS.E 3.49 -8.64 % BMELK.E 1.58 -7.60 % VIOP Most Change O_XU030E0220C164.000 % 900,00 O_USDTRYKE0120C6100 % 400,00 O_KRDMDE0220C3.00 % 125,00 O_TTKOME1220P8.90 % -100,00 O_TTKOME1220P8.90 % -100,00 Highest Open Position F_XAUTRYM0220 548.541 F_XU0300220 492.499 F_USDTRY0220 379.942 F_KRDMD0120 362.623 F_TSKB0220 299.111


In order to facilitate it for the companies to raise funds through the Emerging Companies Market (ECM) and encourage going public, exceptions are granted in many areas; including fee cuts, requirement alleviations, and incentives. Advantages offered by the ECM are summarized under the headings below.

Requirements for Exchange Trading

ECM criteria is substantially lightened for ECM compared to BIST Stars and BIST Main markets. Companies can access the capital markets much more easily through the ECM.


In order to provide cost advantage for ECM companies, CMB and CRA both cut their fees to 1/10th of the fees applied in other Borsa İstanbul markets. On the other hand, Borsa İstanbul do not charge any fee for the initial listing of shares and also lowered its upper limit of annual listing fee to 1/20th of the fee applied in BIST Stars and Main.

As an additional incentive to attract foreign listings, Borsa İstanbul 50 % discount on annual listing fees only for foreign issuers.

Sales Methods

In order to be traded on the Equity Market, company shares must be sold by a public offering as required by CMB regulations and Borsa İstanbul admission requirements. Borsa İstanbul also demands that the shares are sold to a minimum of 500 investors in public offerings. The minimum number of investor criterion is not sought on the ECM.

Independent Audit Requirement

For public offerings in other markets, Borsa İstanbul and CMB require independent audit reports for the financial reports of the latest 3 years, and limited audit reports for the 6 or 9 months interim financial reports, depending on the offer date. On the other hand, for trading on the ECM, only an independent audit report for the latest year and, depending on the offer date 6 months interim audit report is required. Furthermore, companies traded on Borsa İstanbul, with the exception of the ECM should get their semiannual financial reports independently audited as well as their annual financial statements. The ECM traded companies should get only their annual financial statements independently audited.