Pay senetlerinin halka arzı
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Tarih
2006
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Erişim Hakkı
Attribution-NonCommercial-NoDerivs 3.0 United States
info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess
Özet
Kıymetli evrakın en temel özelliği, hakkın senede bağlı olması ve senedin söz hakkın tedavül kabiliyetini gerçekleştirmesidir. Kıymetli evrakta, hak ile irade beyanının üzerine yazıldığı kağıt arasında oluştuğu varsayılan sıkı bağ, bu tür senetleri sıradan senetlerden ayırmaktadır.Menkul kıymetler ise ortaklık veya alacak hakkı sağlayan, belli bir meblağı temsil eden, yatırım aracı olarak kullanılan, dönemsel getiri getiren, misli nitelikte, seri halinde çıkarılan, ibareleri aynı olan ve şartları Sermaye Piyasası Kurulu tarafından belirlenen kıymetli evraktır. Menkul kıymetler, kıymetli evrak içinde özel bir grubu oluşturur.Pay senetleri, anonim ortaklıkların sermaye payını temsil eden senetlerdir. Türk Ticaret Kanunu’nda payın senede bağlanması ihtiyari olduğu halde, Sermaye Piyasası Kanunu, anonim ortaklıktaki payın senede bağlanmasını zorunlu tutmaktadır.Pay senetlerinin halka arzı, tedrici kuruluş olarak tanımlanan ortaklığın kuruluşunda olabileceği gibi, mevcut pay senetlerinin ya da sermaye artırımı ile ihraç edilecek yeni pay senetlerinin halka arzı yolları ile de gerçekleşebilir.Kurul kaydına alınacak sermaye piyasası araçlarının ihraç veya halka arz yolu ile satışına aracılık faaliyetinin münhasıran aracı kuruluşlarca yürütülmesi zorunludur. Aracı kuruluş ile pay senetlerini halka arz edecek ihraççı arasında yetki sözleşmesi ile halka arza aracılık sözleşmesi imzalanır. Halka arza aracılık faaliyetinin birden fazla aracı kuruluş tarafından gerçekleştirilmesi halinde ise ihraççı kuruluş ile aracı kuruluşlar arasında konsorsiyum sözleşmesi imzalanmaktadır.Halka arz olunacak pay senetlerinin Kurul kaydına alınması zorunludur. Satış işlemi, talep toplaması ile yapılabileceği gibi, doğrudan Borsa’da satış yöntemi ile de gerçekleştirilebilir.Satışı gerçekleşen pay senetleri, İMKB bünyesinde, kotasyon koşullarını sağlamaları halinde Ulusal Pazar’da, aksi halde, ortaklığın faaliyet alanına göre Yeni Ekonomi Pazarı ya da İkinci Ulusa Pazar’da işlem görmeye başlayacaktır.
The basic characteristics of the commercial paper are the rights depend on the paper and the papers perform the circulation with these rights. The relation between the right and the paper which is including the declaration of intent, is separating the commercial paper from the ordinary paper.Securities are negotiable instruments which represent a share or participation in the property of the issuer or an obligation of the issuer, represent a specified quantity of money, are of a series of instruments of the same nature, have the same wording, are dealt in as a medium for investment are fungible, earn periodic income and have the terms and conditions determined by Capital Markets Board of Turkey. Securities constitute a special group within the commercial papers.Stocks represent shares of the joint stock corporation. Although pressing the stocks as commercial papers is optinal for the Turkish Commercial Code, it is obligatory for the Capital Market Code.Public offering of stocks can be occured by inviting the public to become a founder of a joint stock corporation or selling the stocks by shareholders or selling the stocks which is issued by the joint stock corporation for increasing the capital.Intermediation for public offering must be done by financial institutions. Issuer and financial institution sign agreements about authorization and underwriting. If the public offering will be performed by multiple financial institutions, the issuer and the financial institutions must sign an agreement of consortium.The stocks to be offered to public are required to be registered by the Board. Stocks can be offered to public by collecting demands. They also can be offered to public on Stock Exchange.Stocks which are listed by Istanbul Stock Exchange can be traded in National Market. Otherwise, they can only be traded in New Companies Market or Secondary National Market.
The basic characteristics of the commercial paper are the rights depend on the paper and the papers perform the circulation with these rights. The relation between the right and the paper which is including the declaration of intent, is separating the commercial paper from the ordinary paper.Securities are negotiable instruments which represent a share or participation in the property of the issuer or an obligation of the issuer, represent a specified quantity of money, are of a series of instruments of the same nature, have the same wording, are dealt in as a medium for investment are fungible, earn periodic income and have the terms and conditions determined by Capital Markets Board of Turkey. Securities constitute a special group within the commercial papers.Stocks represent shares of the joint stock corporation. Although pressing the stocks as commercial papers is optinal for the Turkish Commercial Code, it is obligatory for the Capital Market Code.Public offering of stocks can be occured by inviting the public to become a founder of a joint stock corporation or selling the stocks by shareholders or selling the stocks which is issued by the joint stock corporation for increasing the capital.Intermediation for public offering must be done by financial institutions. Issuer and financial institution sign agreements about authorization and underwriting. If the public offering will be performed by multiple financial institutions, the issuer and the financial institutions must sign an agreement of consortium.The stocks to be offered to public are required to be registered by the Board. Stocks can be offered to public by collecting demands. They also can be offered to public on Stock Exchange.Stocks which are listed by Istanbul Stock Exchange can be traded in National Market. Otherwise, they can only be traded in New Companies Market or Secondary National Market.
