Almost half ​a million investors hold stakes in more than 100 ⁠Turkish investment funds worth around $18 ⁠billion, which authorities last week ordered to be liquidated during a ​market selloff, the capital markets regulator said Wednesday.

Turkish authorities ​also took ⁠steps last week to support financial stability, including measures to boost Turkish lira liquidity and ease some capital and margin requirements after some funds struggled to meet withdrawals during a stock market sell-off.

The Capital Markets Board, or SPK, said in a statement that the ⁠number of ⁠individual investors in the funds affected was 455,758, citing central securities depository records.

SPK mandated Işbank and Ziraat Bank to oversee the liquidation of 131 investment funds managed by seven portfolio management companies, ⁠including ⁠Tera Portföy, Pusula Portföy and Hedef Portföy, on the TEFAS electronic fund platform.

Meanwhile, authorities have widened an investigation launched by prosecutors last week after the SPK filed criminal complaints over transactions in shares of companies Katılımevim, ⁠Gündoğdu Gıda and Destek Finans.

Turkish media reported that five people who were detained in recent ​days, including Pusula Holding Chair Serdar Turhan, Tera Yatırım Holding Chair Emre Tezmen and three fund administrators, had appeared in court Wednesday ​and had been jailed pending trial.

Justice Ministry ‌said in a statement ⁠Tuesday that individuals faced ‌charges including violating Türkiye's capital markets ​law, membership of a criminal ⁠organization, and aggravated fraud committed ⁠by company executives or others ⁠acting on ​behalf of a company during commercial activities.

Treasury and Finance Minister Mehmet Şimşek said Friday that the liquidation of funds would not put pressure on the Borsa Istanbul Stock Exchange because regulatory changes ⁠should ​prevent any contagion risk.