Those arrested include brokers, traders, officials from the stock exchange, Tayfur Havutcu -- the manager of the Besiktas soccer team -- and two former members of the Turkish national soccer team -- Engin Ipekoglu and Mecnur Colak -- Hurriyet reported Wednesday.
Colak had already been barred from working in the stock market due to a stock manipulation conviction in 2006.
Authorities said the manipulations involved shares of Makine Takim, Isiklar Investment Holding and Hateks, where stock prices rose 35.4 percent between May 31 and June 8, then dropped 29 percent over the next 10 days.
Shares of Isiklar fell 46 percent in January and rose 46 percent in a 15-day stretch in June.
Chairman of the Istanbul Stock Exchange Huseyin Erkan said the arrests handled by the Istanbul Financial Crimes Public Security were executed "without prior knowledge of the ISE."