One of the novelties introduced by the Turkish Commercial Code (TCC) No 6102 relates to the subscription right. The subscription right (Bezugsrecht) regulated by Art. 652b of the Swiss Code of Obligations, pursuant to which “every shareholder is entitled to the proportion of the newly issued shares that corresponds to their existing participation”, has been wrongly cited in the TCC as the “pre-emption right” (Vorrecht), which has been discussed by legal scholars. The focus of the discussion is that while the heading of Art. 461 reads “pre-emption right”, the first paragraph talks about the “subscription right”, and the second paragraph talks about the “restriction or cancellation of the pre-emption right”. This paper aims to examine the purpose, content and extent of the “subscription right”, which is provided to shareholders by operation of law in the context of capital increases and the pre-emption right provided by the articles of association. In addition, we shall explain what the upper limit should be with regard to shares with privileged subscription right and shares with privileged dividend right, as well as the related legal drawbacks.