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SEC extends free e-dividend registration till February

The Securities and Exchange Commission (SEC) has extended the period for the free e-dividend registration exercise till February 28, 2018, to encourage more shareholders mandate their bank accounts.  

According to a statement from SEC, the commission said in reviewing the progress of the e-Dividend registration exercise, after the December 31, 2017 deadline, it was noted that there was still a great influx of shareholders desirous of mandating their bank accounts for payment of dividends electronically.

Accordingly, shareholders that are yet to register should continue to approach their banks or Registrars to mandate their accounts for the collection of their Dividends electronically, including unclaimed dividends, not exceeding 12 years of issue” the SEC stated.

Recall that SEC had announced that the e-dividend registration exercise would continue seamlessly in spite of the expiration of the initial December 31st 2017 Free registration deadline.

Acting Director General of SEC, Dr. Abdul Zubair, who made the announcement at a press briefing recently, said that all Investors that are yet to enroll, are enjoined to continue with the registration exercise. 

In his comments, Director External Relations of the SEC. Mr. Henry Rowlands disclosed that the SEC has consulted with other stakeholders to ensure that the process is seamless; adding that investors should entertain no fear of being charged until their registration is approved.

He however explained that, “Where the investor’s account is not funded, the parties have agreed that such an enrolment request will be disapproved because the account is not funded and the investor will be alerted accordingly”

 

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