SEC Underwrites e-Dividend Registration by N300 million
…E-Dividend Registration now N150.
The apex capital market regulator, Securities and Exchange Commission(SEC) has said that the amount spent so far in underwriting e-dividend registration amounts to N300 million.
Acting Director General of the Commission, Dr Abdul Zubair disclosed this in Abuja while briefing the press on ongoing initiatives including free e-dividends registration which ended on December 31st, 2017.
He said that while the free e-dividend registration ended by the end of last year, all investors that are yet to enroll are enjoined to continue with the exercise at a marginal cost of N150(one hundred and fifty Naira) only.
Dr Zubair said such investors should approach their banks or registrars to seamlessly mandate their bank accounts for the collection of their dividends electronically, including unclaimed dividends, not exceeding 12 years of issue, just as the N150 would not d from demanded from them at the point of registration.
“For the avoidance of doubt, the N150 fee would not be demanded from investors at the point of registration and/or submission of competed e-dividend mandate forms”, he said.
Ho noted that as part of efforts to encouraging many more investors to consolidate their multiple subscriptions into one account, the commission has announced an extension of the forbearance for multiple accounts till March 31st, 2018.
“Accordingly, investors that bought shares of the same company during public offers, using different names are allowed till 31st March 2018 to continue to approach their stockbrokers or registrars to regularize their shareholdings, in line with SEC rules on customer identification. Thereafter, all shares not regularized shall be transferred, on trust to the Capital Market Development Fund”, he said.
He also said that in line with SEC rules, all registrars have been directed to stop issuance of dividend paper warrants with effect from January1, 2018, stressing that all dividend warrant papers issued up till December, 31st, 2018 are valid and should be honored, imploring banks and registrars to adhere strictly.
