In an attempt to cut down on the number of unclaimed dividends, the Securities and Exchange Commission, SEC has announced plans to collaborate with relevant stakeholders, sensitizing investors on dividend claims.
Mary Uduk, acting Director-General, SEC while speaking at an interview in Abuja, said the commission had taken various steps to ensure shareholders benefitted from their investments in the capital market.
According to her, the volume of unclaimed dividends remained huge and the commission was doing a lot to bring it down.
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In the commissions determination to reduce the quantum of unclaimed dividends in the capital market and encourage beneficiaries of deceased investors to step up efforts to claim such dividends, the commission exposed an amendment to it’s rules, which reduced the time, processes and costs of the transmission of shares from a deceased to the beneficiary.
Also, the timeline for the transmission of the deceased’s shares has been reduced from three weeks to one week. Going by that, registrars shall ensure that shares of a deceased are transmitted within a week of receiving the request from the administrators or executors.