Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - RSS Feed

SEC Proposes New Rule on Application of 12 Years and Above Unclaimed Dividends

Proshare

Tuesday, August 23, 2016 3:52pm /SEC

Pursuant to the provisions of Section 313(1)(n) of the 
Investments and Securities Act(ISA) 2007, the Commission hereby proposes this Rule:

1.       Companies and Registrars in custody of dividends which remain unclaimed by shareholders 12 years after the date of declaration or subsequently attain the 12 years threshold shall upon the coming into effect of this Rule transfer such monies into the Nigerian Capital Market Development Fund (NCMDF).

2.      All companies and registrars shall not later than 30 days after the end of every calendar year forward to the Commission a report of unclaimed dividends in their custody, which shall specify compliance with Sub Rule (1) of this Rule.

3.      Companies shall disclose details of compliance with this Rule in their annual reports.

All comments and input should be forwarded to the Secretariat, Rules Committee of the Commission, via, rulescommittee@sec.gov.ng or through the DG, SEC, not later than two (2) weeks from the date of publication.

Related News

1.       Dividend Warrants Acceptance into Savings Accounts
2.      CBN Issues Directives on the Removal of Fixed Interest Rate on Credit cards
3.      SEC Publishes e-Dividend Mandate Activation Form of Various Registrars
4.      E-Dividend will reduce Infractions
5.      Implementation of E-Dividend Mandate Management System (e-DMMS) Portal
6.      The Launch of the New e-dividend Mandate Management System - TNI Q3/E5
7.      CBN Mandates DMBs to Equip All Branches to Treat E-dividend Mandate Form
8.     CBN Releases Exposure Draft on Standards and Guidelines on Electronic Channels Operations in Nigeria
9.      CBN Releases Exposure Draft on the Guidelines on Transaction Switch in Nigeria
10.  Improved Brokers Supervision Will Benefit the Market - TNI Q3/E12
11.   Nigerian Stock Market and Dividend Paying Stocks in 2015 - TNI Q3/E11
12.  Q2'15 Financials and Level of Compliance - TNI Q3/E10
13.  The Launch of the NSE Premium Board and Its Tracking Index - TNI Q3/E9
14.  Investors' Protection Fund, Infractions and Adequate Compensation - TNI Q3/E8
15.   SEC restrictions on dealings in securities of unlisted public companies 

 

Related News