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Unclaimed dividends: SEC opens database of unregistered investors

 Business By: adekunle    Friday, April 14, 2017

By Nkiruka Nnorom

LAGOS- The Securities and Exchange Commission, SEC, has again demonstrated its resolve to end the incidence of unclaimed dividends in the capital market as it has opened a database of non-mandated accounts in the market.

The database will help investors check their status with regards to registering on the e-dividend portal. The e-dividend registration is part of SEC's efforts to curb the continuous growth of unclaimed dividend and allow proceeds from sale of one’s shares in the secondary market as well as dividend declared by their respective companies to be credited directly into their mandated bank accounts.

In a notice on its website, Thursday, the commission urged investors to key into the on-going free e-dividend registration, saying its June 30 deadline for free registration stood.

The Commission further emphasized that the deadline will mark the end of issuance of physical dividend warrant, arguing that the stoppage would mitigate the risks associated with physical dividend warrants and also improve investors' experience.