Unclaimed Dividends: Registrars Frustrating Shareholders – SEC

The Securities and Exchange Commission (SEC), says some company registrars are employing tricks to frustrate shareholders from reaping the full benefits of the Electronic Dividend Mandate Management System (EDMMS) introduced to reduce the amount of unclaimed dividends in their possession.

The Director-General of SEC, Lamido Yuguda, who disclosed this at the 10th annual conference of the Institute of Capital Market Registrars (ICMR), urged the Institute to encourage its’ members to uphold the Code of Ethics of the profession contained in the Rules and regulations of the Commission.

“Capital market operators have a duty to uphold the integrity of the capital market to foster investor confidence as investors are the greatest assets any capital market has.” Yuguda said.

“The commission would therefore not hesitate to sanction any erring operator in relation to unclaimed dividend or any other issue.” He warned.

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