SEC to impose stiffer sanctions on DCS, e-mandate defaulters vanguardngr.com vanguardnews
According to the SEC in a notice to the operators, registrars that fail to credit any successfully mandated accounted within two days or fails to render quarterly account of all mandated accounts will pay N1 million penalty and an additional sum of N20, 000 for every day the violation persists.
On the amended e-dividend registration mandate, the SEC said: “Registrars shall ensure that all mandated shareholder accounts are credited with all outstanding unclaimed dividends within two days. This will increase the rate of compliance by registrars and help to reduce the quantum of unclaimed dividends.
According to the SEC, where BVN is provided, bankers’ confirmation would not be required before shareholders’ accounts are mandated by the registrars, saying that this is to avoid unnecessary delay in mandating shareholders’ accounts. “Where a client opts out, the dealing member shall notify the clearing and settlement entity not less than three business days prior to executing any sale trade on behalf of the client.
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