CDC launches eDividend Repository to comply with Companies Act.
KARACHI -- Central Depository Company of Pakistan (CDC) has launched an eDividend Repository services to facilitate the process of eDividend.
After the promulgation of the Companies Act 2017, it has become mandatory for all listed companies to process their dividends electronically, said a CDC press release here on Tuesday.
SECP recently introduced The Companies (Distribution of Dividends) Regulations-2017 which spell out the method and requirements for making dividend pay-outs electronically.
The regulations also require all listed companies to provide details related to cash dividends to CDC so that the record of all cash dividends could be accumulated at one place.
CDC's eDividend service is an internet based web portal and can be accessed by all investors from anywhere in the world. It will provide investors consolidated data of all their cash benefits due and credited by issuers, and in case their dividends have not been credited, the reason for non-disbursement of dividend will also be available.
CDC will also issue an electronic certificate to the shareholders which will contain all the details related to the cash disbursement such as dividend rates, net dividend paid, tax and zakat deductions etc. The certificate will also facilitate investors in filing their tax returns.
With all details available through a single source, this newly developed facility will enable shareholders to keep track of returns on their investment and unclaimed dividends if any, and maintain history of all cash benefits availed besides many other features.
For more than two decades, Central Depository Company of Pakistan Limited has been spearheading technological initiatives to facilitate investors of Capital Market. As part of this digitization drive, CDC has brought reforms in capital market by introducing services such as eIPO, e-voting etc.
These reforms not only provide efficiency and transparency to the processes but also offer greater convenience and protection of assets to the investors. One of the recent efforts of CDC in this direction is the launch of an eDividend Repository.
|Printer friendly Cite/link Email Feedback|
|Publication:||Balochistan Times (Baluchistan Province, Pakistan)|
|Date:||Mar 7, 2018|
|Previous Article:||Commemorative group photos of retiring Senators held.|
|Next Article:||PIA enhances engineering capacity.|