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Sri Lanka Equity Forum » Stock Market & Forum Help » Dividend payments

Dividend payments

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1 Dividend payments on Mon Aug 20, 2012 1:09 pm

alphamm


Stock Analytic
Stock Analytic
I have given my Bank Account No. to the CDS through my broker requesting that my dividends be directly credited to my account. I find that invariably, the dividend cheque is posted to the Bank branch and the money gets credited after a very long time. On one occasion, the dividend did not reach my Bank account for over a month and since the Company issued me a fresh cheque in lieu and cancelled the original cheque, I had to pay bank charges when the first cheque was dishonoured due to the cancellation. My question is that in these days of advanced technology, why is it that the Companies do not electronically transfer the funds to the relevant bank accounts instead of posting cheques.

2 Re: Dividend payments on Mon Aug 20, 2012 1:32 pm

anu

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Ideally, this should be done from Comany Secretary's Office. Rather than physically preparing and posting, they should arrange with their bank and electronically process it so that enormous amount of paper work and cost can be reduced.

Like CDS account, if every shareholder is required to furnish account number and if CSE / SEC mandates electronic dividend payment, this can be sorted out.

3 Re: Dividend payments on Mon Aug 20, 2012 1:38 pm

alphamm


Stock Analytic
Stock Analytic
Good idea. How can we take this forward?

4 Re: Dividend payments on Mon Aug 20, 2012 2:03 pm

Expert

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Electronic payment through SLIPS was done by CIND through NTB recently; the money arrived in my account on exactly the day of payment. Why can't others? Anyway, they will have to send the payment details to us for tax purposes, and for our reconciliation.

5 Re: Dividend payments on Mon Aug 20, 2012 2:24 pm

anu

avatar
Manager - Equity Analytics
Manager - Equity Analytics
@alphamm wrote:Good idea. How can we take this forward?

We should suggest to SEC / CSE to make the above way.

6 Re: Dividend payments on Mon Aug 20, 2012 2:59 pm

K.Haputantri

avatar
Co-Admin
Very good suggestion. I suggested brokers to adopt the same some time back but they still resort to archaic methods when the entire world is going digital.

7 Re: Dividend payments on Mon Aug 20, 2012 6:25 pm

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@anu wrote:enormous amount of paper work and cost can be reduced.

This type of unnecessary,time wasting,assests wasting paper working is everywhere.These things should have been changed long ago.Specially in government sector there are lot of unnecessary paper working.

8 Re: Dividend payments on Mon Aug 20, 2012 7:19 pm

traderathome

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@K.Haputantri wrote:Very good suggestion. I suggested brokers to adopt the same some time back but they still resort to archaic methods when the entire world is going digital.
Hapu will you be attending the meeting today, could suggest this to take up with cse/sec Very Happy

9 Re: Dividend payments on Mon Aug 20, 2012 8:33 pm

alphamm


Stock Analytic
Stock Analytic
.[/quote]Hapu will you be attending the meeting today, could suggest this to take up with cse/sec Very Happy [/quote]

I am glad that there appears to be a way to communicate these ideas to the authorities. Please keep us informed of the outcome

10 Re: Dividend payments on Thu Sep 20, 2012 7:47 pm

alphamm


Stock Analytic
Stock Analytic
[Hapu will you be attending the meeting today, could suggest this to take up with cse/sec ]

Can Hapu tell us whether he took this matter up with the authorities.

11 Re: Dividend payments on Mon Mar 30, 2015 1:23 pm

alphamm


Stock Analytic
Stock Analytic
It is three years now. We are still not progressing.

12 Dividend Payments on Tue Mar 31, 2015 1:35 pm

shamath


Stock Analytic
Stock Analytic
@alphamm wrote:It is three years now. We are still not progressing.
I am a foreign investor and in a far worse position. The copy of the Dividend Warranty is sent by snail mail and takes about a week to get to UK and often not received at all because the Co.Secretaries treat it as local mail and do not enter UK and also insufficiently stamped. To make matters worse, my bank statement records it as Dividends but without the payers name which is inconvenient as I have stock in several companies. When dividends are not received I send emails to the Secretary, the Bank and CSE but to no avail.

13 Re: Dividend payments on Mon Apr 23, 2018 9:52 pm

alphamm


Stock Analytic
Stock Analytic
I started this topic in 2012. Six years later, the situation is still the same except that the CSE is now requesting all shareholders to register their Bank Accounts in order to send dividends direct to the bank without first insisting that the Companies electronically transfer the dividends to the shareholders. Recently Asiri Holdings declared a dividend on 29th March 2018. The dividend was credited to my account only on 19th April 2018.

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