Sri Lankan listed firms told to pay dividends directly to shareholder bank accounts
ECONOMYNEXT – Sri Lanka’s stock exchange has told listed companies to pay dividends directly to bank accounts of shareholders after complaints of payment delays.
The Colombo Stock Exchange (CSE) said it has got several complaints from shareholders that they had not got dividends within the stipulated time.
Some listed firms continued to post cheques to the postal address of CDS account holders or their banks, causing undue delays to the inconvenience of shareholders, the CSE’s chief regulatory officer Renuka Wijayawardhane said.
A statement said listed companies should not post cheques to shareholders or their banks.
All listed firms are required to directly credit dividends to the bank accounts of shareholders within seven market days from the ex-dividend date.
(COLOMBO, 09 August, 2018)