SEC extends dematrialisation deadline by six months

The Securities and Exchange Commission (SEC) this week extended the deadline for the lodging of shares in the Central Depository System (CDS) by six months until 30 June 2012.

The decision made at SEC’s 294th meeting was to grant a final extension to all shareholders to lodge their share certificates in the Central Depository System, in pursuant to the earlier SEC directive No. SEC/LEG/10/11/51.

All listed companies have been informed to request their company secretaries to comply with the final extension of the deadline and ensure their share certificates are lodged by 30th June 2012.

The final extension of 6 months has been granted for lodging of share certificates to all shareholders other than where authority has already been granted to the CSE to determine as to time on a case by case basis under the following circumstances;

1) To heirs of deceased shareholders pending the outcome of testamentary action;

2)  Loss of share certificates;

3) Shareholders who are resident overseas; and

4) Shares issued to minors under the custody of trustees SEC