Dubai: The UAE stock market regulator SCA is making it easier for investors to get unclaimed dividends dating back to before March 2015.
The process also applies to cash held in dormant accounts that investors opened with brokerage firms.
On unclaimed dividends, the SCA (Securities and Commodities Authority) has appointed First Abu Dhabi Bank (FAB) to handle the process. FAB will receive payment requests via these channels:
- Email (scaunclaimeddividends@bankfab.com);
- Phone (02 6161800); and/or
- At any FAB branch across the UAE.
Applicants must submit a copy of the Emirates ID; passport (for non-UAE nationals), copy of the family book (for UAE nationals), and certificate from the bank specifying the account number and IBAN.
They must also provide:
- Share certificates, general assembly invitations, or any other documents evidencing ownership of shares and entitlement to dividends, if any.
- The investor number, if applicable.
- If the shareholder is a legal entity, a copy of the following should be provided: 1) commercial license; 2) authorized signature letter; 3) and the passport and ID card of the authorized signatory.
The paying agent will transfer the dividends to the account holder within 5 business days after completing all the required documents and data. An SMS to the account holder’s mobilephone will also be sent to notify him/her of the transfer.
The firm will determine the availability of the cash owed to the investor, and will then forward the request to the SCA.
The SCA will review the request and transfer the dividends to the investor within 5 business days upon provision of all required documents and information.
When it comes to funds held in dormant broker accounts, follow the steps related to Emirates ID, passport copy, and others. In addition, they must provide:
- Account statement from the firm or relevant market, or any other document indicating the cash owed, if applicable.
- Copy of the account opening agreement signed with the firm, if applicable.
- If the applicant is acting as an agent for the shareholder or his/her heirs, a power of attorney/succession certificate issued and approved by the relevant UAE authorities must be provided. If the power of attorney is issued abroad, it must be notarized by the UAE Embassy and the ministry of foreign affairs in the issuing country as well as the UAE Ministry of Foreign Affairs.
If this issue involves brokerage firms whose license was revoked/operations were shut down, the investor must submit the request to the SCA, along with all the documents mentioned earlier, via the SCA website, email or call center number.
