CMSF to settle unresolved stock dividend claims

The board of Capital Market Stabilization Fund (CMSF) will soon start settling claims for unresolved stock dividends and has approved an operational guideline to this end.

The guidelines have been sent to the Bangladesh Securities and Exchange Commission (BSEC) for its opinion and review, according to a CMSF press release issued on Thursday.

CMSF Chairman Md Najibur Rahman and members of the Board of Governors expressed hope that the commission will approve the guideline and the settlement would begin soon.

Earlier on March 15, in the presence of BSEC chairman Prof Shibli Rubaiyat Ul Islam, the CMSF formally started settling the cash dividend claim.

To date, 113 investors have so far settled their unclaimed cash dividend claims and 28 more investors have been approved to settle their unclaimed cash dividend claims.

According to the rules, if an investor claims his cash dividend after the money has been transferred to the CMSF fund, the issuing company verifies the veracity of the claim and sends it to CMSF within fifteen days of receiving such claims.

The CMSF then re-verifies and sorts the money and sends it to the investor’s bank account through electronic fund transfer.

In cases of stock dividends, the claimed shares are sent from the CMSF BO account to the investor’s BO account.