Regulatory Alerts2017-10-11
Added · Updated
The Unclaimed Shares, Modaraba Certificates, Dividend, Other Instruments and Undistributed Assets Regulations, 2017
These regulations establish procedures for handling unclaimed shares, modaraba certificates, dividends, and other instruments like Term Finance Certificates and Sukuks that remain unpaid for three years. Companies must issue a final notice to holders, deposit unclaimed funds into the designated Federal Government Account, and deliver physical securities to the Commission for sale, with proceeds also deposited into the Account. Entities are required to file annual returns on Form E within thirty days of the financial year's close and upload searchable claimant-wise statements on their websites. Individuals may claim refunds by submitting Form D, which the Commission verifies before instructing the Bank to release payments to entitled persons.