Investors Called To Retrieve Unclaimed Dividends And Dormant Account Cash

The Securities and Commodities Authority (SCA) has recently announced an initiative inviting investors to reclaim unclaimed dividends or funds from dormant accounts in brokerage firms. This move, aimed at ensuring the rightful owners receive their due dividends, has designated First Abu Dhabi Bank (FAB) as the official entity to manage the disbursement of these unclaimed dividends for shares of locally listed public joint-stock companies dated before March 2015.

Investors interested in claiming their dividends are encouraged to reach out through various channels provided by FAB, including email, phone, or by visiting any of its branches across the UAE. The process requires applicants to furnish specific documents and information to validate their claims. For UAE nationals or residents, a copy of the Emirates ID card is necessary, while non-UAE nationals must provide a copy of their passport. Additionally, UAE nationals are also required to submit a copy of their family book.

Further documentation includes a bank certificate detailing the account number and IBAN, alongside share certificates or any relevant documents that prove share ownership and entitlement to dividends. Legal entities looking to claim dividends must present a commercial license, an authorized signature letter, and identification documents of the authorized signatory.

In cases where an agent represents the shareholder or their heirs, a power of attorney or succession certificate approved by UAE authorities is mandatory. If this document is issued outside the UAE, it must be notarized by both the UAE Embassy in the issuing country and the UAE Ministry of Foreign Affairs.

For investors with cash in dormant accounts at currently licensed brokerage firms, similar documentation is required. This includes identification documents and a certificate from the bank specifying account details. Additionally, an account statement from the firm or relevant market indicating the owed cash, along with a copy of the account opening agreement with the firm, should be provided.

In situations where a brokerage firm's license has been revoked or its operations ceased, investors are directed to submit their claims directly to the SCA. The submission can be made through the SCA's website, email, or call centre, accompanied by all necessary documents as outlined above.

This initiative underscores the SCA's commitment to protecting investors' rights and ensuring transparency in financial dealings within the UAE's stock market. By facilitating this process through FAB, the SCA aims to streamline the procedure for investors to claim what is rightfully theirs, reinforcing trust and confidence in the UAE's financial markets.

With inputs from WAM