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Dividend distribution through NSDL

While opening a depository account with participants of NSDL, it is mandatory for investors to give their bank account details. These bank account details are used by the companies for the purpose of printing them on dividend warrants etc. This ensures that the dividend warrant, even if lost or stolen, cannot be used for any purpose other than depositing the money in the account specified on the dividend warrant. This ensures safety for investors. It is possible that investors holding demat shares may wish to receive the corporate benefits such as dividend in an account other than the one specified while opening a depository account. Investors could do this by submitting the necessary requests to their respective depository participants.

NSDL proposes to take up dividend distribution service on a pilot basis for investors who hold BSES shares in demat form. Under this scheme, the dividend amount would be directly credited to the bank account of the beneficial owner as recorded with the depository participant. The beneficial owners who may want to change the bank account for this specific purpose would have to do so while advising the depository participant of the new bank account details before July 5, 1999 since BSES has declared July 6, 1999 as the record date for this purpose.

Mumbai
June 24, 1999

NEST = * National Electronic Settlement and Transfer