Public-listed companies will be required to provide an e-dividend payment system to shareholders by the third quarter of next year.
"Investors will be given a one-year grace period to provide their bank account number to Bursa Malaysia Depository to enable the dividend payments to be credited directly into their bank account," the Securities Commission (SC) said yesterday.
It plans to undertake a series of investors' awareness programmes to familiarise investors with the benefits of e-dividends.
Stockbroking companies, meanwhile, will by mid-2010 be required to provide e-share payment options for clients to receive and make payments on their share transactions.
This way, payments will be credited into bank accounts more quickly and efficiently compared with cheques.
"The e-dividends and e-share payment initiatives are an integral part of the initiative to move towards a paperless environment and promote the usage of electronic payments in the capital market," the SC said in a statement yester-day.
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