DFM Introduces 'Multiple Investors Numbers Service' from 29th OctoberSource: www.export-egypt.com 10/29/2019, Location: Middle East |
|
|
|
|
|
The Dubai Financial Market, DFM, has announced that it will start issuing Multiple Investors Numbers, NINs, for its investors as of , 29th October, 2019, in line with the amendments to Article 35 of the Securities and Commodities Authority’s Decision No. (3\R) of 2001 about the market functions.
The amendments authorised the DFM to assign more than one NIN for an investor fulfilling specific conditions. Based on the amended regulatory decision, certain categories of investors are entitled to apply for and use additional NINs, provided they meet the eligibility criteria as set by the DFM. Maryam Fekri, Chief Operating Officer and Head of Clearing, Settlement and Depository Division, said, "The new service enables investors to better manage their ownership and investment portfolios by segregating ownerships between their main NIN and the additional NIN with same or different custodians. The DFM currently has five licenced custodians from leading international and local banks providing custody services to investors. The new initiative also enables investors to effectively transfer ownerships amongst their multiple investor numbers." Commenting on the categories of investors eligible to apply for multiple NINs, Fekri added, "There are two main categories of investors who can apply for more than one NIN, the first category includes existing investors who have a NIN under a local custodian and require to segregate assets using one or more additional NINs. The second category includes existing investors who have a direct NIN and are planning to use the services of a local custodian." For trading activity purposes, multiple NINs of the same investor will be considered as one NIN to enforce ownership limits. On the other hand, cash dividends of the listed companies for each of the investor’s linked NINs will be paid to the respective local custodian with the NIN or to the investor with a direct NIN, as per the owned share balance eligible for the corporate action under their respective NIN. As for corporate actions related to bonus shares, the shares will be calculated based on the balance under each NIN and credited accordingly. Similarly, each NIN of the same investor will be listed separately in the share book issued to the issuer to hold the company’s annual general meetings to facilitate voting flexibility. |
|
|
Financials and Investment News in United Arab Emirates >> |
 |
|||||
|
Egypt >> 9/19/2024 - Egypt is having a special participation at the IFTM-Top Resa exhibition, which lasts until Sept.19 in Paris.
Egypt’s pavilion has more than... |
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
|
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
Egypt >> 9/18/2024 - Benchmark index EGX 30 was up 0.61 percent to 30,342.46 points, with the Shariah index climbing by 0.20 percent to reach 2,879.64 points.
E... |
|
Egypt >> 9/18/2024 - The British company Globeleq is set to collaborate with the Egyptian government in establishing a substantial project for green hydrogen production, a...
|
Egypt >> 9/18/2024 - Deputy Prime Minister and Minister of Health and Population Khaled Abdel Ghaffar asserted the importance of cooperating with South Africa in the field...
|
| United Arab Emirates Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | |
