Alembic Limited Urges Shareholders to Update KYC Details, Warns of Dividend Withholding for Physical Folios

Alembic Limited Urges Shareholders to Update KYC Details, Warns of Dividend Withholding for Physical Folios​

Alembic Limited has issued a reminder urging shareholders holding securities in physical form to update various Know Your Customer (KYC) details and complete mandatory fields to ensure proper dividend credit. The company specified that the updation is critical for facilitating the payment of dividends and interest declared by issuers.

The notification addresses all shareholders currently holding shares in physical mode, requesting them to furnish essential documentation and information with the Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited.

KYC Requirements and Consequences​

The company noted that pursuant to regulatory requirements, starting from April 1, 2024, failure to update specific mandatory KYC details for physical folios will result in consequences related to dividend payments.

Mandatory fields include PAN, Specimen Signature, Mobile Number, Address with PIN code, Bank Account details, and Choice of Nomination.

Key aspects regarding the updates are as follows:

• Dividend Withholding: If a security holder holding securities in physical form has not updated any mandatory KYC details such as PAN, Choice of Nomination, Contact Details (including Mobile Number), Bank Account Details, or Specimen Signature, dividend payments will be withheld. Such dividends and interest will only be released through the electronic mode after all required details are furnished completely.
• Interim Credit: Shareholders who successfully update the required fields—PAN, Choice of Nomination, Contact Details including Mobile Number, Bank Account Details, and Specimen Signature—after April 01, 2024, will have any dividends or interest declared during the interim period (running from April 01, 2024 to the date of updation) automatically credited to their registered bank account.

Mandatory Fields Requirement Summary​

The following details require mandatory input from shareholders:

Dematerialization Mandate​

The company also reminded shareholders that the transfer of shares in physical form has not been permitted since April 1, 2019. Shareholders holding physical securities are therefore requested to convert their shares into demat form at the earliest.

To facilitate dematerialization, shareholders must approach any SEBI registered depository participant (DP) and follow a structured process. The required documents for submission to the DP include: Share Certificates, Demat Request Form, Copy of PAN, Address proof, Cancelled cheque, and other necessary KYC documents. Once submitted by the shareholder to their DP, the documents are forwarded to the RTA for scrutiny and subsequent credit of dematerialized shares into the shareholder's account.

ALEMBICLTD Stock Price Movement​

Shares of Alembic Limited are edging higher to ₹87.13 as of 1:20 PM today, having gained 1.31% in the ongoing market session. The stock trades at a volume of 269,256 shares, reflecting active interest from investors during the live trading period.