Karachi: Unitholders of the JS Momentum Factor ETF ("JSMFETF"), managed by JS Investments Limited, have been credited with the Final Cash Dividend of Rs. 5.00 per share, totaling 50.00% for the fiscal year ending June 30, 2024. This disbursement follows the approval from the Board of Directors on August 20, 2024, and has been directly deposited into the bank accounts of those unitholders who provided valid identification and banking details.
According to information available from the Pakistan Stock Exchange (PSX), the dividend, amounting to a substantial sum, reflects the fund's robust performance over the past financial year. The direct crediting process was facilitated through the Central Depository Company of Pakistan Limited's (CDC) newly developed Centralized Cash Dividend Register (CCDR), an e-service platform designed to maintain a comprehensive record of cash dividends. This register ensures transparency and ease of access for unitholders retrieving their dividend histories.
Additionally, the dividend and tax deduction reports are accessible to unitholders directly from their brokers or via email, enhancing the process's convenience and efficiency. However, dividends for certain unitholders were withheld due to incomplete or inaccurate submissions regarding their banking details or identity verifications. JS Investments has advised these unitholders to update their details via the provided E-Dividend Mandate Form to facilitate the timely release of their dividends.
This proactive measure by JS Investments ensures compliance with the Companies Act, 2017, and subsequent regulations, safeguarding both the unitholders' interests and the fund's adherence to legal standards. The CCDR initiative by the CDC marks a significant advancement in the management of dividend distributions, potentially setting a benchmark for other funds in the industry.