I hold 1,000 shares of a company and has been receiving dividends for more than 10 years. As I lost of certificate many years ago, the shares were not registerd in the Central Depository.
To transfer my shares to the Central Depository, the share registrar required me to:
1. Sign a statement before a commission of oath
2. Sign an indemnity
3. Get the indemnity counter signed by a bank or insurance company
4. Pay a fee of $270
I have to make several trips and spend a lot of expenses and fees.
The new certificate is issued by the share registrar after a few weeks.
I had to go to Singapore Exchange to register the shares. At the counter, the staff was told to go to another office in Bugis Junction to get a certain form, pay stamp duty and bring it back to Singapore Exchange.
I lost my temper. I asked to speak to the manager. He was not available.
Is there a better way? Of course! The share registrar could register my shares with the Central Depository after I have signed the declaration and paid the fees.
These two parties, namely the share registrar and the Singapore Exchange, made me spend so much unnecessary time and expenses over a simple matter. They do not seem to care about how much trouble they cause to me.
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