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.
Bureaucratic! Red tape! Far too many procedures.
ReplyDeleteSince you have hold onto the shares for more than 10 years plus the years of dividends, I would say the overall profit should have been definitely more than $270. I would go to the extent to make sure I get official ownership on the 1000 shares.
hongjun
I observe a similar pattern among the various organisations in Singapore. Front-line staff are just doing their duties as outlined in the Standard operating procedures, without thinking on a human platform. This is the reason why airport police initiated an SOP when they heard a mother explaining to her daughter the bomb threats. On hearing the word "bomb" they went into the SOP mode and caused alot of inconvenience to the public. However, those who can think on their feet, that is the management, are often unavailable, or unwilling to be involved. Therefore causing the kind of scenario that you have described. My experience with NTUC Income now is also similar. The top management over delegates to the frontline staff and appeared unwilling to be involved. Over time, the customer service suffers and gradually customers go to more enlightened service providers. Because there is a long time span of discretion, the problem is not identified until it is too late, and then management gurus are called in to salvage a sinking ship. So sad...
ReplyDeleteOnce i went to UOB to do a tele-transfer. It was lunch hour and the queue was long. But only 3 out of 6 counters were opened and the first counter was for the premium customer only. I waited for 1 hour to get everything done. I spoke to the manager and suggest them to improve and learn fm HSBC and other international banks, she answered, "we're just a small local bank."
ReplyDeleteMay I ask which bank or insurance company provide for the indemnity counter signature service?
ReplyDeleteYes, I would also like to know the name of the insurance company that provided the counter signature to the indemnity. Also, could you please advise the typical charge involved; whether it is a one-time fee, or if it is renewable annually. Thank you!
ReplyDelete