Further exemptions to Mandatory Deposit of Securities Scrips

Kuala Lumpur, 25 November 1998

The Securities Commission (SC) recently announced amendments to the Securities Industry (Central Depositories) Act 1991 which require all investors to deposit their share scrips with the Malaysian Central Depository (MCD) by 1 December 1998. In response to numerous queries from the public, the SC and the MCD would like to clarify that the following categories of securities need not be deposited by 1 December 1998:

1. If the shares belong to a deceased person in respect of which an application for a Grant of Probate or Letters of Administration is made, or an application to reseal the same has been filed in the Courts of Law in Malaysia or with any relevant authorities (for example, the Land Office under the Small Estates Distribution Act) in Malaysia prior to 1 December 1998, provided that the petitioner submits to the respective share registrar:

  • A certified true copy (certified by a commissioner of oaths or solicitor) of the death certificate. If the death certificate is issued outside Malaysia, the certification may be done by a foreign licensed legal practitioner.
  • Certified true copy (certified by a commissioner of oaths or solicitor) of the Petition (duly acknowledged receipt by the court).

The petitioner shall also submit to the respective share registrars and the Central Depository (copy to the respective share registrars), a letter of undertaking executed by the proposed executor or administrator that, the securities will be deposited with the Central Depository within three months from the date of extraction of the Grant of Probate or Letters of Administration or the resealed Grant of Probate or Letters of Administration.

2. If the shares are subject to an existing court order (obtained prior to 1 December 1998) that restrains any dealing in the securities provided that

  • the respective share registrars have been properly served with a copy of that court order before 1 December 1998; and
  • an undertaking is given to the Central Depository and the share registrar by the parties to the proceedings that the person entitled to the securities as decided by the court shall deposit the securities with the Central Depository within three months from the date of the final disposal of all claims in the relevant suit.

3. Securities which have been seized or confiscated by any person duly authorised under any written law.

4. Securities which is subject to section 353 of the Companies Act 1965.


Issued on behalf of the Securities Commission. For more information, please contact Ann Teoh (603-2507513), Nafizah Omar (603-2507550) or Karen De Cruz (603-2597164) or fax to 603-2536184.
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