The user is frustrated with receiving dividend cheques through post from companies they have stocks in, as they have moved to a different city. They believe this process is a scam as the money is reverted back to the company if the cheques are not claimed, and suggest that the dividends should be directly deposited to the bank account. Other users have commented that dividends are generally credited directly to the shareholder’s bank account, and that the user should contact their broker to update their bank account details. Some users also suggest that the user may have physical shares instead of digital, and should contact their broker or company to dematerialize their shares.
SEBI mandates direct credit of dividends to bank accounts for most companies, so updating the address and linking the bank details with the registrar should resolve the issue. The process of sending cheques is due to outdated systems and is not a scam. The user should check the details of the bank linked to their demat account and update their new address with the demat institution. The missed dividends due to expired cheques can be claimed anytime by contacting the company.
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