Seeing the discrepancy in the the way listed companies declare dividend, the Securities and Exchange Board of India (Sebi) has made it mandatory for them to do so on a per share basis, no matter what the face value of the share is. The idea behind it is to cut confusion and ensure uniformity across the board.
Sebi also ordered that unclaimed shares too must be dealt with in a transparent and uniform manner – applicable to those shares that could not be allotted to their rightful owners because of paucity of information post-IPOs.
According to Sebi a suspense account will be created where bonus shares and dividend will be credited.When the rightful owners claims his shares, after proper scrutiny, he will get all his rightful shares and the money accrued thereof. These shares will not have any voting rights, till they have been claimed by the owner.