DSE Record Date vs Ex-Date: What Dividend Investors Must Know
Sarah Ali
Record date and ex-date are the two most important dates for anyone collecting dividends on the Dhaka Stock Exchange. Buy one day too late and you get nothing. Sell one day too early and you miss the payout. This guide explains exactly how these dates work on DSE, when you must hold shares to qualify, and the common mistakes that cost investors money.
What Is the Record Date?
The record date is the date a company uses to determine which shareholders are eligible to receive a dividend. If your name appears in the company's share register on the record date, you receive the dividend.
On DSE, companies announce the record date through official disclosures filed with the exchange. You can find these announcements on the DSE website and in weekly market roundups like our April 27-May 1 roundup.
For example, if JAMUNABANK declares a 12% cash dividend with a record date of May 15, every shareholder registered on May 15 receives that dividend.
What Is the Ex-Date?
The ex-date (short for "ex-dividend date") is the first trading day when a stock trades without the upcoming dividend included in its price. If you buy the stock on or after the ex-date, you do not receive the dividend.
On DSE, the ex-date is always two trading days before the record date. This two-day gap accounts for the T+2 settlement cycle used by the Dhaka Stock Exchange.
Why two days? Because DSE settles trades on a T+2 basis. When you buy shares on Monday, your name does not appear in the register until Wednesday. So to be on the register by the record date (Friday, for example), you must buy by Wednesday, which means the ex-date is Thursday.
How Record Date and Ex-Date Work Together
Here is the complete timeline for a dividend payment on DSE:
| Event | What Happens | Impact on You |
|---|---|---|
| Declaration Date | Company announces dividend amount and record date | Stock price may jump on the news |
| Ex-Date | Stock starts trading without the dividend | Must buy BEFORE this date to qualify |
| Record Date | Company checks register for eligible shareholders | Your name must be in the register |
| Payment Date | Dividend is credited to your BO account | Cash dividend arrives in your bank; stock dividend appears in your CDBL account |
The key rule: You must buy the stock before the ex-date. Buying on the ex-date or after means you get no dividend.
Real Example: How It Plays Out on DSE
Let us say PREMIERCEM declares a 15% cash dividend with a record date of Thursday, May 15, 2026.
| Date | Day | What Happens |
|---|---|---|
| May 12 (Mon) | Trading Day | Last day to buy and qualify for the dividend |
| May 13 (Tue) | EX-DATE | Stock opens lower (adjusted for dividend). Buying today = no dividend |
| May 14 (Wed) | Trading Day | Stock trades ex-dividend |
| May 15 (Thu) | RECORD DATE | Company checks the register. Shares bought May 12 are now settled and registered |
Notice the ex-date is May 13 (Tuesday), which is exactly two trading days before the record date of May 15 (Thursday). The T+2 settlement means your May 12 purchase settles on May 14, so your name is in the register by May 15.
What Happens to the Stock Price on Ex-Date?
On the ex-date, the stock price typically drops by approximately the dividend amount. This is not a crash. It is a mechanical adjustment because the dividend is no longer "attached" to the stock.
For example, if SOUTHEASTB trades at Tk 20 on the day before ex-date and declares a Tk 2 cash dividend per share, the stock will open around Tk 18 on the ex-date. You still have Tk 20 in total value (Tk 18 in stock + Tk 2 in dividend), just split differently.
This is why chasing dividends for quick profit does not work. The price drop on ex-date offsets the dividend. Dividend investing only pays off when you hold long-term and the stock recovers its price.
Cash Dividend vs Stock Dividend: Key Differences
DSE companies pay dividends in two forms, and the record date rules apply to both:
| Cash Dividend | Stock Dividend (Bonus Share) | |
|---|---|---|
| What you get | Cash in your bank account | Extra shares in your CDBL account |
| Payment timeline | Within 30 days of record date | Within 30 days, but CDBL processing adds a few days |
| Tax | 10% withholding tax deducted at source | 10% withholding tax on face value |
| Price adjustment | Stock drops by dividend amount on ex-date | Stock drops proportionally (more shares = lower per-share price) |
| Long-term impact | Reduces book value per share | Dilutes EPS but increases total shares |
Learn more about dividend types in our dividend guide (available in Bangla).
5 Common Mistakes DSE Investors Make With Dividend Dates
1. Buying on the record date. This is the most common mistake. By the time the record date arrives, it is too late. You needed to buy before the ex-date, which is two trading days earlier. If TAKAFULINS has a record date of May 20, the ex-date is May 18. Buy on May 20 and you get nothing.
2. Selling on the ex-date and still getting the dividend. This actually works. If you held shares before the ex-date, you can sell on the ex-date and still receive the dividend because your name is already in the register. The buyer on ex-date does not get it.
3. Assuming all dividends are cash. Many DSE companies issue stock dividends (bonus shares) instead of or in addition to cash. A "10% dividend" could mean Tk 1 per share in cash, or one bonus share for every 10 shares held. Always check the dividend type in the company disclosure.
4. Ignoring the withholding tax. All dividends on DSE are subject to a 10% withholding tax at source. If a company declares a 12% cash dividend, you receive 10.8% after tax. Factor this into your yield calculations.
5. Buying just for the dividend. As explained above, the ex-date price drop offsets the dividend. You only profit if the stock recovers and grows beyond the dividend amount. Read our DSE Beginners Guide for a broader investing framework.
How to Find Record Dates on DSE
You can find upcoming record dates from several sources:
- DSE official website (dsebd.org) publishes corporate announcements including dividend declarations and record dates
- CDBL (Central Depository Bangladesh Limited) sends notifications to your BO account when a dividend is credited
- Broker platforms typically show ex-dates in their market data
- stock-ai.live covers dividend declarations and record dates in our weekly roundups
Also watch for price limit open announcements, which often coincide with earnings and dividend disclosures.
Dividend Calendar: How to Plan Your Trades
Smart dividend investors on DSE follow a simple calendar:
- January-March: Watch for dividend declarations as companies announce AGM dates and proposed dividends
- March-May: Peak AGM and record date season. Most companies declare and pay dividends during this window
- June-August: Late AGMs and second-half dividends
- October-December: Interim dividends from a few companies, early declarations for next year
The heaviest dividend activity on DSE happens between March and May, when most AGMs take place. This is when you see the most record dates and ex-dates clustering together.
Step-by-Step: How to Capture a Dividend on DSE
Follow this checklist every time you want to capture a dividend:
- Find the declaration: Check DSE disclosures for the dividend amount, type (cash or stock), and record date
- Calculate the ex-date: Subtract 2 trading days from the record date. Skip weekends (Friday-Saturday on DSE)
- Buy before ex-date: Place your buy order at least one trading day before the ex-date
- Hold through the ex-date: You can sell on the ex-date itself and still receive the dividend
- Wait for payment: Cash dividends arrive in your bank account within 30 days. Stock dividends appear in your CDBL account
Pro tip: Set price alerts on your broker platform for the ex-date. This helps you track the price adjustment and decide whether to hold or sell.
Key Takeaways
- Record date is when the company checks who qualifies for the dividend
- Ex-date is two trading days before the record date (due to T+2 settlement)
- You must buy before the ex-date to receive the dividend; buying on the record date is too late
- The stock price drops on ex-date by approximately the dividend amount, so chasing dividends for quick profit does not work
- You can sell on the ex-date and still receive the dividend if you held before it
- 10% withholding tax applies to all dividends on DSE, whether cash or stock
Want to start investing on DSE? Read our DSE Beginners Guide or learn how to open a BO account.