The pay date (or payment date) is the date on which a declared dividend is actually credited to the bank accounts of eligible shareholders. It follows two prior important dates: the declaration date (when the dividend is announced) and the record date (the cutoff date by which investors must hold shares to qualify for the dividend). In India, SEBI mandates that dividend payments be made within 30 days of the dividend being declared at the board meeting. For investors tracking income from their portfolio, the pay date is the date when actual cash flows materialise.
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