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warehema
#91 Posted : Thursday, July 24, 2014 5:46:35 PM
Rank: Hello

Joined: 6/6/2014
Posts: 2
just do as Rank Hallow has advised
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Bykhovets
#92 Posted : Thursday, July 24, 2014 8:32:55 PM
Rank: Member

Joined: 5/17/2014
Posts: 231
murchr wrote:
To transfer shares do u have to open another CDSC A/c?


To transfer your holdings from one broker to another, you need to open a CDSC a/c at the broker you are transfering to.

e.g. to transfer from African Alliance to Kingdom Securities, you will need to open a CDSC account at Kingdom. If your CDSC a/c number is 123456, you will transfer from B23/123456 to B11/123456.

The transfer forms have to be signed by the broker you are transfering from, then you take them to the broker you are transfering to. The approval is done by the share registrar, CMA, NSE and finally CDSC.

1-2 month transaction process.
"Occasionally I drop a tea cup to shatter on the floor. On purpose. I am not satisfied when it does not gather itself up again. Someday perhaps that cup will come together."
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Tall Order
#93 Posted : Thursday, July 24, 2014 9:14:55 PM
Rank: Member

Joined: 5/9/2014
Posts: 130
Location: Nairobi
@Bykhovets, thanks for clearing the issue about changing stockbrokers, I'll report back with exact timings as and when I'm done with the process.
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Akenyan2014
#94 Posted : Thursday, July 24, 2014 10:25:10 PM
Rank: Member

Joined: 5/6/2014
Posts: 268
Location: Nairobi, Kenya
maka wrote:
murchr wrote:
To transfer shares do u have to open another CDSC A/c?

I don't think so...Remember I tried it once and the forms i filled only needed the number of shares,name,passport or i.d no etc there was no indication that I needed to open a new acc,the only reason I never executed it was the back and forth,too tiring...


Mine was transfer of coop shares in 2010. It took a whole year to see my balances in my CDS account. By the time I got the shares the value had been shaved by half. I wish the owner had sold it and transferred cash to me at a discount!
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INTERESTING!
#95 Posted : Friday, July 25, 2014 3:05:51 AM
Rank: New-farer

Joined: 4/12/2014
Posts: 56
Ha ha ha ha ha ha WHAT A THREAD!!!!Applause Applause Applause Applause Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly
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maka
#96 Posted : Friday, July 25, 2014 8:35:54 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Bykhovets wrote:
murchr wrote:
To transfer shares do u have to open another CDSC A/c?


To transfer your holdings from one broker to another, you need to open a CDSC a/c at the broker you are transfering to.

e.g. to transfer from African Alliance to Kingdom Securities, you will need to open a CDSC account at Kingdom. If your CDSC a/c number is 123456, you will transfer from B23/123456 to B11/123456.

The transfer forms have to be signed by the broker you are transfering from, then you take them to the broker you are transfering to. The approval is done by the share registrar, CMA, NSE and finally CDSC.

1-2 month transaction process.


That B11-B23 etc is the investment bank/brokerage code right?effectively you are not opening a new CDS account,you will maintain the same CDS account number with a different firm code...
possunt quia posse videntur
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Boris Boyka
#97 Posted : Friday, July 25, 2014 9:32:10 AM
Rank: Veteran

Joined: 11/15/2013
Posts: 1,977
Location: Here
maka wrote:
Bykhovets wrote:
murchr wrote:
To transfer shares do u have to open another CDSC A/c?


To transfer your holdings from one broker to another, you need to open a CDSC a/c at the broker you are transfering to.

e.g. to transfer from African Alliance to Kingdom Securities, you will need to open a CDSC account at Kingdom. If your CDSC a/c number is 123456, you will transfer from B23/123456 to B11/123456.

The transfer forms have to be signed by the broker you are transfering from, then you take them to the broker you are transfering to. The approval is done by the share registrar, CMA, NSE and finally CDSC.

1-2 month transaction process.


That B11-B23 etc is the investment bank/brokerage code right?effectively you are not opening a new CDS account,you will maintain the same CDS account number with a different firm code...

Think it's acc migration similar to moving your bank acc from one branch to another branch ; it also has got issues too.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Tall Order
#98 Posted : Saturday, July 26, 2014 5:41:59 AM
Rank: Member

Joined: 5/9/2014
Posts: 130
Location: Nairobi
Account migration is not similar to moving bank accounts since the former involves the transfer of your assets (in shares under the same CDS account) to a new broker. While Banks you usually open a completely new account and you can start transacting almost immediately.
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Boris Boyka
#99 Posted : Saturday, July 26, 2014 9:30:05 AM
Rank: Veteran

Joined: 11/15/2013
Posts: 1,977
Location: Here
Tall Order wrote:
Account migration is not similar to moving bank accounts since the former involves the transfer of your assets (in shares under the same CDS account) to a new broker. While Banks you usually open a completely new account and you can start transacting almost immediately.

@Tall order have ever done the moving bank accounts? I did with KCB there's this nicknaming what is it. Consider the acc having cash to be moved also. With that I encountered issues like missing signature, missing photo when transacting in other branches .....that was back 2009.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Ngalaka
#100 Posted : Saturday, July 26, 2014 10:33:46 AM
Rank: Veteran

Joined: 10/29/2008
Posts: 1,566

What became of Ngenye Kariuki?
Can one safely sell their holding with them now?

Isuni yilu yi maa me muyo - ni Mbisuu
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