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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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Tall Order wrote:I don't know about African Alliance, what about Drummond, huge service issues. Non-execution of orders, lack of updates e.t.c.
Time to move houses, problem is I can't trade during the period and until I'm at my new broker and cleared to trade, I'm left to just watch by the sidelines.
Anyone? How long is the process/procedure before I can trade again if I decided to shift from one broker to another with same CDS account. At least 2 months. The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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Aguytrying wrote:Tall Order wrote:I don't know about African Alliance, what about Drummond, huge service issues. Non-execution of orders, lack of updates e.t.c.
Time to move houses, problem is I can't trade during the period and until I'm at my new broker and cleared to trade, I'm left to just watch by the sidelines.
Anyone? How long is the process/procedure before I can trade again if I decided to shift from one broker to another with same CDS account. At least 2 months.  In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Aguytrying wrote:Tall Order wrote:I don't know about African Alliance, what about Drummond, huge service issues. Non-execution of orders, lack of updates e.t.c.
Time to move houses, problem is I can't trade during the period and until I'm at my new broker and cleared to trade, I'm left to just watch by the sidelines.
Anyone? How long is the process/procedure before I can trade again if I decided to shift from one broker to another with same CDS account. At least 2 months. Two months?!? Geez what are they using to transfer the shares, a crane?!? NSE got a long way to go to reach international standards
Two months is too long a wait for a liquid market.$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Member Joined: 2/7/2014 Posts: 155
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....and they are having an IPO.why do we get crappy service and still go ahead and buy shares to be a shareholders of such companies.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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That is Kenya for you. Crappy service everywhere. Its now going to be 2months tomorrow since my broker submitted a request to update my bank details at CDSC. I keep calling and the guy at the other end just gvs me gibberish reasons all the time. Its about time they are sued "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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Last 10 Posts (In reverse order)
murchr Posted: Thursday, July 24, 2014 1:49:08 PM
That is Kenya for you. Crappy service everywhere. Its now going to be 2months tomorrow since my broker submitted a request to update my bank details at CDSC. I keep calling and the guy at the other end just gvs me gibberish reasons all the time. Its about time they are sued
China is creating another Greece* every 3 months - Jim O'Neill ". .
kasibitta Posted: Thursday, July 24, 2014 1:48:51 PM
....and they are having an IPO.why do we get crappy service and still go ahead and buy shares to be a shareholders of such companies.
hisah Posted: Thursday, July 24, 2014 1:28:26 PM
Aguytrying wrote:
Tall Order wrote:
I don't know about African Alliance, what about Drummond, huge service issues. Non-execution of orders, lack of updates e.t.c.
Time to move houses, problem is I can't trade during the period and until I'm at my new broker and cleared to trade, I'm left to just watch by the sidelines.
Anyone? How long is the process/procedure before I can trade again if I decided to shift from one broker to another with same CDS account.
At least 2 months.
Two months?!? Geez what are they using to transfer the shares, a crane?!? NSE got a long way to go to reach international standards Sad
Two months is too long a wait for a liquid market.
No no no, what I've I got myself into, 2 months!!! Someone please pinch me, since I think I'm dreaming! Anyway when I come to my senses and the CDSC guys sort me out I'll let Wazuans know how the whole thing went about.
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Rank: Member Joined: 5/28/2014 Posts: 149 Location: Nairobi
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hisah wrote:Aguytrying wrote:Tall Order wrote:I don't know about African Alliance, what about Drummond, huge service issues. Non-execution of orders, lack of updates e.t.c.
Time to move houses, problem is I can't trade during the period and until I'm at my new broker and cleared to trade, I'm left to just watch by the sidelines.
Anyone? How long is the process/procedure before I can trade again if I decided to shift from one broker to another with same CDS account. At least 2 months. Two months?!? Geez what are they using to transfer the shares, a crane?!? NSE got a long way to go to reach international standards
Two months is too long a wait for a liquid market. It doesn't take 2 months for you to be able to trade. So long as you've opened an account with the new broker you can trade - buy and sell other stocks, immediately. The issue would be trading the shares being transferred. For those you need to wait. When I transferred my shares from one broker to another it took just about 3 weeks for the shares to move. When you live for others' opinions, you are dead.
- Carlos Slim Helu
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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I did it 2 years ago. they said 6 weeks, but i was closer to 8 wks The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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To transfer shares do u have to open another CDSC A/c? "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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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... possunt quia posse videntur
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Rank: Hello Joined: 6/6/2014 Posts: 2
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just do as Rank Hallow has advised
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Rank: Member Joined: 5/17/2014 Posts: 231
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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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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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@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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Rank: Member Joined: 5/6/2014 Posts: 268 Location: Nairobi, Kenya
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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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Rank: New-farer Joined: 4/12/2014 Posts: 56
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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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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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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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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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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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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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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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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Rank: Veteran Joined: 10/29/2008 Posts: 1,566
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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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