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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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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... You will maintain your CDSC a/c number. The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Member Joined: 8/4/2012 Posts: 155 Location: Kenya
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NIC Securities Launches mobile App for share trading http://www.nation.co.ke/...6/-/u3mf1pz/-/index.html If you don't want to go to plan B have a good plan A.
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Rank: Member Joined: 1/2/2008 Posts: 268 Location: Nairobi
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[quote=Mucene]NIC Securities Launches mobile App for share trading http://www.nation.co.ke/.../-/u3mf1pz/-/index.html[/quote] They also said they have launched an online trading platform, has anybody used it? The link I was given doesn't seem to work.
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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Certainly a good move by NIC Securities, they've been on the fore front in terms of their stock broking analysis and improvements and certainly that will create the desired competition for other stockbrokers to follow suit.
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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Great, I'm able to trade again on the shares that I moved from one stockbroker to another. That was in 2 and a half weeks. I moved on 30th July & traded on 18th August, 2014.
Not bad, I was tired of my previous stockbroker, I could have even taken 2 months waiting period as a few Wazuans mentioned, but I just couldn't continue with my previous stockbrokers any longer.
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Rank: Member Joined: 8/20/2008 Posts: 83
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I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B
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Rank: Veteran Joined: 12/21/2011 Posts: 1,010
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a quick one, if my current CDSC account is with one broker and i dont have any holdings and wish to transfer my account from the broker to another one and start trading again, do i still have to go through this process?
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Rank: Elder Joined: 9/23/2010 Posts: 2,220 Location: Sundowner,Amboseli
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wilyum wrote:a quick one, if my current CDSC account is with one broker and i dont have any holdings and wish to transfer my account from the broker to another one and start trading again, do i still have to go through this process? Accounts are never transferred,only shares. @SufficientlyP
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Rank: Elder Joined: 9/23/2010 Posts: 2,220 Location: Sundowner,Amboseli
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kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B I don't follow brokers, i follow dealers. A great dealer will tell you the nature of supply/demand whether local or foreign and will give you priority. It's also good practice to recognise their efforts once in a while...eg a bottle of wine for christmas holidays, a complimentary ticket for 2 at Serena/Sarova  etc #SecretToGreatWealth #MakingMoney2014 @SufficientlyP
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Sufficiently Philanga....thropic wrote:kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B I don't follow brokers, i follow dealers. A great dealer will tell you the nature of supply/demand whether local or foreign and will give you priority. It's also good practice to recognise their efforts once in a while...eg a bottle of wine for christmas holidays, a complimentary ticket for 2 at Serena/Sarova etc #SecretToGreatWealth #MakingMoney2014 Is there the need really in this day and age of Technology? You can see the demand and supply on the online platform the rest Mystockske will tell you, ama? "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: 9/23/2010 Posts: 2,220 Location: Sundowner,Amboseli
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murchr wrote:Sufficiently Philanga....thropic wrote:kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B I don't follow brokers, i follow dealers. A great dealer will tell you the nature of supply/demand whether local or foreign and will give you priority. It's also good practice to recognise their efforts once in a while...eg a bottle of wine for christmas holidays, a complimentary ticket for 2 at Serena/Sarova etc #SecretToGreatWealth #MakingMoney2014 Is there the need really in this day and age of Technology? You can see the demand and supply on the online platform the rest Mystockske will tell you, ama? If you bulk buy/sell, you certainly need them. Big executions never appear on the board. @SufficientlyP
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Rank: Chief Joined: 1/3/2007 Posts: 18,107 Location: Nairobi
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Has anyone used NIC's Mobile App? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Sufficiently Philanga....thropic wrote:murchr wrote:Sufficiently Philanga....thropic wrote:kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B I don't follow brokers, i follow dealers. A great dealer will tell you the nature of supply/demand whether local or foreign and will give you priority. It's also good practice to recognise their efforts once in a while...eg a bottle of wine for christmas holidays, a complimentary ticket for 2 at Serena/Sarova etc #SecretToGreatWealth #MakingMoney2014 Is there the need really in this day and age of Technology? You can see the demand and supply on the online platform the rest Mystockske will tell you, ama? If you bulk buy/sell, you certainly need them. Big executions never appear on the board. Which is to say: 1. You are a very high networth invividual; or 2. You are an institutional investor; which is it? Life is short. Live passionately.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B If you were around and lost money to brokers in 2007-8 you would not trust your money with a broker not backed by a commercial bank. Not saying there might be a repeat but anytime you catch a whiff of financial trouble, you take your money and run. Red signs include delayed order execution, delayed payments, high staff turn over, low staff morale, unanswered calls etc Life is short. Live passionately.
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Rank: Member Joined: 1/2/2008 Posts: 268 Location: Nairobi
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sparkly wrote:kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B If you were around and lost money to brokers in 2007-8 you would not trust your money with a broker not backed by a commercial bank. Not saying there might be a repeat but anytime you catch a whiff of financial trouble, you take your money and run. Red signs include delayed order execution, delayed payments, high staff turn over, low staff morale, unanswered calls etc I was around in 2007-8 but did not lose any money with a stock broker. Any broker in trouble at the moment? How is D&B? They are not backed by a commercial bank.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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sparkly wrote:kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B If you were around and lost money to brokers in 2007-8 you would not trust your money with a broker not backed by a commercial bank. Not saying there might be a repeat but anytime you catch a whiff of financial trouble, you take your money and run. Red signs include delayed order execution, delayed payments, high staff turn over, low staff morale, unanswered calls etc Does the commercial bank offer insurance? Isnt the brokerage firm a different entity from the commercial bank? I know several commercial banks that went under too what makes them immune? "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: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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icecube wrote:sparkly wrote:kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B If you were around and lost money to brokers in 2007-8 you would not trust your money with a broker not backed by a commercial bank. Not saying there might be a repeat but anytime you catch a whiff of financial trouble, you take your money and run. Red signs include delayed order execution, delayed payments, high staff turn over, low staff morale, unanswered calls etc I was around in 2007-8 but did not lose any money with a stock broker. Any broker in trouble at the moment? How is D&B? They are not backed by a commercial bank. Not heard of any troubled Broker. I did lose some money to Solid Brokers at that time but not very much. While chasing my thousands I met others who had lost millions. Nyaga and Discount were other culprits that disappeared with peoples' money not counting other brokers who illegally traded with peoples' shares. Decided to count my losses and move on but with a lesson learnt No. 1 rule of investment - DO NOT LOSE MONEY EITHER THROUGH WRONG CHOICE OF BROKER or through reckless speculation. Life is short. Live passionately.
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Rank: Veteran Joined: 5/18/2008 Posts: 796
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ecstacy wrote:Mainat wrote:Anybody else experiencing issues with Africa Alliance? They have become one of the most useless brokers in town!! As mentioned by others, the attitude of some of their (more senior) staff is like you are pestering them. Research notes no longer coming through. Some order a while back wasn't placed in time resulting in paper loss. Then just this week, I went there a month late to confirm why I am yet to receive my Rwanda BoK dividend just to discover that BoK/AA Rwanda sent the cheques a while ago, just that AA Kenya had never picked them, may I add the collection office is in the Nairobi CBD!!! absolute bullshit. The lady at the front desk though is always so helpful. Hao wengine, buure kabisa. I asked them about their nasty attitude and they said that they're moving away from retail business and concentrating on corporates. That's why they no longer do any research for the mass market.. They were "gently" encouraging me to move on..
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Rank: Chief Joined: 1/3/2007 Posts: 18,107 Location: Nairobi
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sparkly wrote:kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B If you were around and lost money to brokers in 2007-8 you would not trust your money with a broker not backed by a commercial bank. Not saying there might be a repeat but anytime you catch a whiff of financial trouble, you take your money and run. Red signs include delayed order execution, delayed payments, high staff turn over, low staff morale, unanswered calls etc AMEN...!!! Though African Alliance and Kestrel seem to be a-OK. Strong brands with clout to match. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 5/18/2008 Posts: 796
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kanyimwa wrote:I thought I was alone when I recently churned my long time broker to join D&B.
Was seriously manhandled on KYC issues but after fully complying, I told them to write me a cheque of my credit balance and facilitate me to migrate all my portfolio to D&B who I would start with on a clean slate; without minding of a fresh kyc re-run.
They didn't believe it. Filled the forms, but another round of struggle started. They slept on my forms for two months with their agents calling me to persuade me to change my mind but I was not interested. I had to go back and make noise for the forms to be forwarded to cdsc. Two months later, I was called by D&B. Today I trade on their online system hassle free. That other place I would have to manually appear to order and track orders. So far so good, I recommend D&B If you were around and lost money to brokers in 2007-8 you would not trust your money with a broker not backed by a commercial bank. Not saying there might be a repeat but anytime you catch a whiff of financial trouble, you take your money and run. Red signs include delayed order execution, delayed payments, high staff turn over, low staff morale, unanswered calls etc[/quote] @Kanyimwa, I thought you fill the forms at the broker you're moving TO.. That's what I did and therefore there was no question of delays in forwarding them to CDSC
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