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Joint CDSC Account.....Is there any new regulation?
young
#1 Posted : Monday, February 10, 2020 7:55:21 PM
Rank: Elder


Joined: 6/20/2007
Posts: 1,919
Location: Lagos, Nigeria
Hi All,

Please any update on this?

I was told there is a new regulation for existing joint CDSC account holders but I am yet to know the details.

I have checked CDSC website but I have not found any information.

Thanks and Regards
The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
Angelica _ann
#2 Posted : Monday, February 10, 2020 8:38:23 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,287
Yes, you must open a new account due to poor data capture in the previous system. Sadly you don't get to know until when you want to transact.

You must provide fresh documentation for both/all parties _ photos, ID copies, PIN copy, plus new account opening form.

Was not amused but had to do it in November last year.

Takes about a month to start transacting with the new account.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
young
#3 Posted : Monday, February 10, 2020 8:59:50 PM
Rank: Elder


Joined: 6/20/2007
Posts: 1,919
Location: Lagos, Nigeria
Angelica _ann wrote:
Yes, you must open a new account due to poor data capture in the previous system. Sadly you don't get to know until when you want to transact.

You must provide fresh documentation for both/all parties _ photos, ID copies, PIN copy, plus new account opening form.

Was not amused but had to do it in November last year.

Takes about a month to start transacting with the new account.



Many thanks for your reply @AN
Just wondering since the previous CDSC account nos are with respective registrars , will it not pose a problem in dividend payment ?
Or are the new CDSC
IDs automatically updated on the registrar's records to avoid discrepancy / failed remittance especially by EFT?
Just my thoughts .
The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
Angelica _ann
#4 Posted : Monday, February 10, 2020 9:22:29 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,287
Oooh I get your concern about registers, that's not an issue. I will respond kesho smile
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Angelica _ann
#5 Posted : Wednesday, February 26, 2020 5:21:40 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,287
Overall the transaction and transfer of shares from the old to the new CDSC Account is smooth (once you have provided the documentation required and the new account opened).

Overnight your shares are transferred to the new account (by CDSC) and registers notified (as if you have 'bought' the shares in the new account and 'sold' the shares in the new account).

I did one (took time because of my broker) but completed/concluded the process recently, however once the 'new' account was finally opened, it was a very smooth transaction (including online link where you can view your portfolio).

I
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
young
#6 Posted : Wednesday, February 26, 2020 6:36:24 PM
Rank: Elder


Joined: 6/20/2007
Posts: 1,919
Location: Lagos, Nigeria
Angelica _ann wrote:
Overall the transaction and transfer of shares from the old to the new CDSC Account is smooth (once you have provided the documentation required and the new account opened).

Overnight your shares are transferred to the new account (by CDSC) and registers notified (as if you have 'bought' the shares in the new account and 'sold' the shares in the new account).

I did one (took time because of my broker) but completed/concluded the process recently, however once the 'new' account was finally opened, it was a very smooth transaction (including online link where you can view your portfolio).

I



Thanks a lot for the detail highlight and guidance. This is very useful.
I thought you have forgotten.
The explanation is highly appreciated .
Thanks once again.
Asante Sana.
The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
Angelica _ann
#7 Posted : Wednesday, February 26, 2020 6:43:52 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,287
young wrote:
Angelica _ann wrote:
Overall the transaction and transfer of shares from the old to the new CDSC Account is smooth (once you have provided the documentation required and the new account opened).

Overnight your shares are transferred to the new account (by CDSC) and registers notified (as if you have 'bought' the shares in the new account and 'sold' the shares in the new (this should read old) account).

I did one (took time because of my broker) but completed/concluded the process recently, however once the 'new' account was finally opened, it was a very smooth transaction (including online link where you can view your portfolio).

I



Thanks a lot for the detail highlight and guidance. This is very useful.
I thought you have forgotten.
The explanation is highly appreciated .
Thanks once again.
Asante Sana.


Karibu, though a small correction thus the last new account should be old account .... (reads) 'sold' the shares in the old account.
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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