Essentially, the brokers are selling client's shares without their knowledge! Even if the shares are "replaced" the clients/shareholders may not get dividends since the Listed Firm only recognises shares held by in the client's name.
Until this loophole is patched, all long-term investors should insist on share certificates to forestall the crooked stockbrokers' dealings. There are extra steps & it is not as convenient but safer.
With a certificate, you can use any broker without the hassle of transferring shares. You will need to "immobilise" & "dematerialise" the shares. Many of the large shareholders have NOT placed the shares with the CDSC.
Furthermore, except for fraud by having duplicate certificates, the share cannot be sold as (apparently) francis thuo & thieves did...
Who would you rank as the top 5 trustworthy brokers?
My list includes (in no particular order):
- CFCFS
- Kestrel
- African Alliance
31 comments:
I wonder how many people check their CDS statments (when they are mailed out).
regulator absent: I can't recall a single hot button issue in the last few years where CMA has commented. If it's not good news being announced, "it's no comment"
In the absense of an effective regulator, one should also consider taking legal action against the stock broker for losses arising from "illegal trades".
CT:
i'm seriously considering moving to African Alliance. I've had nothing but poor service from D & B.
CT, very few brokers can ve trusted in the wake of new revelations. However I consider FD tristworthy.
Banks, CDSC is about technology, why shoul dwe wait for a month to get confirmation that all is well (remember you receive a statement only if you have had a transaction during that month)?
I think they need to come up with an online system where account holders can login and retrieve statements, this will in th long run cut postage costs.
As a one who has not invested but has been planning to invest on the NSE, the FT and now CDSC scandals have put me off. I think I will hold on and watch the situation before starting, especially since I'm abroad and may not be in a position to monitor my account as long as I cannot access it online. I may just settle for Unit Funds. By the way, CBA my present bank offers the CBA uNT FUNDS: Has any one got information on them before I make a buy (recommendation!).
Outfoxed, we seem to be on the same boat, But tell me something, how long does it take to actually switch from one broker to another?
I only have three weeks in Dec to pull it off. Do I have any realistic chance of achieving this?
Swaka:
It is actually a simple matter.
You fill "CDS form A "with your current broker and "CDS form B" with your new broker.
The problem is that your current broker has to submitt "form A" to your new broker and this is where they drag their feet.
I once changed brokers and it took me like 2 weeks.
CT, have missed your posts.
CMA/NSE is a bit like wife and husband-who get along. Ntalaam and his broker gets suspended then CMA says, aah we got just the job for you, why don't you become our head.
Kestrel I like. I think you get what you pay for in this case, having to commit 500k+ to the NSE. The other suggestion is for guys especially the Diaspora to try nominee accounts with someone like CBA or Barclays.
Banks: CMA is pathetic esp for shareholder rights
Outfoxed & Swaka: Problem is that the current broker can delay the transfer by using all sorts of excuses! The holiday period tends to be slower than usual.
Jakarumba: CDSC system should allow online access.
MainaT: Custodial services are very expensive for smaller accounts.
CT-Barclays charge 2% of the portfolio's value for anything upto a ksh1m. And they don't charge any addtional fee for the transactions.
MainaT: Pls provide additional details.
When you say no further transaction costs... does that include commissions.
Where can I get more info?
Who do I contact?
MainaT, CBA offers nominee a/c for retail customesr? All I am aware of is that they have started units funds but do not do any brokerage for small accounts!
CT-sorry. been busy elsewhere-plse send me an at mainat@hotmail.com and i'll provide all the details.
Ruheni-i had an email response from CBA and likewise email me and I will reply
The CDS statement is usually 2 months behind schedule, needs to be more updated. I saw the CMA response in the paper, but didn't have any weight. They say that investors should sign purchase/sale orders before any execution, but I normally use email, so I wonder if I'm at risk of illegal trades in my account, even if I'm a small fry...
Mainat and co, why is this info secret? we are in a somewhat public forum so instead of sending secret emails to requestors, si you unleash all the info now? On a personal note, I have now been fleeced badly by Francis Drummond who sold my ICDC shares without my authorization as well as Dyer and Blair who refused to buy shares for me at my stated price insisting on me raising the price despite the fact that I could see the shares trading for almost 10 shillings less. This is only two weeks ago so am pretty mad at the whole system right now. I doubt there is any broker to be trusted but I guess I might as well make another one rich so if there are any recommended names, please let me know
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