Hi how do I change from one stockbroker to another?

Approach your resident broker (old broker) for your cscs statement of account and inter house transfer form. fill the inter house transfer form, get your resident broker to sign it out and submit to your target broker (new broker) for processing.

madeonline:

Approach your resident broker (old broker) for your cscs statement of account and inter house transfer form. fill the inter house transfer form, get your resident broker to sign it out and submit to your target broker (new broker) for processing.

And you expect the resident broker to sign just like that knowing that he is losing business?

madeonline is right
or better still just walk up to another broker anbd ur good the broker can't stop you from changing to another one so he can't take any thing from you

wanaj0:

And you expect the resident broker to sign just like that knowing that he is losing business?

Does the stock broker have any choice?

Seun:

Does the stock broker have any choice?

Don't you have a choice to sign or not to sign? If the resident broker does not sign, the transfer cannot be done. Making someone to sign a document that will result in loss of income to him is not an easy task.

To move your shares from one stockbroking firm to another you need to have the underlisted documents :

(a) Inter-Member Transfer form duly executed by the Shareholder, the resident stockbroking firm (your current stockbroker) and the target stockbroking firm (your prospective stockbroking firm)
(b) Letter of Transfer of Shares addressed to the Director-General of the Nigeria Stock Exchange.
(c) Copy of CSCS Statement containing shares sought to be transferred.

It might be easy to think that a stockbroker would not sign but then you have to realize that there are a lot of watchdogs to cater for the interests of investors. You’ve got the Nigerian Stock Exchange and the Securities and Exchange Commission to make a report about any erring stockbroker who refuses to sign and stamp your inter-member transfer form.

if you approach your broker and insist on moving he has no choice but to sign. He could only persuade you to stay if you allow yourself to be persuaded.

Good news

sounds very very easy and straight forward on paper but I am still waiting for anyone that has done so
most people just get another broker and stop funding the other account
I think there should be a way to report brokers about this!

Hello Dis Guy

just read ur piece so I thought I should react thus.

Alot of what I do in the course of my job involves dealings on shares : verifying share certificates, preparing documents for placing lien on shares, giving instructions for lien placed on shares to be released and lastly Inter-member transfer of shares from one stockbroking firm to the other

I can assure you that we effect these Inter-Member transfer of shares on a weekly basis and I don't think its as difficult as they make it sound on this thread.

You all have a great holiday

Dibosa187

I think the majority of people in this thread and other stock market threads at one point or the other tried changing their broker
never heard of anyone that did it within a week or a month even
read more about it

your firm might just be one of the good one

Happy Holidays

Thanks Dibosa , I know it is easy to change brokers. I just fired one and hired one (right from good advice taken from threads on nairaland!). Dis Guy should note that it is not difficult changing a broker unless he gives in to the resident brokers plea that he should not move his account. I can recommend you to my broker if you so desire.
Dibosa are you working at CSCS? Pls give be a buzz eruobodo@gmail.com

which is the best stock broker?

cash22: which is the best stock broker?

The question is best @ what?
Transaction charges?
Transparency?
Access to real time trades (i.e online real time)?