Help Help Please I Need Your Advice

[Yomik]

Hello guys, I need your help is it normal for our account officer in broker firm to demand for commission before we can get hard to get stock. I’m trying to do cross deal and they demand for certain amount before they can let me get the stock please I don’t want to make a silly. This is the first time of doing such thing. Please help me out

[nichobabe81]

Originally Posted by Yomik

Hello guys, I need your help is it normal for our account officer in broker firm to demand for commission before we can get hard to get stock. I’m trying to do cross deal and they demand for certain amount before they can let me get the stock please I don’t want to make a silly. This is the first time of doing such thing. Please help me out

I think the commission is the normal commission you pay when you buy. Becos even if it is cross deal you still have to pay the buy commission since they are buying for you. Or is it another commission ?

[Yomik]

Originally Posted by nichobabe81

I think the commission is the normal commission you pay when you buy. Becos even if it is cross deal you still have to pay the buy commission since they are buying for you. Or is it another commission ?

its another commision of 50 kobo per each unit not the normal commision

[jummie]

What they are demanding from you is premium and if you know that the stock you are buying will likely do well within a short period of time and you are likely to get that 50k, you can go ahead but as for me I dont like paying any premium because is more or less Egunje and in if you are buying large quantity is a lot of money for your broker. Just think before you act!

[ttoladele]

It is another illegality according to the recognised rules of the NSE/SEC.
I don't think you should bow to this kind of pressure and subtle cheap blackmail, it may get worse once you start paying more than the says they deserve. I don't think the current rules allow this, don't become a mug!!! There are loads of other opportunities in the market.
Good luck

[arcade]

Originally Posted by Yomik

Hello guys, I need your help is it normal for our account officer in broker firm to demand for commission before we can get hard to get stock. I’m trying to do cross deal and they demand for certain amount before they can let me get the stock please I don’t want to make a silly. This is the first time of doing such thing. Please help me out

Frankly, I think you should clarify the status of the firm, whether it is a stockbroking firm or a stockbroking agent. You can get a list of the licensed stockbroking firms behind the prospectus of any public offer document. If it is a stockbroking firm I guess they would not insist so much on other extraneous charges apart from the SEC approved ones whereas stockbroking agents would see that as what is really theirs to hold. Look before you leap my brother.

[Yomik]

Originally Posted by arcade

Frankly, I think you should clarify the status of the firm, whether it is a stockbroking firm or a stockbroking agent. You can get a list of the licensed stockbroking firms behind the prospectus of any public offer document. If it is a stockbroking firm I guess they would not insist so much on other extraneous charges apart from the SEC approved ones whereas stockbroking agents would see that as what is really theirs to hold. Look before you leap my brother.

Let me clear one thing, it was my account guy in that broking firm that inflate the stock, when I want to pay to the account of the their company he now say that I have to cut the check for the one on top separate, which was 50k per unit. He says that if I pay all into their company they cannot get it out. But I want u guy to know that I told him to help me look for that particular stock; and agreed to the price in hope that the price he told me is the price the owner want to sell it not knowing that they have included their own on top. Though he keep on telling me that the money is not for him that it belong to another guy from another broking firm that actually get the stock. Its very complicated a little bit.

[Gengen]

Originally Posted by Yomik

Let me clear one thing, it was my account guy in that broking firm that inflate the stock, when I want to pay to the account of the their company he now say that I have to cut the check for the one on top separate, which was 50k per unit. He says that if I pay all into their company they cannot get it out. But I want u guy to know that I told him to help me look for that particular stock; and agreed to the price in hope that the price he told me is the price the owner want to sell it not knowing that they have included their own on top. Though he keep on telling me that the money is not for him that it belong to another guy from another broking firm that actually get the stock. Its very complicated a little bit.

I may be considered as conservative, but I made up my mind a long time ago to do the following:

DO NOT SEEK EXTRA FAVOURS
ISSUE ALL CHECKS IN COMPANY'S NAME.
DO EVERYTHING ACCORDING TO THE BOOKS
DO NOT PAY LESS OR MORE
DO NOT TRY TO BYPASS COMMISIONS


This link, Big Warning, documents the experience of myself and some friends in a slightly different situation.