Transfer of stock ownership

[hokiebear]

Some of us outside the country have had relatives and friends back home buy some stocks for us (the stocks were bought in those relatives/friends names). Is there anyone with experience in such situations? What are the steps/processes that NSE requires for one to transfer ownership of those shares to one's own name (without having to sell and buy back the shares).


Thanks.

[crtide]

The way that I know is through your broker, open an account with a broker, preferably with thesame broker which has the stock you want to transfer. Then instruct or rather have your relative instruct the broker to transfer the stock to your account. You will not pay for the shares but you will still have to pay the commission as if you bought it from the floor.

[chidiohaz]

If your proxy (i.e. the person handling all stock transactions on your behalf) has the stock certificates in his/her possession, or it is being held electronically in his/her CSCS account, all you need to do with your proxy is to walk to proxy stockbroker and do the following:

The proxy would write a formal letter (stock power) that he/she wishes to transfer x number of shares to you Hickiebear and then he/she would surrender all the the stock certificate(s) along with a completed Stock Power to the stockbroker.

At the same time to save you a great deal of time, you might as well create an inhouse account with the stockbroker so that they can quickly create for you your own CSCS Account. Except you have your own special CSCS account you can give the details of this account because it is in this CSCS Account that the shares would all be transferred into based on the following:

1. All the Share Certificates would be sent in for verification (to check the regularity of the signatures signed by your proxy on them) and this could take as much 2 - 6 months to do.

2. If they are electronically being held in the CSCS accounts, it would simply be transferred from your Proxy's CSCS account to your own CSCS Account

Once these Shares are registered in your CSCS account you now have your shares.

Share Certificates depends if the shares are being bought from the primary market while the Electronic CSCS accounts are being bought from the secondary market.

I do hope these few guidelines would be of help to you!

[hokiebear]

crtide and Chidiohaz, thanks for the very informative and insightful replies! Much appreciated!

[chidiohaz]

U are welcomed! I wish you a successful transfer of stocks!!!!!!

[BullRun]

Originally Posted by chidiohaz

If your proxy (i.e. the person handling all stock transactions on your behalf) has the stock certificates in his/her possession, or it is being held electronically in his/her CSCS account, all you need to do with your proxy is to walk to proxy stockbroker and do the following:

The proxy would write a formal letter (stock power) that he/she wishes to transfer x number of shares to you Hickiebear and then he/she would surrender all the the stock certificate(s) along with a completed Stock Power to the stockbroker.

At the same time to save you a great deal of time, you might as well create an inhouse account with the stockbroker so that they can quickly create for you your own CSCS Account. Except you have your own special CSCS account you can give the details of this account because it is in this CSCS Account that the shares would all be transferred into based on the following:

1. All the Share Certificates would be sent in for verification (to check the regularity of the signatures signed by your proxy on them) and this could take as much 2 - 6 months to do.

2. If they are electronically being held in the CSCS accounts, it would simply be transferred from your Proxy's CSCS account to your own CSCS Account

Once these Shares are registered in your CSCS account you now have your shares.

Share Certificates depends if the shares are being bought from the primary market while the Electronic CSCS accounts are being bought from the secondary market.

I do hope these few guidelines would be of help to you!

In the senario where there is a problem with a stockbroker, say out right dissatisfaction/frustration, how is change of stockbroker perfected without the sale of shares?