Cscs Account

[jumas]

Good day members,

I would like any member to please inform me about this cscs account.
I will like to know the following:
What is cscs account
What is the use
How is it open
Where to open it.
Thanks

[azob2002]

Originally Posted by jumas

Good day members,

I would like any member to please inform me about this cscs account.
I will like to know the following:
What is cscs account
What is the use
How is it open
Where to open it.
Thanks

Welcome on board!! CSCS is the central securities clearing system; it is the depository of the Nigeria stock exchange. Here the beauty is that u would have to get ur certicates verified by ur stockbroker and then deposited there for use as collateral or to even sell when ever u need to.

The account can only be opened thru a stockbroker.. however all the firms have different initial deposit requirements ranging from as low as 10k to N10M. I would also advice that u open it with a reputable firm with a rich history in the capital market.

[despi_dynasty]

Hi all,

Please how can I go about monitoring my holdings in the cscs site? I’m with the cscs and chn number but do not know how to access it in the site. I have asked the broker that did it to me, but all he said I should do were all futile.

Wana hear from youu !!

[dannynoko]

Originally Posted by despi_dynasty

Hi all,

Please how can I go about monitoring my holdings in the cscs site? I’m with the cscs and chn number but do not know how to access it in the site. I have asked the broker that did it to me, but all he said I should do were all futile.

Wana hear from youu !!

Hey, sounds like you will need a password to log in. Did the broker put down a password when they set your CSCS account up? If yess, then you need that to be able to log on on CSCS website. Or, you can use your brokers log in info if at your disposal. Good luck!

[DaInvestor]

The way it works, though i stand to be corrected is
U log on to CSCS website and register, ther u'll get a user name and passwork which u'll do urself, then u take ur filled form to ur broker and pay to CSCS account depending on the kinda online access u want, its 2,500 for ordinary investors, if ur broker eventually process ur form u'll get a mail from CSCS about activating ur account.

Its only then u'll be able to log on and access ur CSCS account online, but until then my broda u'll have to get ur stock position from ur broker

[migiets]

Originally Posted by DaInvestor

The way it works, though i stand to be corrected is
U log on to CSCS website and register, ther u'll get a user name and passwork which u'll do urself, then u take ur filled form to ur broker and pay to CSCS account depending on the kinda online access u want, its 2,500 for ordinary investors, if ur broker eventually process ur form u'll get a mail from CSCS about activating ur account.

Its only then u'll be able to log on and access ur CSCS account online, but until then my broda u'll have to get ur stock position from ur broker

You are absolutely correct, my broda. That was what i did and CSCS just sent me my confirmation today after almost 2 or 3 months. Let me add that you pay the 2500 at either GTB or UBA. When sending your filled form to your stockbroker, you need to send the original teller that was used in paying along with the form. CSCS does not accept photocopy. I used photocopy and the form was returned to my stockbroker. There is however a PDF document detailing the process on CSCS website. You can download that for
the entire process flow. It is very easy.

Good luck.

[Catweasel]

migiets,

Now that you have successfully registered and I am sure by now have explored the CSCS site that is only available to those that are registered.

Can you tell me what facilities you get via CSCS online?

My primary broker is Zen Sec, through which I can view my portfolio (albeit it sometimes take a while for the prices to be updated. I can also create buy and sell mandates online and watch them being processed (or not). The site also archives my buy and sell contract notes for me.

Does the CSCS site provide any facilities over and above this?

[migiets]

Originally Posted by Catweasel

migiets,

Now that you have successfully registered and I am sure by now have explored the CSCS site that is only available to those that are registered.

Can you tell me what facilities you get via CSCS online?

My primary broker is Zen Sec, through which I can view my portfolio (albeit it sometimes take a while for the prices to be updated. I can also create buy and sell mandates online and watch them being processed (or not). The site also archives my buy and sell contract notes for me.

Does the CSCS site provide any facilities over and above this?

I basically use it to monitor my portfolio. Whenever i tell my broker to buy and he tells me that he has bought, i will know if he is telling the truth because it will reflect on my portfolio as 'pending' (Pending because transaction is T + 3 days). There is also transaction history that details the date and price a particular stock was bought or sold. Iam yet to explore other features on the website. My only interest for opening the account was to monitor my portfolio online realtime so that i will be able to catch my stockbroker. For example, i told my stockbroker to buy 10,000 units of a stock with the balance on my account and he said that it has been bought but when i cross check, i discovered that only 5,000 units had been bought which meant i still had a balance with them. Before, i would have had to wait for my debit note and statement from them before knowing what was bought. It is also useful if you are abroad.

[billions]

Originally Posted by migiets

I basically use it to monitor my portfolio. Whenever i tell my broker to buy and he tells me that he has bought, i will know if he is telling the truth because it will reflect on my portfolio as 'pending' (Pending because transaction is T + 3 days). There is also transaction history that details the date and price a particular stock was bought or sold. Iam yet to explore other features on the website. My only interest for opening the account was to monitor my portfolio online realtime so that i will be able to catch my stockbroker. For example, i told my stockbroker to buy 10,000 units of a stock with the balance on my account and he said that it has been bought but when i cross check, i discovered that only 5,000 units had been bought which meant i still had a balance with them. Before, i would have had to wait for my debit note and statement from them before knowing what was bought. It is also useful if you are abroad.

...u dey make me

[dannynoko]

Originally Posted by migiets

I basically use it to monitor my portfolio. Whenever i tell my broker to buy and he tells me that he has bought, i will know if he is telling the truth because it will reflect on my portfolio as 'pending' (Pending because transaction is T + 3 days). There is also transaction history that details the date and price a particular stock was bought or sold. Iam yet to explore other features on the website. My only interest for opening the account was to monitor my portfolio online realtime so that i will be able to catch my stockbroker. For example, i told my stockbroker to buy 10,000 units of a stock with the balance on my account and he said that it has been bought but when i cross check, i discovered that only 5,000 units had been bought which meant i still had a balance with them. Before, i would have had to wait for my debit note and statement from them before knowing what was bought. It is also useful if you are abroad.

You are right on the money bros. That's typically what I use my access for. You even see things that your broker is not aware except they download the statement;eg e-bonus credit.