Choosing/Rating Stockbroker

[londoncool]

Originally Posted by saheewale

Cashcraft now charges extra N500 naira per transaction( buy or sell) after the deduction of commission. I was not informed until i stormed their office today due to a sell commission on one of my stocks that was up to 8% and another buy that was up to 7% when the N500 was applied. So they said that's the new directive from above.

I'm quite surprised punters are still using these Stockbrokers. They are Cowboys, they normally buy and sell shares on their clients portfolio without any instructions or authority.

[eniyanman]

Originally Posted by londoncool

I'm quite surprised punters are still using these Stockbrokers. They are Cowboys, they normally buy and sell shares on their clients portfolio without any instructions or authority.

Anyone who's been around long enough would have heard about them. It's surprising that people still use them. Abi na jazz?

[hispy99]

http://www.proshareng.com/news/singleNews3.php?id=1799
SEC suspends two stockbroking firms for infractions

[pumping]

Originally Posted by hispy99

http://www.proshareng.com/news/singleNews3.php?id=1799
SEC suspends two stockbroking firms for infractions

I could not access the publication. Abeg, which stockbroking firms were effected?

[hispy99]

Originally Posted by pumping

I could not access the publication. Abeg, which stockbroking firms were effected?

For some reason I could not access the URL myself anymore. Unfortunately, I can't remember the names. If it's any consolation, neither was BGL

[pumping]

Originally Posted by hispy99

For some reason I could not access the URL myself anymore. Unfortunately, I can't remember the names. If it's any consolation, neither was BGL

LOL...thank you. That is a relief..

[nosa2]

Is there any new rules from sec with regards to KYC, because I made a sale of some stock and told my broker to pay the cheque into my account and he is telling me he needs some proof of identification, drivers license or passport before he can issue a crossed cheque in my name. Guys i need to know if there were any new rules on this issue.

[pumping]

Originally Posted by nosa2

Is there any new rules from sec with regards to KYC, because I made a sale of some stock and told my broker to pay the cheque into my account and he is telling me he needs some proof of identification, drivers license or passport before he can issue a crossed cheque in my name. Guys i need to know if there were any new rules on this issue.

I was requested to do the same by BGL last year. I only had to scan the requested document (I used my passport) to them once and not for subsequent transfers.

[cashrules]

Originally Posted by nosa2

Is there any new rules from sec with regards to KYC, because I made a sale of some stock and told my broker to pay the cheque into my account and he is telling me he needs some proof of identification, drivers license or passport before he can issue a crossed cheque in my name. Guys i need to know if there were any new rules on this issue.

Yea, recently there has been very high levels of fraud in the capital market business hitting stockbroking firms and Registrars so badly. Infact a friend of mine that works in First Registrar has been in and out of SFU @ Alagbon for a transaction that passed through them.

These stockbroking firms have been mandated to arrange KYC for their customers before parting with the cheque from sales proceeds ortherwise if its found to be a fraudulent transaction, they will bear the losses and face criminal proceedings for aiding and abetting fraud.

But come o! E be like say the money wey u wan collect too much! Easy sha cos u sabi say Liquidity tight for these stockbroking firms.