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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » How to Open Online Stock Trading Account

How to Open Online Stock Trading Account

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1How to Open Online Stock Trading Account  Empty Open CDS account Tue Apr 19, 2011 4:23 pm

clementprem


Stock Trader
Hi
I live in colombo and interested in share market. To begin i have to open a CDS account , the problem is i dont have colombo address in my ID and there are no bills paid in my name. Im 21 and there are no stock brokers in my area. is there any ways to get into the market,, plz help me.
thankz
Clement.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@clementprem wrote:Hi
I live in colombo and interested in share market. To begin i have to open a CDS account , the problem is i dont have colombo address in my ID and there are no bills paid in my name. Im 21 and there are no stock brokers in my area. is there any ways to get into the market,, plz help me.
thankz
Clement.

I am not sure about this but just talk to a brokering company. I do not think the address on ID has to be the same for mailing purposes. If they ask to prove your current address do you have any bank account which send corresponding to you mailing address?

milanka

milanka
Vice President - Equity Analytics
Vice President - Equity Analytics
Contact a broker company from the list below and discuss. Anyway address in the ID card is not necessary be same as your current address.

http://www.cse.lk/static/MembersOverview.htm

http://forum.srilankaequity.com/u188

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
No problem friend, put the ID address as the Permanent address as appears in the Id, and put the colombo address as correspondence address

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
doesn't matter where you live in sri lanka. but *i think* cds asks for a proof of address for the address you put as your address (not what is in the ID) for that you need a bill or something. i'm sure you have something. even a bank statement (may be a fixed deposit renewal statement on a bank's printed form, credit card bill) if you don't have any i think a statement from grama sewaka or something should work. ask your (future) broker.

Great.Stocks


Equity Analytic
Equity Analytic
Please help
Can we get allocated rights directly to our CDS accounts..?

Thanks

windi5

windi5
Moderator
Moderator
You can mention your CDS Ac no when applying for rights so they will be directed to your account.

Fresher


Moderator
Moderator
you must deposit in CDS anyway cos from next year onwards there will be no certificates

Great.Stocks


Equity Analytic
Equity Analytic
Thanks for comments..
Dear Friend
I am asking That if i have ABC share 100 and I will be alloted 100 right 1:1 propotion. There is a allotment latter come to me. Then we deposite in the CDS account hoping sell them.
I want to know how to get allotted right directly to CDS account through broker without depositing

Thanks

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
General Meeting / Provisional Allotment: 30.Jul.2012
XR: 31.Jul.2012
Dispatch of Provisional Letter of Allotment: 07.Aug.2012
Rights Trading Commences on: 13.Aug.2012
Renunciation: 20.Aug.2012
Last Date of Acceptance & Payment: 21.Aug.2012

I own shares of a certain company that has announced a rights issue. Will the rights be credited to my CDS account automatically - or do I have to fill up any forms first?

Can someone briefly explain the entire process, especially:
(i) What is the significance of the Provisional Letter of Allotment? and
(ii) What is Renunciation?

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Answers inline.

[quote="Antonym"]

I own shares of a certain company that has announced a rights issue. Will the rights be credited to my CDS account automatically - or do I have to fill up any forms first?

I think you need to hand over the right allotment letter to your Broker. He can then deposit to your CDS account. It usually does not happen automatically


Can someone briefly explain the entire process, especially:
(i) What is the significance of the Provisional Letter of Allotment? and

It is this letter which legally allocates you your right entitlement ( number of rights). You need this letter for subscribing the the rights


(ii) What is Renunciation?

Last day to deal with rights. Will be taken of CDS listings. You can also give up (renounce) your rights to your "rights" on or before that day. If you do not subscribe or sell you automatically renounce




Last edited by slstock on Thu Jul 12, 2012 7:53 pm; edited 1 time in total

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
Thanks, slstock!

2011_NewComer

2011_NewComer
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Antonym, this is how it happens as I can remember..(this might not be 100% accurate)

With the Letter of Allotment you'll get Three forms.

Form A - Acceptance form
Form B - Renunciation form
Form C - Additionals form

Let's say you are entitled for 100 rights..

If you decide to convert them to normal shares by paying that conversion price, you should hand over the Acceptance Form to your broker with the cheque.

If you plan to sell your rights in the market (i.e. as .R) you should submit Renunciation form as soon as you receive it. Then it'll be listed when the rights trading starts...there if you wish you can sell it on the market or if you don't sell it by Renunciation date, you can convert it to normal shares by either giving a cheque or if you have cash in your account they'll take from that and will convert. (even if you don't have cash at that moment but if there are .R in your account I think(not sure) they are always converting it, so you'll have to pay for it)

If you are planning to buy additionals hand over the additionals form with acceptance form or if you have .R which you have not sold.




Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
Thanks, NewComer!

I want to get the Rights into my CDS account, so that I can sell them - only if the Rights price is higher than expected. So, I should hand over the Acceptance Form (A) and Renunciation Form (B) to my broker. Is that correct?

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@Antonym wrote:Thanks, NewComer!

I want to get the Rights into my CDS account, so that I can sell them - only if the Rights price is higher than expected. So, I should hand over the Acceptance Form (A) and Renunciation Form (B) to my broker. Is that correct?

What newcomer explained in detail in addition to what I mentioned seems correct.
But not so sure about below

"if there are .R in your account I think(not sure) they are always converting it, so you'll have to pay for it"
as mine does not do that unless I give the consent to convert by acceptance date.


Actually when I am not in the country , I just send these forms to my broker and he takes care to list them on CDS. So he maybe using the renunciation form to have it listed on CDS. Not sure which form he uses. All i tell is to list it. Later if i do not sell them by renounciation date it like giving up rights unless I accept to convert them the payment date ( which is next day usually) .

So in essence giving the form set to your broker with instructions of what to do ( if you are not in the country at the moment) should work.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Antonym wrote:Thanks, NewComer!

I want to get the Rights into my CDS account, so that I can sell them - only if the Rights price is higher than expected. So, I should hand over the Acceptance Form (A) and Renunciation Form (B) to my broker. Is that correct?

"(even if you don't have cash at that moment but if there are .R in your account I think(not sure) they are always converting it, so you'll have to pay for it)"

Normaly broker wont convert the rights to shares even if you have money in your acc. You'll have to at least give your verbal confirmation.
Say u have 5000 rights, still you can ask ur broker to convert only 1000 letting go the other 4000 (loss forever) Wink

If you only want to get Rights lodged in ur CDS account (which u can trade) - Hand over only Renunciation Form (B) to ur broker

sriranga

sriranga
Co-Admin
From the CDS website-
Rights and Share Splits
Right Issues
In the event a Listed Company announces a rights issue, CDS shall furnish the Listed Entity or its Secretary/Registrar a list of CDS account holders with their respective holdings with regard to that security as at the date of entitlement.

The Listed Entity shall post the letters of allotment direct to the respective security holders. Security holders may deposit such letters of allotment with the CDS.

Trading on allotment letters in the market shall be done through a Participant and shall be after deposit of the letter of allotment with CDS.

Cheques in respect of rights purchased shall be sent to CDS through the Participant through whom the rights were purchased and shall be drawn as specified by the Company.

All the cheques shall be forwarded to relevant manager/registrar to the offer by CDS on renunciation day.http://cds.lk/service/rights-share-splits.html



From
http://www.cse.lk/270808/pdf/CDSRules/CDS-rules-december-2010.pdf
10.4 Rights issues
a) In the event of a Listed Entity issuing Rights, the CDS shall furnish the Company Secretary of the Listed Entity a list of Account Holders with their respective holdings with regard to that Security as at the date of
entitlement.

b) The Listed Entity shall post the Provisional Letters of Allotment directly to the respective Account Holders as per information provided by CDS, subject to Rule 10.6 below.

c) An Account Holder may renounce his Provisional allotment of Rights arising from the Rights issue to the CDS through the Participant. For this purpose the duly perfected Provisional Letter of Allotment shall be deposited in the respective Client Account by the Account Holder through his Participant. The Account Holder may trade on such Rights through the Participant. Such deposits and trading in Rights shall be allowed during the period of renunciation of the Rights issue.

d) The CDS shall submit to the Participants a list of Account Holders who hold Rights in the CDS through such Participant with their respective holdings in Rights as at the last date of renunciation. The Participants shall submit the payments in respect of the Rights shares subscribed for by the Account Holders to CDS by 10.30 hours on the last date of Acceptance of Rights. Such payments shall be duly forwarded by the CDS to the relevant Listed Entity. Details of any Rights not subscribed by Account Holders shall be notified by the respective Participants to the CDS by 10.30 hours on the last date of Acceptance of Rights. Such Rights not subscribed by Account Holders will be duly withdrawn by the CDS.

e) Any Rights duly subscribed by the Account Holders in the CDS, shall be converted to shares as per the instructions given by the Company Secretary of the Listed Entity upon the listing of such shares on the CSE pursuant to the Rights issue.

10.5 In the event Rights or dividends accrue to an Account Holder between the trade day and the settlement date and such Account Holder defaults payment on the Securities purchased, the Participant shall be entitled to the following:
a) Prior to the date of dispatching the letter of provisional allotment, which shall not exceed five (5) Market Days from and excluding the date of provisional allotment (in the event of a Rights issue) or the date of payment (in the event of a dividend), request the CDS, in writing, to transfer such entitlement in favour of the Participant.

b) On receipt of such request the CDS shall inform the relevant Listed Entity to issue the entitlement (Rights or dividend) in favour of the Participant.

10.6 The Company Secretary of the Listed Entity may, at his/her/its discretion and at his/her/its own risk, deviate from the information given by the CDS pertaining to the address or the dividend Payment instructions of an Account Holder who is entitled to a corporate benefit, if sufficient proof is produced by the Account Holder to the satisfaction of the Company Secretary of the Listed Entity, giving reasons for such deviation from the instructions/information given by the CDS.

http://sharemarket-srilanka.blogspot.co.uk/

Fresher


Moderator
Moderator
quick re-cap

Form A & B are on same page. If you want to deposit the R in CDS trade, fill only the B part.
If you want to convert rights to shares, fill only A part.
If you want to apply for additional shares at the price of rights conversion, fill C.

slstock - in that case, does he signs for you ?

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
slstock, NewComer, smallville, sriranga & npp: Thanks, you guys have been a great help!

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
npp wrote:

slstock - in that case, does he signs for you ?

පිස්සුද ? එහෙම කොහොමද?
--
p.s.
හැම දේම කියල දෙන්න පුලුවන්ද?
just use your brain kollo.

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