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can CDSC be trusted
gesowan
#1 Posted : Sunday, October 21, 2012 7:54:42 PM
Rank: Member


Joined: 11/6/2010
Posts: 289
i am very fearfull"NIC has accused CDSC of allowing the fraudulent transfer of 300,000 of its client’s shares to another stockbrokerage firm, which subsequently sold them without the investor’s consent."
and this guys SMS alert and Email Alert does not function....one day we will wake up and realise our shares have been transferred
heri
#2 Posted : Sunday, October 21, 2012 8:07:38 PM
Rank: Member


Joined: 9/14/2011
Posts: 797
Location: nairobi
that is very scary i must say
mlennyma
#3 Posted : Sunday, October 21, 2012 8:23:21 PM
Rank: Elder


Joined: 7/21/2010
Posts: 6,135
Location: nairobi
I think its time the cdsc is handled like all gvt securities and any holding there in guaranteed by the treasury.
"Don't let the fear of losing be greater than the excitement of winning."
murchr
#4 Posted : Sunday, October 21, 2012 9:25:51 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,974
Ooh come on. CDSC is far much safer that the certificate thing. But I agree with mlennyma the treasury should guarantee the Kenyan part of it. Remember CDSC also facilitates Rwanda
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
mukiha
#5 Posted : Monday, October 22, 2012 12:17:44 PM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
Please read the whole story and you will find this:

"The 279,400 Barclays Bank shares, 24,207 Nation Media Group (NMG) shares, and 100 Standard Chartered Bank shares allegedly belonged to NIC Securities’ client Hilary Gabrielle Erculiani, a Caucasian female, but were fraudulently transferred to a Hilary Gabrielle Erculiani, a Caucasian man."
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
maka
#6 Posted : Monday, October 22, 2012 9:07:07 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,519
Location: Nairobi
How waz the transfer effected if there waz a discrepancy in the gender of the investor,CDSC is at fault here unless whoever pulled this has an insider at CDSC,the transfer should have been placed on an exception queue while further investigations were made to verify that issue...btw nothing is fool proof in this world.
possunt quia posse videntur
murchr
#7 Posted : Tuesday, October 23, 2012 2:51:08 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,974
mukiha wrote:
Please read the whole story and you will find this:

"The 279,400 Barclays Bank shares, 24,207 Nation Media Group (NMG) shares, and 100 Standard Chartered Bank shares allegedly belonged to NIC Securities’ client Hilary Gabrielle Erculiani, a Caucasian female, but were fraudulently transferred to a Hilary Gabrielle Erculiani, a Caucasian man."


Now now, kwani they populate ones account using names instead of IDs? This kind of error should not happen because the system should give every individual a unique Key which in this case should be ones CDS Number. Infact the names are not necessary at all. So this is just fraud, which is very possible to track.
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
Spend.thrift
#8 Posted : Tuesday, October 23, 2012 2:01:36 PM
Rank: Member


Joined: 8/11/2009
Posts: 302
murchr wrote:
mukiha wrote:
Please read the whole story and you will find this:

"The 279,400 Barclays Bank shares, 24,207 Nation Media Group (NMG) shares, and 100 Standard Chartered Bank shares allegedly belonged to NIC Securities’ client Hilary Gabrielle Erculiani, a Caucasian female, but were fraudulently transferred to a Hilary Gabrielle Erculiani, a Caucasian man."


Now now, kwani they populate ones account using names instead of IDs? This kind of error should not happen because the system should give every individual a unique Key which in this case should be ones CDS Number. Infact the names are not necessary at all. So this is just fraud, which is very possible to track.



In any case, how do you transfer ownership from yourself to yourself? Hii nakaa kama muchezo ya chekechea.
mlennyma
#9 Posted : Tuesday, October 23, 2012 2:39:58 PM
Rank: Elder


Joined: 7/21/2010
Posts: 6,135
Location: nairobi
What matters is the identity that goes with a name even thousands of kenyans have similar names...this fraud smells.
"Don't let the fear of losing be greater than the excitement of winning."
kmucheke
#10 Posted : Monday, May 16, 2022 9:16:13 PM
Rank: Member


Joined: 3/16/2019
Posts: 309
CDSC to introduce a Ksh. 100 monthly maintenance fee to payable annually. Effective 15th July 2022.

WHT on dividends, CGT, 2.1% fee per trade and other charges already make it hard to get a decent return.
watesh
#11 Posted : Monday, May 16, 2022 9:18:40 PM
Rank: Veteran


Joined: 8/10/2014
Posts: 912
Location: Kenya
What do they even need the extra funds for? Fatter salaries?
kmucheke
#12 Posted : Tuesday, May 17, 2022 11:01:44 AM
Rank: Member


Joined: 3/16/2019
Posts: 309
watesh wrote:
What do they even need the extra funds for? Fatter salaries?

Very likely this is just for increased pay and perks.

Already in the fees charged for every trade there is a CSCD, NSE and CMA levy.

And don't forget the brokerage fees and VAT.

There are around 1.6M individual Kenyan CDSC accounts, majority of which are dormant. This new fee will make the situation even worse.

Time to consider markets in other jurisdictions or other asset classes.
maka
#13 Posted : Tuesday, May 17, 2022 12:14:36 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,519
Location: Nairobi
kmucheke wrote:
watesh wrote:
What do they even need the extra funds for? Fatter salaries?

Very likely this is just for increased pay and perks.

Already in the fees charged for every trade there is a CSCD, NSE and CMA levy.

And don't forget the brokerage fees and VAT.

There are around 1.6M individual Kenyan CDSC accounts, majority of which are dormant. This new fee will make the situation even worse.

Time to consider markets in other jurisdictions or other asset classes.


The sad bit is that some people sat in a meeting and agreed to do this...Very very sad.
possunt quia posse videntur
DtheK
#14 Posted : Tuesday, May 17, 2022 3:58:55 PM
Rank: Member


Joined: 2/15/2010
Posts: 102
Location: Kenya
CMA,NSE and CDSC should have invested in a joint marketing campaign to increase local participation in the market, the resulting growth would increase revenues.
1,200 per year isn't cheap. There should be bands based on portfolio size with this figure being the highest possible. Exempt portfolios below 100k.
Part of the reason for current bear is exit of foreign investors, now CDSC wants to put another barrier for potential local investors?
This will not help the market.
That aside since since it's not transactional how will it be paid?
There's somebody out there who sold shares when they were cum bonus and forgot about it. Will they now be billed?
They will sell and never look back.
My 2 cents
#15 Posted : Tuesday, May 17, 2022 7:59:25 PM
Rank: Member


Joined: 6/2/2010
Posts: 847
This is how they killed the NSE.
They never learn.
I get that because of the prolonged bear, collection of levies has dropped significantly and they need to increase income in some way. But rather than ask themselves how to revive the market, they keep flogging a dead horse with more fees. Who sits in these boards?????????
kmucheke
#16 Posted : Wednesday, May 18, 2022 2:22:44 PM
Rank: Member


Joined: 3/16/2019
Posts: 309
According to a tweet reply by @cdsckenya "The fee will be collected through your stockbroker on an annual basis .... "

Please sign the petition at https://chng.it/WfjBFTkt6g to say NO to CDS Account Maintenance Fee
kmucheke
#17 Posted : Wednesday, May 18, 2022 6:39:17 PM
Rank: Member


Joined: 3/16/2019
Posts: 309
For now CDSC has retreated.
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