{"id":186,"date":"2017-11-01T23:55:39","date_gmt":"2017-11-01T23:55:39","guid":{"rendered":"https:\/\/kobotalk.com\/?p=186"},"modified":"2024-12-17T16:11:07","modified_gmt":"2024-12-17T16:11:07","slug":"cscs-account","status":"publish","type":"post","link":"https:\/\/kobotalk.com\/BLOG\/cscs-account\/","title":{"rendered":"How to Open A CSCS Account and Trade Stocks In Nigeria"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><div class=\"pvc_clear\"><\/div>\n<p id=\"pvc_stats_186\" class=\"pvc_stats all  \" data-element-id=\"186\" style=\"\"><i class=\"pvc-stats-icon medium\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.0\" viewBox=\"0 0 502 315\" preserveAspectRatio=\"xMidYMid meet\"><g transform=\"translate(0,332) scale(0.1,-0.1)\" fill=\"\" stroke=\"none\"><path d=\"M2394 3279 l-29 -30 -3 -207 c-2 -182 0 -211 15 -242 39 -76 157 -76 196 0 15 31 17 60 15 243 l-3 209 -33 29 c-26 23 -41 29 -80 29 -41 0 -53 -5 -78 -31z\"\/><path d=\"M3085 3251 c-45 -19 -58 -50 -96 -229 -47 -217 -49 -260 -13 -295 52 -53 146 -42 177 20 16 31 87 366 87 410 0 70 -86 122 -155 94z\"\/><path d=\"M1751 3234 c-13 -9 -29 -31 -37 -50 -12 -29 -10 -49 21 -204 19 -94 39 -189 45 -210 14 -50 54 -80 110 -80 34 0 48 6 76 34 21 21 34 44 34 59 0 14 -18 113 -40 219 -37 178 -43 195 -70 221 -36 32 -101 37 -139 11z\"\/><path d=\"M1163 3073 c-36 -7 -73 -59 -73 -102 0 -56 133 -378 171 -413 34 -32 83 -37 129 -13 70 36 67 87 -16 290 -86 209 -89 214 -129 231 -35 14 -42 15 -82 7z\"\/><path d=\"M3689 3066 c-15 -9 -33 -30 -42 -48 -48 -103 -147 -355 -147 -375 0 -98 131 -148 192 -74 13 15 57 108 97 206 80 196 84 226 37 273 -30 30 -99 39 -137 18z\"\/><path d=\"M583 2784 c-38 -19 -67 -74 -58 -113 9 -42 211 -354 242 -373 16 -10 45 -18 66 -18 51 0 107 52 107 100 0 39 -1 41 -124 234 -80 126 -108 162 -133 173 -41 17 -61 16 -100 -3z\"\/><path d=\"M4250 2784 c-14 -9 -74 -91 -133 -183 -95 -150 -107 -173 -107 -213 0 -55 33 -94 87 -104 67 -13 90 8 211 198 130 202 137 225 78 284 -27 27 -42 34 -72 34 -22 0 -50 -8 -64 -16z\"\/><path d=\"M2275 2693 c-553 -48 -1095 -270 -1585 -649 -135 -104 -459 -423 -483 -476 -23 -49 -22 -139 2 -186 73 -142 361 -457 571 -626 285 -228 642 -407 990 -497 242 -63 336 -73 660 -74 310 0 370 5 595 52 535 111 1045 392 1455 803 122 121 250 273 275 326 19 41 19 137 0 174 -41 79 -309 363 -465 492 -447 370 -946 591 -1479 653 -113 14 -422 18 -536 8z m395 -428 c171 -34 330 -124 456 -258 112 -119 167 -219 211 -378 27 -96 24 -300 -5 -401 -72 -255 -236 -447 -474 -557 -132 -62 -201 -76 -368 -76 -167 0 -236 14 -368 76 -213 98 -373 271 -451 485 -162 444 86 934 547 1084 153 49 292 57 452 25z m909 -232 c222 -123 408 -262 593 -441 76 -74 138 -139 138 -144 0 -16 -233 -242 -330 -319 -155 -123 -309 -223 -461 -299 l-81 -41 32 46 c18 26 49 83 70 128 143 306 141 649 -6 957 -25 52 -61 116 -79 142 l-34 47 45 -20 c26 -10 76 -36 113 -56z m-2057 25 c-40 -58 -105 -190 -130 -263 -110 -324 -59 -707 132 -981 25 -35 42 -64 37 -64 -19 0 -241 119 -326 174 -188 122 -406 314 -532 468 l-58 71 108 103 c185 178 428 349 672 473 66 33 121 60 123 61 2 0 -10 -19 -26 -42z\"\/><path d=\"M2375 1950 c-198 -44 -350 -190 -395 -379 -18 -76 -8 -221 19 -290 114 -284 457 -406 731 -260 98 52 188 154 231 260 27 69 37 214 19 290 -38 163 -166 304 -326 360 -67 23 -215 33 -279 19z\"\/><\/g><\/svg><\/i> <img data-recalc-dims=\"1\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAxIDEiIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIGRhdGEtdT0iaHR0cHMlM0ElMkYlMkZpMC53cC5jb20lMkZrb2JvdGFsay5jb20lMkZCTE9HJTJGd3AtY29udGVudCUyRnBsdWdpbnMlMkZwYWdlLXZpZXdzLWNvdW50JTJGYWpheC1sb2FkZXItMnguZ2lmJTNGcmVzaXplJTNEMTYlMjUyQzE2JTI2c3NsJTNEMSIgZGF0YS13PSIxIiBkYXRhLWg9IjEiIGRhdGEtYmlwPSIiPjwvc3ZnPg==\" data-spai=\"1\" border=0 \/><noscript data-spai=\"1\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/plugins\/page-views-count\/ajax-loader-2x.gif?resize=16%2C16&ssl=1\" data-spai-egr=\"1\" border=0 \/><\/noscript><\/p>\n<div class=\"pvc_clear\"><\/div>\n<p><span style=\"font-size: 20px;\">Whether you are investing in the shares of quoted companies<\/span>,<span style=\"font-size: 20px;\"> or in unquoted shares traded at the OTC platform or you are investing in government bonds; you should have a CSCS Account. <\/span><\/p>\n<p><span style=\"font-size: 20px;\">Why?<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 20px;\">It is a requirement for investing in securities traded in Nigerian capital market<\/span><\/li>\n<li><span style=\"font-size: 20px;\">CSCS is the primary depository service provider<\/span><span style=\"font-size: 20px;\"> for the Nigerian capital market<\/span><\/li>\n<li><span style=\"font-size: 20px;\">The Securities and Exchange Commission has given a deadline to eliminate the issuance of physical share certificate and to hold all investment in shares electronically,<\/span><\/li>\n<li><span style=\"font-size: 20px;\">It is easy to monitor your investment portfolio with a CSCS account<\/span><\/li>\n<li><span style=\"font-size: 20px;\">It guarantees the safety of your investment<\/span><\/li>\n<\/ul>\n\n<h2><span style=\"font-size: 20px;\"><b>What is CSCS<\/b><\/span><\/h2>\n<p><span style=\"font-size: 20px;\">CSCS is an acronym for Central Securities Clearing System. The Central Securities Clearing System Plc is a subsidiary of the Nigeria Stock Exchange (NSE) which started operations in 1997 as the major financial infrastructure for the Nigerian capital market. <\/span><\/p>\n<p><span style=\"font-size: 20px;\">Thus, the CSCS is the Central Depository for the Nigerian capital market with the responsibility for storing, clearing and settlement of securities transactions.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Specifically, we can identify the functions of the Central Security Clearing System in the Nigerian capital market as follows:<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 20px;\">It serves as a Central depository for share certificates of companies quoted on The Nigerian Stock Exchange.<\/span><\/li>\n<li><span style=\"font-size: 20px;\">Serves as a Sub-registry for all quoted securities<\/span><\/li>\n<li><span style=\"font-size: 20px;\">It issues central securities identification numbers to shareholders; and<\/span><\/li>\n<li><span style=\"font-size: 20px;\">It is the Custodian for local and foreign instruments.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 20px;\">In order to effectively play this role <\/span><span style=\"font-size: 20px;\">the CSCS operates a computerized depository system.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">To understand this role properly, consider the relationship you have with your bank. When you earn some money, you will likely have to make the decision of either holding the cash (in your pocket, bedroom or shelve) or you deposit it in your account with your bank. <\/span><\/p>\n<p><span style=\"font-size: 20px;\">T<\/span><span style=\"font-size: 20px;\">o know how much you have in your account, you will ask your bank to print your account statement. If you have any need for your money you simply withdraw. <\/span><\/p>\n<p><span style=\"font-size: 20px;\">Why would you keep your money in your bank account rather than holding unto <\/span><span style=\"font-size: 20px;\">it? For safety and probably growth, I suppose.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">In the same vein, when you buy the shares of a company and you are issued with a share certificate as evidence of your investment, you have a choice to either <\/span><span style=\"font-size: 20px;\">keep the share certificate in your bedroom or deposit it with the CSCS for safe keeping.<\/span><\/p>\n<h3><strong><span style=\"font-size: 20px;\">How CSCS Operate<\/span><\/strong><\/h3>\n<p><span style=\"font-size: 20px;\">The CSCS keeps it secured electronically. Any other investment you may make through the secondary market will also go into your account with the CSCS. If you wish to know how much shares you have, you ask the CSCS for your account statement which will show the companies you have invested in, what volume of shares you hold in each company and what the shares are worth as at the date of the statement.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">When you give your shares to the CSCS to keep for you, CSCS opens an account for you and assigns you an account number. With this number <\/span><span style=\"font-size: 20px;\">you can buy more shares, sell what you have, or even transfer ownership to your dependent as you wish.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">The CSCS was established to help strengthen the capital market and give investors a better investing <\/span><span style=\"font-size: 20px;\">experience. Prior to when CSCS was established <\/span><span style=\"font-size: 20px;\">there were inefficiencies in the system which discouraged people from investing.<br \/>\n<\/span><\/p>\n<p><span style=\"font-size: 20px;\">For example, delivery of share certificates could take between 3 months to 12 months and settlement of transactions could take weeks. Verification of signatures was a herculean task and was major <\/span><span style=\"font-size: 20px;\">reason why transactions were not facilitated easily.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">There was also many cases of misplacement and loss of certificates and theft.\u00a0 Above all <\/span><span style=\"font-size: 20px;\">it was easier for fraudulent stockbrokers<\/span><span style=\"font-size: 20px;\"> to sell investor\u2019s shares in an unauthorized\u00a0 <\/span><span style=\"font-size: 20px;\">manner. <\/span><\/p>\n<p><span style=\"font-size: 20px;\">The overall <\/span><span style=\"font-size: 20px;\">market risk was very high due to undue delay in processing trades.\u00a0 Long transaction cycle led to manipulations by operators.\u00a0 Above all, there was general lack of transparency and trust in the market.<\/span><\/p>\n<h4><span style=\"font-size: 20px;\"><b>How do I Open A CSCS Account Now?<\/b><\/span><\/h4>\n<p><span style=\"font-size: 20px;\">Your first step to open a CSCS <\/span><span style=\"font-size: 20px;\">account is to approach a registered stockbroker<\/span><span style=\"font-size: 20px;\">. You can get the list of approved stockbrokers <\/span><span style=\"font-size: 20px;\">from the website of the <a href=\"http:\/\/sec.gov.ng\/\" target=\"_blank\" rel=\"noopener noreferrer\">Securities and Exchange Commission<\/a> or the <a href=\"https:\/\/ngxgroup.com\/exchange\/trade\/becoming-an-investor\/find-a-broker\/\" target=\"_blank\" rel=\"noopener noreferrer\">Nigerian Stock Exchange<\/a>. The stockbroker <\/span><span style=\"font-size: 20px;\">will first open an account for you with his firm to track your internal transactions or dealing.\u00a0 <\/span><\/p>\n<p><span style=\"font-size: 20px;\">Thereafter, he processes your CSCS account.\u00a0 The CSCS account warehouses your shares and other securities that you may wish to buy.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Opening an account is simple and involves the completion of KYC documents<\/span><span style=\"font-size: 20px;\">. For many Stockbroking houses, the requirements will include the following:<\/span><\/p>\n<p><span style=\"font-size: 20px;\">For an individual account<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 20px;\">Brokerage Account Opening Forms<\/span><\/li>\n<li><span style=\"font-size: 20px;\">A CSCS Account Opening Form<\/span><\/li>\n<li><span style=\"font-size: 20px;\">A means of Identification (either of National ID, Drivers License, International Passport)<\/span><\/li>\n<li><span style=\"font-size: 20px;\">Passport Photo<\/span><\/li>\n<li><span style=\"font-size: 20px;\">Utility Bill<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 20px;\">For a corporate account, <\/span><span style=\"font-size: 20px;\">provide the above documents in addition to the incorporation documents of the company.\u00a0 Also required is a board resolution authorizing the opening of the investment account.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">On satisfactory perusal of the documents, your stockbroker will prepare the account opening documents.\u00a0 He vets and forwards the documents to CSCS which will now open the investor&#8217;s account.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">You get a trading account number and a Clearing House number (CHN). The Clearing House Number (CHN) ties your account to the stockbroking house.<\/span><\/p>\n<h5><span style=\"font-size: 20px;\"><b>How Much Does it Cost to Open A CSCS Account?<\/b><\/span><\/h5>\n<p><span style=\"font-size: 20px;\">Opening a CSCS account is free though <\/span><span style=\"font-size: 20px;\">your stock broker may charge you a small amount to defray administrative <\/span><span style=\"font-size: 20px;\">cost. Some stockbroking houses may also require that you deposit a certain minimum amount for trading as a condition for opening accounts for you.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">You can request to open a Special Account. The advantage of having a special account is that you have direct control of your portfolio as the account is not tied to any stockbroking house and as a result <\/span><span style=\"font-size: 20px;\"> your stock broker cannot manipulate your account or trade on it without your authorization.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">The problem associated with a regular cscs<\/span><span style=\"font-size: 20px;\"> account is the fact that your stockbroker <\/span><span style=\"font-size: 20px;\"> has direct access to it because it is tied to the stockbroking firm<\/span><span style=\"font-size: 20px;\">. There has <\/span><span style=\"font-size: 20px;\">been cases where unscrupulous stockbroking houses sell stocks out of the portfolio of their customers without due authorization.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Subscribing to the CSCS Trade Alert is one sure way of knowing what goes on in your account. With this <\/span><span style=\"font-size: 20px;\">you are alerted anytime there is a transaction on your account and that way you will know if your broker is fondling your account dubiously.<\/span><\/p>\n<h6><span style=\"font-size: 20px;\"><b>Final Words<\/b><\/span><\/h6>\n<p><span style=\"font-size: 20px;\">Opening a CSCS account is an important requirement for investing in the Nigerian Stock Exchange. Your first step is to identify a <a href=\"https:\/\/kobotalk.com\/BLOG\/stockbroker-in-nigeria\/\" target=\"_blank\" rel=\"noopener noreferrer\">reliable stockbroking company<\/a> to do business with and the rest of the steps are easy. <\/span><\/p>\n<p><span style=\"font-size: 20px;\">If you are desirous of opening a CSCS <\/span><span style=\"font-size: 20px;\"> account or trade stocks and need help, feel free to contact us immediately.\u00a0 We can help you do that through our reliable partner stockbroking firms.<\/span><\/p>\n<p>Feel free to contact us.<\/p>\n<p><span style=\"font-size: 20px;\">To your investing success.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>Whether you are investing in the shares of quoted companies, or in unquoted shares traded at the OTC platform or you are investing in government bonds; you should have a CSCS Account. Why? It is a requirement for investing in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[30,32,31],"class_list":["post-186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-capital-market","tag-cscs","tag-stocks"],"a3_pvc":{"activated":true,"total_views":8921,"today_views":0},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Open A CSCS Account and Trade Stocks In Nigeria - 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