How to Monitor Your Stocks on CSCS Online
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How to Monitor Your Stocks on CSCS Online
Central Securities Clearing System provides users a convenient way to see all the needed information on the website. Read on to know how to check CSCS account online.
What is CSCS account? Central Securities Clearing System works as subsidiary of Nigeria Stock Exchange. This is a major financial infrastructure for the capital market of Nigeria. CSCS is responsible for clearing, storing and settlement of securities transactions. The organization works on a computerized depository system.
HOW TO OPEN ACCOUNT WITH THE CSCS PLC
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Everyone can open CSCS account it is not so difficult to do. To open it you need to go to a registered stockbroker. Go to to see the list of approved stockbrokers.
The broker can open an account for you with the help of his or her firm. The requirements to open the account: A means of Identification (either of National ID, Drivers License, International Passport) Incorporation documents A CSCS Account Opening Form Passport Size Photo Utility Bill. Maybe broker will charge defray administrative costs, but it is free to open CSCS account.
How to check CSCS account online? First, you should register and pay for GTB or UBA account Use payment teller and register the account. You can do it at Complete and submit the form Enter Clearing House Number Confirm your email.
After that CSCS online checker system would send you all the notifications on your email. Another method for CSCS account check is to visit the official website and log in to monitor your account. This is how to get information from CSCS account.
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 securities traded in Nigerian capital market
CSCS is the primary depository service provider for the Nigerian capital market
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,
It is easy to monitor your investment portfolio with a CSCS account
It guarantees the safety of your investment.
What is CSCS?
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.
Thus, the CSCS is the Central Depository for the Nigerian capital market with the responsibility for storing, clearing and settlement of securities transactions.
Specifically, we can identify the functions of the Central Security Clearing System in the Nigerian capital market as follows:
It serves as a Central depository for share certificates of companies quoted on The Nigerian Stock Exchange.
Serves as a Sub-registry for all quoted securities
It issues central securities identification numbers to shareholders; and
It is the Custodian for local and foreign instruments.
In order to effectively play this role the CSCS operates a computerized depository system.
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. To 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.
Why would you keep your money in your bank account rather than holding unto it? For safety and probably growth, I suppose.
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 keep the share certificate in your bedroom or deposit it with the CSCS for safe keeping.
How CSCS Operate
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.
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 you can buy more shares, sell what you have, or even transfer ownership to your dependent as you wish.
The CSCS was established to help strengthen the capital market and give investors a better investing experience.
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