How to

I want to sell some shares (haven't done so ever) and my online broker is CommSec.

Just want to make sure that i'm doing the right thing.

If a put in an At Limit Sell Order...say $1.50, does this mean that it will only sell once someone is willing to pay $1.50 or more, nothing less.

Also Commsec asks me for an SRN (if applicable)....do I need to fill this on....if you are with Commsec....aren't you on HIN....which I am.

Also, I only bought the shares a couple of days ago....do I need to provide any sort of record within Commsec to identify that i've actually owned the shares....or it will automatically know as it's tied to my account.

Also, just out of curiousity....what happens if I entered a quantity by mistake and processed the order....but i actually don't have enough shares to sell. Will it automatically know....?

 

Hi ArchAngelSupreme,

The At Limit will only do the trade once the market hits your price. Correct, it'll also sell them at higher

If you have completed a Broker Sponsorship Agreement form you should have a Holder Identification Number (HIN) with that broker.

If you bought the stock a couple of days ago it probably hasn't settled yet (we have T+3 settlement in Australian, buy on Monday, receive the stock on Thursday). Hence why it is probably asking you for an Securityholder Reference Number (SRN) as there is no stock registered in your HIN.

They should be able to figure it out as there should be a filled buy order but not settled contract note on your account.

Before the boffins at ComSec let people loose they put parameters around what you can and can't do. Obviously, if you are buying they expect you to pay for what you buy, if you are selling they expect you to deliver the stock by settlement day (10:30am but seriously don't leave it to this late as some smaller obscure share registries only connect once a day to CHESS and it freaks out the settlements people!).

Remember you have signed a contract and if you screw up it could cost you $$$

Cheers,

Dan

 

So if that's the case, I should also provide an SRN number (was this also created when they created by HIN?).

 

Hi,

If you are confused about what your should put in, you should give commsec a call over the phone and ask them. They can look at your account, and confirm what you are doing is correct. I did this a couple of times when I was starting, and I found them quite helpful.

You could even place the order over the phone, but you would have to more more in brokage.

 

Hi ArchAngelSupreme,

If you have bought the stock through ComSec and you already have a HIN with them the stock should settle on that HIN.

You would probably use an SRN if you were allocated stock through a float (TLS, NHF, BNB, AMP, IAG, etc...) or received it as an inheritance...

Cheers,

Dan