Frequently asked questions (FAQ) or Questions and Answers (Q&A), are listed questions and answers, all supposed to be commonly asked in some context, pertaining to stockbroking, investment, bond e.t.c.
How can I open a stockbroking account with Sigma Securities Limited?
- You need to complete a Central Securities Clearing System Limited (CSCS) Account Opening Form. The CSCS administers the Financial Market Infrastructure (FMI) for the Nigerian Capital Market. The institution ensures the transfer of shares and other forms of securities from seller to buyer and its settlement (the payment).
- You need to fill the Sigma stock broking account opening form. This is done to obtain necessary Know Your Customer (KYC) information about the client. The form is submitted with necessary documentations, which will be advised on the form.
What is Direct Cash Settlement?
The Direct Cash Settlement Policy facilitates the immediate crediting of an investor’s bank account with the net proceeds of the stock market transaction through the Central Securities Clearing System (CSCS). In other words, when an investor offers some shares for sale, the proceeds from the sale would immediately be paid into the investors bank account directly.
FGN Savings Bond
WHAT IS FGN SAVINGS BOND?
This class of bond is issued by the federal Government of Nigeria specifically to attract retail investors (low income savers) to participate in bond trading, which generally guarantees periodic interest payments on investment as well as repayment of the principal at maturity. The FGN savings bond, will be issued before the end of the first quarter of this year, and it has a tenor of between 2-3 years, and a minimum investment size of N5,000 and maximum of N50 million.