Kerryn from Katherine asks: How can shares be transferred without a broker?

By Intelligent Investor · 27 Jul 2001

By Intelligent Investor ·
27 Jul 2001

This can be a paperwork nightmare so you must get it right from the start. Let's imagine the case of Mr and Mrs Rich. Mr Rich would like to transfer some shares into the name of Mrs Rich and doesn't want to be hit with a $60 broker fee. Firstly, the stock has to be issue sponsored and not broker sponsored. If the share statement has a Holder Identification Number (HIN), then it is broker sponsored and the broker has to release the stock back to the issuer (the registry). A Shareholder Reference Number (SRN) will be given once this is done.

Mr and Mrs Rich now have to contact the registry by phone or web site for an 'off market transfer' form and provide their details. Thankfully, they have no more worries about stamp duty and the signed form can be sent to the registry. This is where strange things can happen. The process should only take one to two weeks but it is by no means uncommon to take up to a month. Perhaps a little mean, but registries have been known for their waste paper basket capabilities in the past. Good luck.

IMPORTANT: Intelligent Investor is published by InvestSMART Financial Services Pty Limited AFSL 226435 (Licensee). Information is general financial product advice. You should consider your own personal objectives, financial situation and needs before making any investment decision and review the Product Disclosure Statement. InvestSMART Funds Management Limited (RE) is the responsible entity of various managed investment schemes and is a related party of the Licensee. The RE may own, buy or sell the shares suggested in this article simultaneous with, or following the release of this article. Any such transaction could affect the price of the share. All indications of performance returns are historical and cannot be relied upon as an indicator for future performance.

Kerryn from Katherine asks: How can shares be transferred without a broker?

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