For those who intend to enter the stock market; It is not possible to buy and sell shares directly; Therefore, this process should be done through financial institutions called brokerage. Therefore, the first step for every investor after registering in the Sejam system and receiving a stock exchange code is to choose a suitable and reliable brokerage as a supervising broker. In fact, the supervisory broker is in charge of communicating between the investor and other agents of the capital market. After buying shares, all information and details related to it are provided to the supervising broker. Today, due to the complexity of the mechanisms of financial markets, the existence of brokerages has become more important than ever. Sometimes the investor decides to change his supervising broker for reasons such as poor service provision, low speed of transactions, high fees, etc. In this article, we try to introduce you to the steps of changing the monitoring agent.

Who is the supervising broker?

As we said, people who intend to enter the stock market cannot buy and sell their desired shares directly. To carry out this process, they must choose a reputable brokerage to act as an intermediary between them and other stock market agents. There is no limit on the number of selected brokers for each person; This means that each person can have an account in several brokerages at the same time and carry out their transactions through them.

An important thing to mention in relation to brokerages is that if you intend to buy a share, you can register your purchase order through any of the brokerages where you have an account; But according to the new rules of the Securities and Exchange Organization as well as the Central Depository and Funds Settlement Organization, it is possible to sell shares of a company only through the supervising broker.

In fact, the supervising broker is the same broker through which the investor buys the desired share

He buys himself from the market.

What services do brokers offer?

Those who intend to change the monitoring broker should be familiar with all the services provided by the new broker and then change the broker.

A good brokerage should:

• To provide investors with the possibility of trading shares, pre-emptive rights and all securities available on the stock exchange and over the counter.
• To provide the necessary conditions for trading all types of debt securities such as partnership bonds, rental bonds, etc.
• Provide necessary services for trading in commodity exchange, energy exchange, etc.
• Advise your clients for investment and provide them with the necessary analytical information.
• To carry out activities related to marketing.
• Provide a high-speed and error-free trading panel to its customers.
• Provide all kinds of facilities and trading credits to its customers.

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Reasons for changing the supervising broker

Today, with the entry of new people into the capital market, the number of shareholders has increased, and this has caused disruptions in providing brokerage services to customers. So that sometimes these disruptions lead to heavy financial losses for shareholders and forced them to change their brokerage. Of course, the slow speed of order registration and transactions is not the only reason for changing the brokerage. One of the most important reasons for changing brokerage is paying taxes. Many brokerages have encouraged investors to switch brokerages by providing tax discounts. For example, in some agencies, you can benefit from a 25% tax discount by working in a club or participating in competitions. Other reasons for changing brokers include poor support, lack of trading credit services, trading software with a poor user interface, etc.

How to identify the supervising broker in each symbol?

In the former trading system, investors could sell their purchased shares through any broker; But after the launch of the new trading system and the approval of the law of the same buyer and seller broker, shareholders can sell shares only through the broker supervising the trading symbol of their choice. Therefore, it is very important to know the monitoring broker for trading symbols. You can use the following methods to identify the monitoring broker of each symbol:

• Using the Asset Status of Shareholders System  (IPS)

In this system, you can see the latest amount of your stock and tradable assets. Also, all the information related to the supervising broker of each of your trading symbols can be seen.

• Refer to the deposit portfolio of the trading system

By referring to the deposit portfolio of the trading system, you can see all the information related to the supervising broker of the trading symbol in question. If your deposit becomes zero in that symbol; This means that your supervising broker is another broker.

• Obtaining the transfer certificate and matching it with the stock deposit

You can get the transfer certificate by visiting the capital market beneficiary portal and compare the buyer and seller broker codes in this certificate with the broker codes identification table in order to know your supervising broker in each symbol. To view the mentioned table, you can refer to the website of the Central Depository and Fund Settlement Company.

Note: According to the latest announcement published by the Securities and Exchange Organization, if the code in the latest certificate is equal to 666, 777, 888, 999 or 11 before 09/16/1378, the third method cannot be used. .

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How to change the monitoring agent

As we mentioned, an investor can request to change his monitoring broker for various reasons. For this purpose, he must first specify his expectations from the supervising broker and based on that, choose a broker that has the ability to provide the services he wants. After registering with a new brokerage, you need to transfer your assets. In the following, we introduce the steps to change the brokerage:

1. Choosing the right brokerage

The most important step to change the monitoring broker is to choose a suitable new broker; Because if the new broker is not able to provide the desired services to the trader, it will cause him to feel dissatisfied. Therefore, first specify all the conditions and services you need, then choose a broker that has the ability to provide the conditions and services you want.

2. Registration in a new brokerage

Registration in brokerages is done both in-person and offline depending on the type of their services.

In the face-to-face method, a person must go to one of the brokerage branches with identification documents and after completing the relevant forms and authentication by the broker, within 24 hours, he will receive his username and password.

In the offline method, after registering his information on the brokerage site, he must go to one of the counter offices of the contracting party to sign the contract. After going through this process, the username and password will be issued to the person for a maximum of one week.

In both face-to-face and non-face-to-face methods, if registration and authentication have been done in the Sejam system, there is no need to re-register. Otherwise, he should do this process by going to counter offices or with the help of mobile phone software.

3. Asset transfer and change of supervising broker

The last step in changing the supervising broker is the asset transfer. There are two ways to do this:

• Empty user account

Emptying the user account is a traditional method that is not recommended. In this method, the investor sells all his stock assets in the first brokerage and after registering the request for payment, he receives his assets in cash after 48 hours. Then by charging his user account in the new brokerage, he can purchase new shares.

Note that selling assets in the first brokerage and buying shares in the new brokerage makes the investor pay a heavy fee. In addition, it is possible that the share price changes between the time when it is sold in the first brokerage and bought again through the new brokerage; increase, which will cause the loss of the investor. As a result, this method is not considered by investors due to high risk.

Reasons for not approving the request to change the supervising broker

After registering the request to change the supervisor broker, you can refer to the supervisor change report section and track the status of your request. This request may fail for one of the following reasons:

• Not owning the desired symbol

This message will be displayed to you when the Central Depository Company sends a message that there are no assets in the desired stock for your stock code. The reason for this message can be one of the following reasons:

• You have sold your shares in another brokerage. To see the circulation of your shares, you can refer to the online system of the status of shareholders’ assets.
• Your assets have been assigned to your inactive stock code. After confirming the stock exchange code registered in the integrated portal of capital market stakeholders, you should apply for code consolidation if necessary.

• The share is frozen

If you buy shares on credit, the supervising broker can freeze your shares; This means that the customer can sell his shares only through this broker and it is not possible to change the monitoring broker for these frozen shares.

• Customer indebtedness

If for any reason you owe money to the supervisory agency; The Central Depository and Funds Settlement Company does not allow you to change the supervising broker.

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The status of assets and how they are traded after changing the supervising broker

After registering in the new brokerage, you can buy through both brokerages at the same time, but note that the sale of purchased shares is only possible through the supervising brokerage; It means the broker through which you bought the shares. If you plan to sell the shares you bought through the previous brokerage, through the new brokerage; You must go through the process of changing the supervisor. For this purpose, you can enter the name of the symbol through the option of changing the supervising broker in the user account of the new brokerage, and by uploading the desired stock certificate, you can receive the necessary approval for the sale of said shares through the new brokerage. A photo of this article is also possible; That is, through this mechanism, you can sell the shares you bought through the new brokerage through the previous brokerage.

Using multiple brokers allows you to benefit from the benefits of each broker at the same time. For example, use a brokerage to buy initial offers and do your futures and other transactions through another brokerage. If necessary, you can use the option to change the supervising broker to manage your property.

Frequently Asked Questions

• Who is the supervising broker?

Supervising broker is the brokerage through which the investor buys the desired shares from the market and the sale of these shares is possible only through this brokerage.

• When do we need to change the monitoring broker?

Suppose you bought the shares of a company through a brokerage (and even sold it), but after some time you registered with a new brokerage and you buy the said shares again. In this case, because your supervising broker in this symbol is the first broker by which this symbol was purchased, the purchased shares will be displayed in the portfolio of the first broker and its sale is possible only through the first broker. If you intend to sell it through a new brokerage, you must change your supervising broker.

Conclusion

Everyone who enters the capital market needs a supervising broker to conduct their transactions. Choosing a reliable and strong brokerage plays a significant role in your transactions. Today, due to the increase in the number of shareholders, some brokers had problems in providing their services, which forced many shareholders to change their supervising broker. On the other hand, creating good conditions and providing strong services of some brokerages encourages shareholders to change their brokerage. Try to choose a broker that has the ability to provide all the services you want, but if you are not satisfied with your supervising broker for any reason, you can use the process of changing the supervising broker, which we have introduced to you in this article.