FAQs

1- What are the types of orders?

*Limit Order: A Limit Order is the order in which the buying price or selling price for a certain quantity of particular security is specified.

*Market order: Market Order is an order to buy or sell a certain quantity of particular security at the best price or prices prevailing in the market at that point of time. Categories of Market Order

*Full Fill or Kill (FOK): A FOK order is the order that will match for a trade at the Market Price only if the total quantity is available.

*Partial Fill Rest Kill (PFRK): A PFRK order is the order that will match for a trade at the Market Price for the quantity available in the market. The balance quantity, if any, will be deleted from the system.

*Partial Fill Rest Convert (PFRC): A PFRC order is the order that will match for a trade at the market price for the quantity available in the market. The balance quantity, if any, will be converted to a Limit Order at the last traded price.

2- What are the trading fees?

Volume (MRF)

Broker (Max fee)

MSE

CMDA

TOTAL

< 50,000

1.50%

0.475%

0.025%

2%

50,000 - 100,000

1%

0.475%

0.025%

1.50%

>100,000

0.50%

0.475%

0.025%

1%

     

 

3- What is Securities Account Opening?

Opening a Securities Account in MSD is the first step you take to trade shares in the secondary market. Thus all investors must open an account with the MSD to buy and sell securities through the Maldives Stock Exchange. MSD account can be opened through the Dealing Companies.

The deposited securities held in the Securities Account are held by MSD in trust for the Account holders.

There are main three types of account opened at MSD:

1. Investor account (Individual / Company): An account opened for an investor to deposit the shares and hold the shares in trust.

2. Broker account: A broker or dealer's representative account is opened for the all the licensed active brokers.

3. Dealing company account: An account opened for the licensed dealing companies.

4- What are the Criteria to open an account in MSD?

To open a securities account, the applicant must be present at the MSD or at a Dealing Company to sign the Specimen Signature Card. Once the securities account is opened, trading can be processed.

5- What are the documents required while opening an Account?

1- Individual Account: To open an individual account, Securities Account Opening Form 01 (Individual) should be completed and submitted to the Dealing company or MSD with the following documents:

* Original and a copy of National Identity Card.
 
*Bank Deposit Slip or any other document from Bank (which gives investors Bank Account Number and Bank Name)

*In case of a minor the National Identity Card or the original birth certificate (if it has got the NIC number on it) and the National Identity Card of the parent who will be authorized to operate the account.

2- Corporate Account: To open a corporate account, Securities Account Opening Form 02 (Company) should be completed and submitted to the Dealing company or MSD with the following documents:

* The original certificate of incorporation

* Copy of the memorandum and articles of association

* The Board resolution nominating signatories to operate the account on behalf of the company and authorizing the opening of the account with MSD.

* Original National Identity Card of authorized signatories.

6- What is the Account Opening Procedure?

* Obtain the relevant account opening form (Form 01- Individuals / Form 02- Company) and fully understand the requirements.

* Understand the MSD rules which provide details of operating the securities account.

* Duly complete the account opening form & submit to the Dealing Company or MSD with the required documents.

* The account confirmation slip with the MSD account number assigned will be issued to the applicant once the account is opened

* The MSD account number is important and will be required when ever you request for any service from MSD

7-What is the Payment and Settlement Procedure?

* The payment should be settled on T+3 days.

* Payment should be either collected by or deposited into the bank account. And for any reason if the client sends somebody else on behalf of him/herself to collect the payment a letter of representation will be required.

8-What is a Public Offering?

*The following link is an FAQ for the investors on investing through a public Ofering. This link will guide you to the FAQ uploaded on the CMDA website.

http://www.cmda.gov.mv/news/faq:-investing-through-a-public-offering

 

9-What is the Complaint Handling Procedure?

If you have a complaint against a market participant, you should lodge a complaint in Aariya Securities

Customers may file a complaint by the following methods:

·         If by e-mail, send to: info@aariyasecurities.com.mv

 

Please note that in order to ensure that your complaint is flagged and given the required attention, we kindly ask you to state "COMPLAINT" in the subject header field of the email.

 

  • If by Letter, address to:

    Aariya Securities Pvt ltd,
    3rd floor STO Trade Center ,

Orchid Magu,

Male’

Maldives.

  • If by Fax send to: Aariya Securities Pvt Ltd on +960 334 4806

  • By Calling Aariya Securities Pvt Ltd on +960 331 5051

Please note that this method is discouraged as in most cases we will need specific details in order to investigate your complaint. Whilst you can lodge your complaint via phone, we will need you to provide follow-up details by one of the methods described above.


 

 
 
Relocation Announcement
MTDC earns Rf75,038 as Q3 clear profit
Applications open to provide Sharia-compliant securities
BML changes policy on issuing Cheque books
Dhiraagu shares ready for trading
MTCC faced a loss of 5.5 million MRF
Dhiraagu started to accept IPO applications
 
Aariya Securities Pvt Ltd is a member of the Maldives Stock Exchange.
Copyright 2009. Allrights reserved.