Shares in Australia will be held as CHESS sponsored or Issuer sponsored. Those who have shares that are in an account with a stockbroker or in an online share trading account will be CHESS sponsored. This stands for Clearing House Electronic Subregister System.
Sell CHESS Sponsored / HIN Shares
This is used by the Australian Securities Exchange (ASX) to record shareholdings, and they are identified with a Holder Identification Number (HIN). Those who have CHESS shares may find that they want to sell some of those shares.
Can You Sell the Shares?
When shares are held by another stockbroker, you might not know exactly which stockbroker is the sponsor. In some cases, you might have inherited the shares. Other times, they might have been bought long ago, and you simply aren’t sure who the sponsor is.
This can often make it difficult to sell these shares, but it is not impossible. Companies that can help you sell shares online can find and use the HIN as a means to get the information that’s needed to sell the shares.
Sellers will find that the process for selling CHESS shares is not much different from Issuer shares. One of the only differences is that it tends to take longer to locate the HIN, and there are further steps that the company needs to complete. Additionally, the broker that sponsors the shares needs to release the securities before they can be sold.
A question that people often ask is just how long this process takes. The truth is that it will vary from case to case because it is impossible to determine how long the sponsors will take to respond. Most of the time, the sale of the shares can be completed within a few weeks at most.
Save Time Working with a Professional
While you might be able to track down all of the information that you need on your own, it will take time that you might not want to spend. You have plenty of other things to keep you busy and running down your HIN and shares is not often included in those plans.
It’s a good idea to consider the benefits of working with a professional to handle the issues for you. Of course, you need to be sure you are entrusting your information to a company that has the ability and experience to get these shares sold for you.
Multiple Stock Broking Account
Chess sponsored shares are those shares which you have in account of stockbroker, or you have them in online trading account. This cannot be called as a latest game of chess rather it is an acronym for clearing house electronic sub register system.
You will have a unique 10 digit number which will start with X. And it is called a HIN i.e. holder identification number. Your all the shares will be registered in this stock broking account which is connected with the HIN.
Plus, one of the merits of this is that you can have more than one stockbroking account, also there will be different brokers and you will also have one HIN for each account that you hold. And the merits are that you can buy and sell them.
There are many customers that approach the people so that their shares can be sold which are sponsored by another stock broker. And it is held in HIN. In many cases, it has been found that the customer is not aware which stockbroker is the sponsor of the shares.
And the reason for the same is that they were acquired some time ago in the past. Inherited or the assets are a part of the deceased estate. So, we can finally conclude that regarding the shares that are issuer or chess sponsored – there are two things that you should keep in mind.
Firstly, if at share registry you have your shares you will most probably have a security reference number SRN which is 7 to 10 digit that starts with the letter, ‘l’ then it can be sold.
Secondly, if your shares are chess sponsored, and that too by another stock broker, you will have a holder identification number i.e. HIN. It is a 10 digit number and it starts with the letter, ‘X’, then it can be sold.
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