Occasionally, those who participate in an offer for units in an Intelligent Investor fund will have their units allotted to an SRN instead of a brokerage account (HIN). Whilst it may be an annoyance not to have the units allocated directly into a brokerage account, it is done for the safety and security of your units. It’s quite a simple process to transfer them into a brokerage account, and the team is here to help you.
Some Key Terms:
What is an SRN?
What is an SRN?
A Securityholder Reference Number (SRN) is used to identify the owner of shares held by a share registry. You can find your SRN on the holding statement issued by the share registry.
What is a HIN?
What is a HIN?
A Holder Identification Number (HIN) is a unique identifier that links a shareholder to their shares on the Australian Securities Exchange (ASX). Issued by a broker when you purchase shares, your HIN is used to track your holdings within the electronic CHESS system. You can find your HIN on statements from your broker.
Why have my units been issued under an SRN?
Why have my units been issued under an SRN?
Units are issued under an SRN for the safety of your units for two main reasons:
You did not provide a HIN, or you provided incorrect information relating to your HIN on the application form. For units to be allotted to your HIN, the name and address provided must match the details of your brokerage account.
You did provide a HIN but have no prior holdings with Intelligent Investor funds to cross reference this HIN. This takes place because the share registry can only check that a HIN is active, not the ownership of the HIN. Therefore, there is a risk that a client makes a typo with their HIN and the incorrect HIN is an active HIN belonging to someone else. This would result in the units being allocated to the wrong party. Therefore, the units are safely allocated to an SRN and you can then move these units safely to your brokerage account.
How do I move my units to a brokerage account?
How do I move my units to a brokerage account?
To move SRN issued units to your brokerage account login to your brokerage account and look for a section where you can transfer issuer sponsored units. Most brokerage accounts will guide you with simple, step-by-step instructions. One of these instructions will be to ensure your details match exactly. If they do not, the transfer will not take place and you will need to update your details on the share registry before transferring the units.
Can I sell my units directly through the share registry?
Can I sell my units directly through the share registry?
No, unfortunately share registries cannot trade in listed units for any unit trusts. To transact you will need to move your units to a brokerage account.
How do I update my investor details if name and/or address is incorrect?
How do I update my investor details if name and/or address is incorrect?
To transfer your units to a brokerage account you need to ensure the name and address on the share registry matches your brokerage account. It’s common for investors to have to update one or the other.
Updating your address
Updating your address
You can update your address when logged into the share registry (see how to access the share registry). When logged in, simply go to communications and then address details. Here you will be able to update your address.
Updating your name
Updating your name
If you need to update your name (e.g. adding a middle name or correcting an SMSF name where the entity name does not change) you will need to complete the Link Market Services name correction form.
If you are amending the entity name, for example changing the trustee name or adding a trustee name to an SMSF you will need to complete an off-market transfer form. Please note, this does not action an actual transfer or change of ownership.
If you have any questions on how to complete these forms please contact the team via invest@investsmart.com.au.