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HIN for IPO


JB75

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Hi

I am in the process of applying for  IPO shares. The IPO recognises the CHESS model but requires an HIN to apply successfully.  That is, in the application under "Your CHESS HIN" it asks for a HIN.  I understand from other threads that IG have advised that IG doesn't give out HINs and to use my account reference instead. I tried this but this brings up an error message stating that a 10 digit HIN number is required.

Can you please provide advice on how to obtain a CHESS HIN or what to do instead?

Note: the IPO prospectus has advised consequence of the HIN being incorrect is that the shares will be offered outside of IG (as non-CHESS shares) and I would end up with bits and pieces of my investments all over the place. I am keen to keep everything together on my IG account if at all possible. 

Thanks

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34 minutes ago, JB75 said:

Hi

I am in the process of applying for  IPO shares. The IPO recognises the CHESS model but requires an HIN to apply successfully.  That is, in the application under "Your CHESS HIN" it asks for a HIN.  I understand from other threads that IG have advised that IG doesn't give out HINs and to use my account reference instead. I tried this but this brings up an error message stating that a 10 digit HIN number is required.

Can you please provide advice on how to obtain a CHESS HIN or what to do instead?

Note: the IPO prospectus has advised consequence of the HIN being incorrect is that the shares will be offered outside of IG (as non-CHESS shares) and I would end up with bits and pieces of my investments all over the place. I am keen to keep everything together on my IG account if at all possible. 

Thanks

Hi @JB75

Thanks for reaching out.

The corporate actions team have advised me that if, on a form, you're asked for a HIN number instead but your IG account number. 

As IG operates a domestic custody model, HINs are not required. Your stock is identified by your account number. The only information required to transfer stock via another broker is your account number, the name of the stock, the quantity to be transferred and our PID (20018).

For more information on custodian model please visit the links below
https://www.ig.com/au/glossary-trading-terms/custodian-definition

 

All the best - MongiIG

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21 minutes ago, MongiIG said:

Hi @JB75

Thanks for reaching out.

The corporate actions team have advised me that if, on a form, you're asked for a HIN number instead but your IG account number. 

As IG operates a domestic custody model, HINs are not required. Your stock is identified by your account number. The only information required to transfer stock via another broker is your account number, the name of the stock, the quantity to be transferred and our PID (20018).

For more information on custodian model please visit the links below
https://www.ig.com/au/glossary-trading-terms/custodian-definition

 

All the best - MongiIG

Hi

Thank you for your response. Unfortunately the HIN is required to apply and Bpay online. I did mention that I tried my IG account number in the online form and it is not accepted.

There is a manual option (filling out a paper form, and writing a cheque since direct debits are not accepted). Unfortunately if I take this rather convoluted approach, if they do not accept my account number in place of the HIN I will receive the shares outside of my IG account and then the messy business of keeping track of shares not on IG.

Even if this manual approach is successful, it means going to a lot of trouble (particularly physically going to get a bank cheque) and making sure it is all processed by the IPO close date (6 working days from now). It seems to me if this is the only way to do it with IG that I'm left with two choices: Don't participate in any IPOs now or in the future or do so on a non-IG platform.

Truly,  is the only way for me to get a HIN to open a ComSec account (or equivalent)? I would think IG would prefer the business.

Thanks

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Actually I think I found the answer. Can someone confirm this is correct? (I think the IG language is confusing on this issue.) 

I think the answer is...

1) while IG registers our shares in CHESS

2) our shares are not CHESS sponsored (in the custodian model)

3) therefore don't have a CHESS HIN

4) therefore the place in the online form which asks for the CHESS HIN should be left blank and 

5) the account number needs to go in another place in the online form

This just leaves the question of how the IPO processing will know my A/C number is an IG number. Do I need to include the PID number then (sort of like a BSB)? What happens there?

Thanks

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1 hour ago, JB75 said:

Hi

Thank you for your response. Unfortunately the HIN is required to apply and Bpay online. I did mention that I tried my IG account number in the online form and it is not accepted.

There is a manual option (filling out a paper form, and writing a cheque since direct debits are not accepted). Unfortunately if I take this rather convoluted approach, if they do not accept my account number in place of the HIN I will receive the shares outside of my IG account and then the messy business of keeping track of shares not on IG.

Even if this manual approach is successful, it means going to a lot of trouble (particularly physically going to get a bank cheque) and making sure it is all processed by the IPO close date (6 working days from now). It seems to me if this is the only way to do it with IG that I'm left with two choices: Don't participate in any IPOs now or in the future or do so on a non-IG platform.

Truly,  is the only way for me to get a HIN to open a ComSec account (or equivalent)? I would think IG would prefer the business.

Thanks

 

55 minutes ago, JB75 said:

Actually I think I found the answer. Can someone confirm this is correct? (I think the IG language is confusing on this issue.) 

I think the answer is...

1) while IG registers our shares in CHESS

2) our shares are not CHESS sponsored (in the custodian model)

3) therefore don't have a CHESS HIN

4) therefore the place in the online form which asks for the CHESS HIN should be left blank and 

5) the account number needs to go in another place in the online form

This just leaves the question of how the IPO processing will know my A/C number is an IG number. Do I need to include the PID number then (sort of like a BSB)? What happens there?

Thanks

Hi @JB75

Thanks for reaching out.

The corporate actions team have advised me that you apply these shares directly with the registry and then do an SRN (Securities Reference Number) transfer to IG.

 

All the best - MongiIG

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9 hours ago, MongiIG said:

 

Hi @JB75

Thanks for reaching out.

The corporate actions team have advised me that you apply these shares directly with the registry and then do an SRN (Securities Reference Number) transfer to IG.

 

All the best - MongiIG

Thanks for the information.  How do I do a SRN transfer to IG? Is there a guide anywhere?

Thanks

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