VICTORY FINANCIAL SERVICES LTD is licensed by the Capital Markets and Securities Authority (CMSA) to participate as a Broker and Dealer in the daily auctions of equities and debt securities issued at the Dar es Salaam Stock Exchange. As a Broker, VICTORY FINANCIAL SERVICES LTD submits specific bids and offers and handles transactions in the market on behalf of our clients.

Shares
Stock/share/equity is a unit of capital expressing ownership of a company. There are two types of shares;

Ordinary shares which carry voting rights, are the last to get paid after all due liabilities, carry more risk and have higher potential returns, and Preferred shares which have no voting rights, get fixed dividends before ordinary shares and carry less risk. Only ordinary shares are listed and traded on the Dar es Salaam Stock Exchange.

Currently the exchange has 26 listed equities of which 19 are local companies and 7 are cross-listed companies. The Main Investment Market has 14 listed local equities and the Enterprise Growth Market has 5 local listed equities. 

How to invest in Shares 
To invest in shares one must have a Central Securities Depository (CSD) account which is opened for free at our offices by providing one’s (full names, address, telephone, occupation, copy of reputable ID and bank details). 

How to buy
Investors who already have CSD accounts can visit our offices, make a phone call or send an email expressing their interest in buying a certain shares within a specific price limit and period of time. The price choice should be within a 15% cap above or below the market’s previous day’s closing price of that shares. The investor can either make cash payments at our offices or deposit funds in our bank account and provide a paying slip as evidence of deposits. Then the investor can give an order for which security to be bought on their behalf.

Closing Price: is the quoted price of a security after closing the trading session. On the DSE, the shares  must move a volume of not less than 0.01% of the total issued and paid up capital of that stock in that particular trading day so as to calculate a new closing price, then the closing price will be the weighted average price of that trading day.

How to sell
Investors with their shares wishing to exit the investment can dispose these shares by giving an order to their broker by visiting their broker’s offices or through a letter or email, specifying the amount of shares to be disposed, price range and time period and provide original depository receipt of that security to the broker.

Charges
Every shares  transaction done on the exchange carries a commission charge of 2.06% of the value of the transaction for values less than TZS 10mln, 1.86% for values more than TZS 10mln but less than TZS 40mln and 1.16% for values more than TZS 40mln. The commission is distributed between, brokers 1.7% for values less than TZS 10mln, 1.5% for amounts more than TZS 10mln but less than TZS 40mln and 0.8% for values more than TZS 40mln respectively. The rest is a flat rate for CMSA 0.14%, DSE 0.14%, Fidelity fund 0.02% and CSDR 0.06%.

Clearing and Settlement
Clearing and settlement is conducted electronically through the Central Depository System within three working days, T+3, which means settlement takes three working days after the transaction has taken place. In case of buying, it takes three days for the equities to be deposited in the investor’s CSD account, although the Depository Receipts take about two weeks to be printed and delivered from the DSE, and one cannot sell their shares without providing the original Depository Receipt. In case of selling it takes three working days for the proceeds to be deposited in the investor’s bank account.