NISM NISM-Series-VII Exam : NISM Series VII - Securities Operations and Risk Management Certification

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NISM NISM-Series-VII Exam Syllabus Topics:

NISM Series VII - Securities Operations and Risk Management Certification Sample Questions:

1. A Clearing Member (CM) maintains a designated clearing account with a Clearing Bank. While the CM is permitted to deposit funds into this account in any form, which of the following specific restrictions is imposed on the withdrawal of funds from this account to ensure regulatory compliance?

A) Funds can be withdrawn directly to the client's beneficiary bank account to facilitate faster payout.
B) Funds can be withdrawn only in 'self-name' of the Clearing Member.
C) Funds can be withdrawn only after obtaining a 'No Objection Certificate' from the Stock Exchange.
D) Withdrawals are restricted to 50% of the account balance on any given trading day.
E) Funds can be withdrawn only via physical Demand Drafts and not through electronic transfer.

2. In the context of the settlement of securities for sale transactions, specifically regarding the 'Demat Debit and Pledge Instruction' (DDPI), which of the following statements accurately defines the scope of authorization given by the client to the stock broker?

A) It allows the broker to pledge the client's securities with a Non-Banking Financial Company (NBFC) to raise working capital for the brokerage firm.
B) It is a mandatory requirement for opening a demat account and cannot be revoked by the client under any circumstances.
C) It explicitly authorizes the broker to access the client's beneficial owner account for the limited purpose of transferring securities to the broker's pool account to meet pay-in obligations.
D) It authorizes the broker to transfer securities for off-market trades between unrelated parties to settle personal debts of the client.
E) It grants full power of attorney to the broker to buy and sell securities without specific trade instructions from the client.

3. In the context of risk management for the T+0 settlement cycle, how are securities shortages handled if a selling member fails to deliver shares?

A) By imposing a standard valuation debit of 20% above the closing price.
B) By conducting an auction session on T+0 day at 2:30 PM.
C) Security shortages are directly closed out at 10% above the highest price of the day across all exchanges for the T+0 market.
D) By conducting an auction session on T+1 day along with the regular market auction.
E) The trade is annulled, and the buyer is refunded the transaction amount without penalty.

4. Which of the following statements accurately describe the settlement mechanisms and schedules in the Indian Securities Market?
(Select all that apply)

A) The final settlement of Currency Derivatives occurs on a T+1 basis.
B) Equity Cash market trades executed on T day are settled on T+1 day.
C) Funds pay-in for the T+1 settlement cycle in the Cash Market must occur by 11 AM on T+1 day.
D) Exchange-traded equity derivatives contracts on Indices are cash-settled.
E) In Cash Settlement of derivatives, counterparties exchange the underlying physical asset upon expiry.

5. Under what specific circumstance is a broker or client strictly **prohibited** from unblocking securities that have been blocked in favour of the Clearing Corporation?

A) If the Early Pay-In (EPI) benefit has already been provided by the Clearing Corporation to the client for those securities.
B) If the Trading Member has not yet transferred the securities to the Clearing Member's pool account.
C) If the market price of the security increases by more than 5% during the trading day.
D) If the client has an outstanding margin obligation in the derivatives segment.
E) If the block was created using a physical Delivery Instruction Slip (DIS) instead of eDlS.

Solutions: