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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. Which of the following statements correctly describe the clearing and netting processes involving brokers and the Clearing Corporation?
(Select all that apply)

A) Every day, the Clearing Corporation sends the clearing member a list of all trading transactions made by him and his clients.
B) The final pay-in/pay-out of securities and funds is carried out through clearing banks and depository participants.
C) The Clearing Corporation performs multilateral netting to determine the net settlement obligations of members.
D) Netting at the Clearing Corporation level is done on a bilateral basis between buying and selling brokers.
E) Stock brokers are permitted to net client accounts within their firm at the end of the day.

2. Under the framework for 'Upstreaming of clients' funds', how should a Trading Member (TM) handle the funds received from clients whose running accounts have been settled?

A) The funds can be used for the TM's operational expenses provided they are replaced within 24 hours.
B) The funds can be used to settle the running accounts of other clients to ensure liquidity.
C) The funds must remain in the 'Up Streaming Client Nodal Bank Account' and cannot be used for settlement of running accounts of other clients.
D) The funds should be invested in equity mutual funds to generate returns for the client.
E) The funds must be immediately transferred to the TM's proprietary account.

3. While most delivery shortages in compulsory rolling settlements are handled via auction, certain cases result in a direct close-out. For which of the following scenarios is the auction mechanism NOT conducted, and the trade is directly closed out?

A) Shortages caused by a technical glitch in the broker's back-office software.
B) Shortages arising from institutional trades where the custodian has rejected the trade.
C) Shortages in securities that are under 'Trade for Trade' category or currently under corporate action.
D) Shortages in A-Group liquid securities with high trading volume.
E) Shortages where the quantity is less than 500 shares.

4. Regarding Indian Depository Receipts (IDRs) and the regulatory framework for their conversion or redemption into underlying equity shares, which of the following statements accurately reflects the permissible conditions?

A) Investors can request redemption into underlying shares at any time, but the underlying shares must be held by a domestic custodian registered with SEBI.
B) The headroom for conversion is calculated based on the total paid-up capital of the issuing company rather than the specific number of IDRs issued.
C) Two-way fungibility is strictly prohibited; investors can only convert underlying shares into IDRs but cannot redeem IDRs into shares.
D) Redemption is permitted immediately upon listing, provided the fungibility is restricted to one-way conversion from IDRs to shares only.
E) Redemption is permitted after 1 year from the date of listing, subject to available headroom calculated as originally issued IDRs minus outstanding IDRs adjusted for redemptions.

5. In the context of Market Participants, which of the following statements accurately characterizes the regulatory status and operational scope of a 'Custodian' in the securities market?

A) Custodians are registered as Trading Members but outsource clearing to PCMs.
B) Custodians are exempt from registration with SEBI if they are registered banks.
C) Custodians are Clearing Members (like PCMs) but do not possess trading rights.
D) Custodians automatically act as the counterparty for all institutional trades.
E) Custodians are primarily responsible for executing trades on the exchange floor.

Solutions: