NISM NISM-Series-VII : 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. Which of the following data fields must match between the transfer instruction and the Clearing Corporation's obligation data for a Pay-In instruction to be considered a 'Matched Instruction' and subsequently executed? (Select all that apply)

A) Client's Bank Account Number
B) CM ID (Clearing Member ID)
C) TM ID (Trading Member ID)
D) ISIN (International Securities Identification Number)
E) UCC (Unique Client Code)

2. Regarding the 'Block Mechanism in demat account of clients undertaking sale transactions', what happens if the sale transaction is not executed or is unmatched?

A) The shares are auctioned by the Clearing Corporation to recover the blockage fees.
B) The shares remain blocked until the payout date of the next settlement cycle.
C) The Clearing Corporation uploads cancellation of Block instruction on T day, and securities are unblocked and become free in the client's demat account on T day itself.
D) The client must manually submit an unblocking request to the Depository Participant on T+1 day.
E) The shares are transferred to the Clearing Member's pool account and then returned to the client.

3. A Trading Member executes the following trades in a specific scrip on a given day:
* Buy 500 shares @ Rs. 100
* Sell 300 shares @ Rs. 105
* Buy 200 shares @ Rs. 95
What are the final Net Quantity and Net Fund obligations for the member to be settled with the Clearing Corporation?

A) Net Qty: 1000 (Receive); Net Funds: Pay Rs. 100,500
B) Net Qty: 0; Net Funds: Receive Rs. 1,500
C) Net Qty: 400 (Receive); Net Funds: Pay Rs. 37,500
D) Net Qty: 400 (Receive); Net Funds: Pay Rs. 69,000
E) Net Qty: 400 (Deliver); Net Funds: Receive Rs. 37,500

4. In the context of the settlement of running accounts for funds, specific rules apply to clients who have been inactive. If a client has a credit balance but has **not executed any transaction in the last 30 calendar days**, how must the Trading Member (TM) handle the settlement?

A) The TM must transfer the funds to the Investor Protection Fund (IPF) immediately after the 30th day.
B) The TM must return the entire credit balance on the upcoming settlement date of the monthly running account settlement cycle, irrespective of the client's preference.
C) The TM can continue to retain the funds if the client has opted for a quarterly settlement cycle.
D) The TM is required to obtain a fresh running account authorization from the client to retain the funds further.
E) The TM can adjust this credit balance against the margin obligations of other clients in the same family group.

5. When the Clearing Corporation conducts an auction for a short delivery but fails to find any sellers for the specific security, a 'Close Out' is initiated. According to the settlement process guidelines, how is the compensation value determined for the buyer in this specific scenario?

A) At the highest price prevailing across the stock exchange from the day of trading till the auction/close out day OR 20% above the official closing price on the auction day, whichever is higher.
B) At the weighted average price of the security on the trading day plus the standard deviation margin.
C) At the highest price recorded for the security during the last 52 weeks.
D) At the closing price of the security on the day of the auction plus a fixed penalty of 10%.
E) At the valuation price used for the initial valuation debit plus a 5% close-out charge.

Solutions: