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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. In the event of a failure by a selling broker to deliver securities in the normal T+1 rolling settlement, the Clearing Corporation initiates a
'Close Out' procedure if the auction fails or is not applicable. Consider a scenario where a trade was executed on Monday (T) at Rs. 500.
The auction was scheduled for Tuesday (T+1 ) but no shares were offered. The highest price prevailing across the Exchange from Monday to Tuesday was Rs. 540. The official closing price on Tuesday (Close-out day) was Rs. 550. At what price will the transaction be closed out?

A) Rs. 550 (Official closing price on Close-out day)
B) Rs. 600 (Highest price + 20% penalty)
C) Rs. 648 (20% above the highest prevailing price)
D) Rs. 660 (20% above the official closing price on the close out day)
E) Rs. 540 (Highest price from T to Close-out day)

2. Clearing Members are required to open specific demat accounts known as 'Clearing Member Settlement Pool Accounts' with depositories. Which of the following statements is legally and operationally ** TRUE** regarding these accounts?

A) Credits to this account are not permitted; it is used solely for delivering securities to the Clearing Corporation.
B) Clients are prohibited from transferring shares directly into the member's pool account; all transfers must route through the Exchange.
C) The clearing member acquires full beneficiary ownership rights over the securities transferred into this account.
D) These accounts are strictly used for holding the member's long-term proprietary investments to separate them from client assets.
E) The clearing member does not get any ownership or beneficiary rights over the shares held in these accounts.

3. In the context of the 'Trade to trade' or 'Gross obligations' method for determining settlement obligations, how are a member's funds obligations calculated?

A) Funds pay-in is equivalent to the cumulative value of buy transactions, and funds pay-out is equivalent to the cumulative sell value.
B) Funds obligations are determined solely based on the netted quantity of securities delivered.
C) Funds pay-in is the net of cumulative buy and sell values, while funds pay-out is zero.
D) Funds pay-in and pay-out are both calculated on a netted basis across all clients.
E) Funds pay-in is the cumulative buy value minus 20% margin, and pay-out is the cumulative sell value.

4. In the process of disbursing compensation from the Investor Protection Fund (IPF) in case of a defaulter Trading Member (TM), which body is responsible for the 'sanction and ratification' of claims before they are sent to the IPF Trust?

A) The Disciplinary Action Committee (DAC)
B) The Governing Board of the Exchange
C) The Defaulters' Committee
D) The Investor Grievance Redressal Committee (IGRC)
E) The Member Committee (MC)

5. SEBI has introduced the mechanism of Net Settlement of cash segment and F&O segment upon expiry of stock derivatives. Which of the following scenarios specifically qualifies for this benefit of netting (merged settlements)?

A) An institutional investor trading through a Custodian in Cash and a Professional Clearing Member in F&O.
B) An investor whose Trading Member clears trades in F&O segment and cash segment through the same Clearing Member (CM).
C) All institutional investors including Foreign Portfolio Investors (FPIs).
D) An investor trading through different Trading Members who use different Clearing Members.
E) Portfolio Managers (PMS) who are mandatorily directed to enter into delivery backed transactions.

Solutions: