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

1. A clearing member fails to discharge their funds obligations at the notified time. According to the NISM workbook, this failure renders the member liable for specific consequences regarding their operations. Which of the following is explicitly mentioned as a potential liability/action?

A) Mandatory liquidation of all client assets held in the pool account.
B) Automatic cancellation of the certificate of registration by SEBI.
C) Withdrawal of trading facility.
D) Suspension of the clearing bank's license.
E) Immediate transfer of the clearing member's proprietary trades to the Investor Protection Fund.

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A) Funds can be withdrawn only after obtaining a 'No Objection Certificate' from the Stock Exchange.
B) Funds can be withdrawn only in 'self-name' of the Clearing Member.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D) Funds can be withdrawn directly to the client's beneficiary bank account to facilitate faster payout.
E) Funds can be withdrawn only via physical Demand Drafts and not through electronic transfer.

3. Regarding the contributions to the Core Settlement Guarantee Fund (Core SGF), which of the following statements accurately reflects the regulatory requirements for Clearing Members (CMS) and the Clearing Corporation (CC)?

A) Stock Exchanges must contribute 50% of the MRC, while CC and CMS share the remaining 50% equally.
B) CMS must contribute at least 50% of the MRC, and this contribution is eligible for margin exposure limits.
C) CC contribution must be at least 25% of the MRC, and CM contribution is voluntary based on trading volume.
D) CC contribution shall be at least 50% of the MRC from its own funds, and CM primary contribution shall not exceed 25% of the MRC, with no exposure granted on such contribution.
E) CMS are required to contribute 100% of the MRC in the form of bank guarantees, while CC manages the fund without financial contribution.

4. According to the Securities Contracts (Regulation) Act, 1956 (SCRA), the definition of 'Securities' has been expanded to include various instruments. Which of the following specific instruments is explicitly included in this definition as per the Act?

A) Promissory Notes issued by private individuals for personal loans
B) Electronic Gold Receipts issued on the basis of deposit of underlying physical gold
C) Real Estate Sale Deeds registered under the Registration Act
D) Fixed Deposit Receipts issued by Scheduled Commercial Banks
E) Insurance Policies linked to Unit Linked Insurance Plans (ULIPs)

5. Regarding the operational obligations of a Portfolio Manager, which of the following statements regarding the maintenance of books, audit, and reporting to clients is legally accurate?

A) Audit of books is optional for non-discretionary portfolio managers.
B) Books of account must be audited yearly, and a report furnished to the client not exceeding a period of three months.
C) The portfolio manager is not required to appoint a custodian if they provide discretionary services.
D) Books of account must be audited every quarter, and reports furnished to clients every month.
E) Books of account must be preserved for 3 years, and reports furnished to clients annually.

Solutions: