NISM NISM-Series-VII Exam Questions : 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. In the context of handling settlements during holidays, specific provisions are made regarding the utilization of assets received from a prior settlement. How is the pay-out from the first settlement treated in relation to subsequent obligations?

A) It is returned to the Clearing Corporation to cover potential shortfalls in the subsequent settlement's auction.
B) It is locked in the member's pool account for 24 hours to prevent misuse.
C) It is automatically converted into liquid assets and pledged to the Core Settlement Guarantee Fund.
D) It must be transferred to the client's beneficiary account immediately and cannot be used for subsequent proprietary obligations.
E) The cash or securities pay out from the first settlement shall be made available to the member for meeting his pay-in obligations for the subsequent settlement(s).

2. To safeguard client funds during the running account settlement process, SEBI has stipulated specific banking procedures. Which of the following statements correctly describes the requirement regarding the 'Up Streaming Client Nodal Bank Account' (USCNBA) during settlement?

A) The USCNBA is used only for receiving funds from the Exchange, while client receipts are deposited in the Settlement Account.
B) Funds can be moved to the broker's proprietary account temporarily to facilitate faster settlement payouts.
C) USCNBA funds must be transferred to the Clearing Corporation's settlement account before being paid out to clients.
D) Funds in the USCNBA can be used for inter-client adjustments if the clients have provided specific consent in the KYC form.
E) Trading Members must ensure that funds received from clients whose running account has been settled remain in the USCNBA and are not used to settle other clients.

3. In the event of holidays affecting the settlement schedule, Clearing Corporations (CCs) follow specific guidelines to ensure smooth settlement. Which of the following statements accurately describes the procedure for sequential settlement and inter-depository transfers?

A) Depositories must facilitate inter-depository transfers within one hour and before the pay-in for the subsequent settlement begins.
B) CCs prioritize the settlement with the highest value regardless of the chronological order of trade dates.
C) CCs club multiple settlements into a single netted obligation to avoid sequential processing delays.
D) The pay-out from the first settlement is blocked for 24 hours and cannot be used for the subsequent settlement's pay-in.
E) Settlements are postponed to the next working week to ensure all banks are operational.

4. Which of the following statements accurately reflect the nature and regulation of 'Research Reports' provided by stock brokers? (Select all that apply)

A) Brokers are exempt from SEBI regulations when providing research reports if they are also registered as Merchant Bankers.
B) Research advice and recommendations can be delivered online or via SMS.
C) Sector reports focus solely on the financial statements of a single company without considering industry policies.
D) Research reports normally educate investors about industry trends and which company scrips to buy, sell, or hold.
E) Brokerage houses must comply with SEBI (Research Analysts) Regulation, 2014.

5. Regarding the execution of transfer instructions, under what condition is a Depository Participant (DP) permitted to register the transfer of securities from a beneficial owner's account?

A) Whenever the account balance falls below the minimum required balance
B) Upon implied consent derived from the client's trading pattern
C) Immediately upon receipt of a market rumour regarding the security
D) Based on a standing instruction from the Stock Exchange for all accounts
E) Only on receipt of instructions from the beneficial owner and thereafter confirming the same to the beneficial owner

Solutions: