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. In the process of Broker Netting with the Clearing Corporation, what is the sequence of events regarding the determination of obligations?

A) Multilateral netting -> List of transactions sent to member -> Pay-in/Pay-out confirmation.
B) Bilateral netting between brokers -> Confirmation to CC -> Settlement.
C) Gross settlement determination Netting within firm Multilateral netting.
D) Pay-in of funds Multilateral netting -> Pay-out of securities.
E) List of transactions sent to member -> Multilateral netting -> Members informed of amount/securities to receive/pay.

2. To provide depository services to investors, a stock broker or trading member must register as a Depository Participant (DP). Under which specific legislative framework is this registration mandated and governed?

A) The SEBI Act, 1992 and the Depositories Act, 1996
B) The Companies Act, 2013 and the Banking Regulation Act, 1949
C) The Information Technology Act, 2000 and the Indian Contract Act, 1872
D) The Securities Contracts (Regulation) Act, 1956 and the RBI Act, 1934
E) The Prevention of Money Laundering Act, 2002 and SEBI (Intermediaries) Regulations, 2008

3. 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 closing price of the security on the day of the auction plus a fixed penalty of 10%.
B) At the valuation price used for the initial valuation debit plus a 5% close-out charge.
C) At the highest price recorded for the security during the last 52 weeks.
D) At the weighted average price of the security on the trading day plus the standard deviation margin.
E) 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.

4. According to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, from whom must an issuer obtain 'in-principle approval' for listing securities before issuing further shares, specifically in the case where the company is not listed on any exchange having nationwide trading terminals?

A) From the Registrar of Companies (ROC) where the company is registered
B) From all the stock exchange(s) in which the securities of the issuer are proposed to be listed
C) From the stock exchange with the highest trading volume in the previous financial year
D) Only from the Securities and Exchange Board of India (SEBI)
E) From any one recognized stock exchange having nationwide trading terminals

5. Under the 'Segregation and Monitoring of Collateral at Client Level' norms, how is the collateral allocated to a client utilized by the Clearing Corporation?

A) It is primarily used for the client but can be used for the TM's proprietary obligations in case of a shortfall.
B) It is transferred to the Core Settlement Guarantee Fund immediately upon receipt.
C) It is used to provide exposure limits to the Clearing Member's other Trading Members.
D) It is used to cover the margin obligation of that specific client only.
E) It is pooled with other clients' collateral to cover the aggregate margin requirement of the Trading Member.

Solutions: