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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. A stock broker executes multiple trades for a client throughout the day in various securities. According to the clearing process regarding the balancing of client accounts within the broker's firm, how is the final obligation handled?

A) Netting is allowed only for institutional clients, while retail client accounts must be settled on a trade-to-trade basis.
B) The broker must segregate buy and sell transactions and settle them separately without offsetting.
C) At the end of the day, the position of each client is netted against all his transactions and the final pay-in/pay-out is carried out.
D) Every trade is settled gross with the clearing corporation, and netting is strictly prohibited within the broker's books.
E) Client accounts are balanced weekly to determine the net obligation for the settlement cycle.

2. Which of the following statements accurately describe the process and components of 'Delivery Settlement' in the equity F&O segment?
(Select all that apply)

A) It applies to Index Futures and Index Options.
B) It considers all in-the-money option contracts which are exercised and assigned.
C) Delivery settlement is optional and can be cash settled if the client chooses.
D) The final deliverable/receivable positions at a clearing member are arrived at after netting the obligations of all clients/constituents clearing through them.
E) It considers all open futures positions after the close of trading on the expiry day.

3. Besides the settlement of fund obligations, the distinct clearing bank account opened by a Clearing Member is mandated to be used for which of the following sets of transactions?

A) Collection of dividends, payment of stamp duty to state governments, and GST payments.
B) Payment of margins, release and enhancement of collateral, and payment of penal charges.
C) Investment in mutual funds, IPO applications, and portfolio management services.
D) Payment of staff salaries, office maintenance, and proprietary trading losses.
E) Disbursement of loans to clients and interest payments on overdraft facilities.

4. Which of the following statements accurately describe the regulatory and operational framework regarding Clearing Banks and Clearing Members? (Select all that apply)

A) Additional clearing accounts may be maintained for the specific purpose of enhancing collateral in the form of cash.
B) Clearing Members must irrevocably authorize the Clearing Bank to allow the Clearing Corporation to access their accounts for debiting and crediting.
C) Every clearing member must maintain a separate and distinct primary clearing account for each segment.
D) Clearing Members are permitted to withdraw funds from their clearing accounts in favor of third-party beneficiaries.
E) Clearing Banks are responsible for determining the final net settlement obligations of the Clearing Members.

5. A purchaser of securities wishes to streamline the process of receiving securities into their demat account. What are the permissible modes for a client to handle receipt instructions with their Depository Participant (DP)?

A) Standing instructions are only valid for government securities and not for equity shares.
B) Receipt instructions are not required at all as the Clearing Corporation has a unilateral right to credit any account.
C) The client must mandatorily issue a separate physical receipt instruction for every single trade.
D) The client must grant a Power of Attorney to the Clearing Corporation to auto-credit securities.
E) The client can give a one-time standing instruction to the DP for receiving securities, or choose to issue separate receipt instructions for each purchase.

Solutions: