便利なNISM-Series-VII試験問題解説集一回合格-ハイパスレートのNISM-Series-VII問題集

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Investor protection 2. Regulatory oversight
Topic 2: Investor Grievance Redressal	- Process of investor grievances redressal 1. Procedures for handling complaints 2. Regulatory requirements
Topic 3: Risk Management	- Risk management in a securities broking firm 1. Identifying and mitigating risks 2. Compliance and control measures
Topic 4: Securities Broking Operations	- Front Office, Middle Office and Back Office functions in a Securities Broking Firm 1. Trade execution 2. Settlement processing 3. Risk management
Topic 5: Indian Securities Market	- Overview of the Indian securities market 1. Different products traded 2. Various market participants and their roles
Topic 6: Trade Life Cycle	- Steps and participants involved in the trade life cycle 1. Role of the back office in a securities broking firm 2. Clearing and settlement process

>> NISM-Series-VII試験問題解説集 <<

有難いNISM-Series-VII試験問題解説集一回合格-信頼的なNISM-Series-VII問題集

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NISM Series VII - Securities Operations and Risk Management Certification 認定 NISM-Series-VII 試験問題 (Q162-Q167):

質問 # 162
Since auction sessions are not applicable under the T+0 settlement cycle, how are securities shortages handled by the Clearing Corporation?

A. Shortages are directly closed out at a rate of 20% above the official closing price of the T+1 market.
B. Shortages are directly closed out at above the highest price of the day across all exchanges for the T+0 market.
C. Shortages are carried forward to the T+1 auction session conducted on the next day.
D. Shortages are deemed as 'bad delivery' and the trade is annulled immediately.
E. Shortages are settled by borrowing securities from the Securities Lending and Borrowing (SLB) segment automatically.

正解：B

解説：
In the T+0 settlement cycle, an auction shall not be conducted in case of securities shortage. Security shortages shall be directly closed out at 10% above the highest price of the day across all exchanges for the T+0 market.

質問 # 163
Under the framework for 'Settlement of Account of Clients', specific provisions exist for clients who have not traded for a certain period. If a client has a credit balance but has not executed any transaction in the last 30 calendar days, how must the Trading Member (TM) handle the settlement of funds?

A. The TM must settle the account within 24 hours of the 30th day of inactivity.
B. The TM can continue to maintain the running account if the credit balance is below ? 10,000.
C. The TM must return the entire credit balance to the client on the upcoming settlement date of the monthly running account settlement cycle, irrespective of the client's preference for a quarterly cycle.
D. The TM is permitted to transfer the funds to the Investor Protection Fund (IPF) if the client remains inactive for more than 30 days.
E. The TM must retain the funds until the next quarterly settlement date chosen by the client.

正解：C

解説：
According to SEBI circulars regarding clients who have not traded in the last 30 days: 'For the clients having credit balance, who have not done any transaction in the 30 calendar days... the entire credit balance of client shall be returned to the client by TM, on the upcoming settlement dates of monthly running account settlement cycle (irrespective of settlement cycle preferred by the client) as stipulated by stock exchanges.'

質問 # 164
Under Section 18A of the Securities Contracts (Regulation) Act, 1956, contracts in derivatives are considered legal and valid only if they satisfy specific conditions. Which of the following is a mandatory condition for such validity?

A. The contract must be traded on a recognized stock exchange and settled on the clearing house of the recognized stock exchange.
B. The contract must be validated by the Reserve Bank of India (RBI) prior to execution.
C. The contract must be settled bilaterally between the buyer and the seller without an intermediary.
D. The contract must be traded Over-the-Counter (OTC) between two financial institutions.
E. The contract must involve physical delivery of the underlying asset upon expiry.

正解：A

解説：
Section 18A of the SCRA provides that contracts in derivatives shall be legal and valid if they are traded on a recognized stock exchange and settled on the clearing house of the recognized stock exchange, in accordance with the rules and bye-laws of such stock exchanges.

質問 # 165
When the obligations arising out of the cash segment settlement and physical settlement of the F&O segment are settled on a net basis, how are the Securities Transaction Tax (STT) and Stamp Duty treated?

A. They are computed and levied on the final netted delivery obligation after merging both segments.
B. They are calculated based on the notional value of the F&O contract only.
C. STT is levied on the gross position, while Stamp Duty is levied on the net obligation.
D. They are waived for the cash segment leg if the position is hedged in the F&O segment.
E. They continue to be computed, levied, and reported on a segment-wise level, regardless of the netting for settlement.

正解：E

解説：
Under the Net Settlement mechanism, netting of delivery obligations shall be only for the purpose of settlement. Therefore, Securities Transaction Tax (STT) and Stamp Duty shall continue to be computed, levied, and reported on a segment-wise level.

質問 # 166
Regarding Indian Depository Receipts (IDRs) and the regulatory framework for their conversion or redemption into underlying equity shares, which of the following statements accurately reflects the permissible conditions?

A. Redemption is permitted after 1 year from the date of listing, subject to available headroom calculated as originally issued IDRs minus outstanding IDRs adjusted for redemptions.
B. The headroom for conversion is calculated based on the total paid-up capital of the issuing company rather than the specific number of IDRs issued.
C. Investors can request redemption into underlying shares at any time, but the underlying shares must be held by a domestic custodian registered with SEBI.
D. Two-way fungibility is strictly prohibited; investors can only convert underlying shares into IDRs but cannot redeem IDRs into shares.
E. Redemption is permitted immediately upon listing, provided the fungibility is restricted to one-way conversion from IDRs to shares only.

正解：A

解説：
The regulations for IDRs state that 'Redemption/Conversion is permitted after 1 year from the date of listing of the IDRs.' Furthermore, 'Two way fungibility of IDRs is permitted... However, the number of shares that can be converted into depository receipt should be within the headroom available.' The headroom is defined as 'the number of IDRs originally issued minus the number of IDRs outstanding, which is further adjusted for IDRs redeemed into underlying equity shares.'

質問 # 167
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NISM-Series-VII試験問題は、シラバスの変更および理論と実践の最新の進展に応じて完全に改訂および更新されます。高品質の製品を提供するために、NISM-Series-VIIテストガイドを慎重に準備します。製品のすべての改訂と更新により、NISM-Series-VIIガイドトレントに関する正確な情報を取得でき、大多数の学生が簡単に習得でき、重要な情報の内容を簡素化できます。当社の製品NISM-Series-VIIテストガイドは、より重要な情報をより少ない質問と回答で提供します。

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