NISM-Series-VII Test Topics Pdf - Exam NISM-Series-VII Flashcards

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NISM NISM-Series-VII Exam Syllabus Topics:

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

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100% Pass Quiz Unparalleled NISM-Series-VII Test Topics Pdf: Exam NISM Series VII - Securities Operations and Risk Management Certification Flashcards

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q16-Q21):

NEW QUESTION # 16
In the context of the settlement of running accounts for funds, specific rules apply to clients who have been inactive. 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?

A. The TM is required to obtain a fresh running account authorization from the client to retain the funds further.
B. The TM must return the entire credit balance on the upcoming settlement date of the monthly running account settlement cycle, irrespective of the client's preference.
C. The TM can continue to retain the funds if the client has opted for a quarterly settlement cycle.
D. The TM can adjust this credit balance against the margin obligations of other clients in the same family group.
E. The TM must transfer the funds to the Investor Protection Fund (IPF) immediately after the 30th day.

Answer: B

Explanation:
For clients having a credit balance who have not done any transaction in the 30 calendar days since the last transaction, the entire credit balance shall be returned to the client by the TM on the upcoming settlement dates of the monthly running account settlement cycle (irrespective of the settlement cycle preferred by the client).

NEW QUESTION # 17
Identify the correct timeline for the 'Auction Pay-in' and 'Auction Pay-out' of securities and funds in the context of the T+1 rolling settlement cycle.

A. Auction Pay-in: T+2 (Subsequent day); Auction Pay-out: T+2 (Same day)
B. Auction Pay-in: T+3; Auction Pay-out: T+3
C. Auction Pay-in: T+1 (After auction session); Auction Pay-out: T+1 (End of day)
D. Auction Pay-in: T+1 (Evening); Auction Pay-out: T+2 (Morning)
E. Auction Pay-in: T+2; Auction Pay-out: T+3

Answer: A

Explanation:
The auction for undelivered quantities is conducted on the settlement day (T+1 The members are required to deliver the shares (Auction Pay-in) to the clearing corporation on or before the auction pay-in day, i.e., the subsequent day (T+2). Pay-out of auction shares and funds is also done on the same day (T+2).

NEW QUESTION # 18
In the process of disbursing compensation from the Investor Protection Fund (IPF) in case of a defaulter Trading Member (TM), which body is responsible for the 'sanction and ratification' of claims before they are sent to the IPF Trust?

A. The Governing Board of the Exchange
B. The Defaulters' Committee
C. The Member Committee (MC)
D. The Disciplinary Action Committee (DAC)
E. The Investor Grievance Redressal Committee (IGRC)

Answer: C

Explanation:
The guidelines specify: 'The Stock Exchanges shall ensure that once a TM has been declared defaulter, the claim(s) shall be placed before the Member Committee (MC) for sanction and ratification. MC's legitimate claims shall be sent to the IPF Trust for immediate disbursement of the amount.'

NEW QUESTION # 19
Regarding the 'Default Waterfall' in the context of the Net Settlement mechanism for Cash and F&O segments, which of the following statements is correct?

A. The Core Settlement Guarantee Fund (SGF) of the F&O segment is utilized first for any default arising from the net settlement obligation.
B. Default losses are covered solely by the Investor Protection Fund (IPF) in the case of net settlement defaults.
C. Clearing Corporations create a unified single default waterfall covering both segments to match the merged settlement.
D. The default waterfall is triggered only after liquidating the defaulting member's proprietary assets across all exchanges.
E. Clearing Corporations continue to maintain segment-wise default waterfalls, and losses are computed on the basis of segment-wise obligations on a pro-rata basis.

Answer: E

Explanation:
Clearing Corporations (CCs) shall continue to settle obligations on a net basis at the CM level. Further, CCs shall continue to maintain segment-wise default waterfalls, regardless of a single settlement across segments. The losses, if any, in case of default of a CM to CC shall be computed on the basis of the segment-wise obligation of CM to CC, on a pro-rata basis.

NEW QUESTION # 20
A Trading Member executes the following trades in a specific scrip on a given day:
* Buy 500 shares @ Rs. 100
* Sell 300 shares @ Rs. 105
* Buy 200 shares @ Rs. 95
What are the final Net Quantity and Net Fund obligations for the member to be settled with the Clearing Corporation?

A. Net Qty: 0; Net Funds: Receive Rs. 1,500
B. Net Qty: 400 (Deliver); Net Funds: Receive Rs. 37,500
C. Net Qty: 400 (Receive); Net Funds: Pay Rs. 37,500
D. Net Qty: 400 (Receive); Net Funds: Pay Rs. 69,000
E. Net Qty: 1000 (Receive); Net Funds: Pay Rs. 100,500

Answer: C

Explanation:
Net Quantity:
Total Buy = 500 + 200 = 700.
Total Sell = 300.
Net Qty = 700 - 300 = 400 (Buy/Receive).
Net Funds:
Outflow (Buy) = + (200*95) = 50,000 + 19,000 = Rs. 69,000.
Inflow (Sell) = 300*105 = Rs. 31 ,500.
Net Funds = Inflow - Outflow = 31 ,500 - 69,000 = -37,500.
Negative implies Pay Rs. 37,500.

NEW QUESTION # 21
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