100% Pass Quiz NISM-Series-VII - NISM Series VII - Securities Operations and Risk Management Certification–High-quality Latest Test Labs

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Risk Management in Securities Markets	- Market and operational risk 1. Operational risk controls 2. Types of financial risks - Risk mitigation systems 1. Surveillance and compliance mechanisms 2. Margins and collateral systems
Topic 2: Securities Market Operations	- Market participants and structure 1. Roles of brokers, exchanges, and investors 2. Order types and trading mechanism basics - Trading process 1. Trade confirmation and reporting 2. Order execution and trade lifecycle
Topic 3: Clearing and Settlement	- Settlement systems 1. T+1/T+2 settlement cycles 2. Margining and risk adjustments - Clearing mechanisms 1. Clearing corporations and counterparties 2. Netting and settlement obligations
Topic 4: Depository Operations	- Corporate actions 1. Dividends, bonuses, splits 2. Record dates and entitlement processing - Demat account framework 1. Account opening and maintenance 2. NSDL and CDSL roles

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q66-Q71):

NEW QUESTION # 66
If a selling broker fails to deliver securities, the Clearing Corporation conducts an auction. If this auction remains unresolved because there are no sellers (Auction Fail), the transaction is subject to a 'Close out'. How is the close-out price calculated to compensate the buyer in such a scenario?

A. At the average weighted trade price of the security during the last 5 trading sessions plus brokerage and statutory levies.
B. At the highest price prevailing across the exchange from the day of trading up to the auction day OR 20% above the official closing price on the auction day, whichever is higher.
C. At the closing price of the securities on the auction day plus a fixed penalty of 5%.
D. At the highest price recorded on the exchange on the trade day only, irrespective of subsequent price movements.
E. At the standard valuation price determined by the Clearing Corporation on the T+1 pay-in day.

Answer: B

Explanation:
According to the close-out procedure, if on the auction day there are no sellers, the Clearing Corporation carries out a 'Close out'. In this process, the buyer is compensated by paying the value of the short delivered security 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'.

NEW QUESTION # 67
A Trading Member executes sell orders in the T+0 settlement cycle. What is the mandatory mechanism required to fulfill the pay-in of securities for these sell obligations?

A. Standard pay-in instruction via physical DIS submitted to the Depository Participant.
B. Transfer to the Member Pool Account by 10:30 AM on T day.
C. Auto-pledge of securities in favor of the Clearing Corporation.
D. Only by way of early pay-in (EPI) using the block mechanism.
E. Inter-depository transfer to the settlement account of the Clearing Corporation post-trading hours.

Answer: D

Explanation:
The regulations specify that pay-in for T+0 sell obligations shall be allowed only by way of early pay-in using block mechanism.

NEW QUESTION # 68
Which of the following statements accurately describe the principles and methodology for Corporate Actions Adjustment in the Equity F&O segment? (Select all that apply)

A. The adjustments for corporate actions would be carried out on all open positions.
B. Adjustments for corporate actions are carried out only on positions that are In-The-Money (ITM); OTM positions are left unadjusted.
C. For Bonus issues, the new strike price is arrived at by multiplying the old strike price by the adjustment factor.
D. Adjustments may entail modifications to Strike Price, Position, and Market Lot I Multiplier.
E. The basis for adjustment is that the value of the position on the cum-date and ex-date shall continue to remain the same as far as possible.

Answer: A,D,E

Explanation:
Statement A is correct regarding the basic premise of value continuity. Statement C is correct regarding the variables adjusted. Statement E is correct that it applies to open positions. Statement B is incorrect because adjustments apply to all positions, not just ITM. Statement D is incorrect because for Bonus issues, the new strike price is arrived at by *dividing* (not multiplying) the old strike price by the adjustment factor.

NEW QUESTION # 69
Under the SCORES 2.0 framework, if a complainant is dissatisfied with the resolution provided by the entity and requests a first review, the Designated Body (DB) may seek clarification from the entity. What is the specific timeline mandated for the Designated Body to submit the revised Action Taken Report (ATR) to the complainant after seeking such clarification?

A. Within 10 calendar days of the review sought
B. Within 15 calendar days of the review sought
C. Within 7 calendar days of the review sought
D. Within 21 calendar days of the review sought
E. Within 30 calendar days of the review sought

Answer: A

Explanation:
According to the SCORES 2.0 framework, the Designated Body shall stipulate the timeline in such a manner to ensure that the Designated Body submits the revised ATR to the complainant on SCORES within 10 calendar days of the review sought.

NEW QUESTION # 70
Under the framework for validation of instructions for Pay-In of securities, which of the following scenarios results in the immediate rejection of the transfer instruction by the Depositories?

A. When the instruction is initiated by a Power of Attorney (POA) holder instead of the client directly.
B. When the instruction is received on T+1 day instead of T day.
C. When the quantity in the instruction is exactly equal to the obligation provided by the Clearing Corporation.
D. When there are discrepancies in details like UCC, TM ID, CM ID, or ISIN between the instruction and the obligation data.
E. When the quantity in the instruction is less than the obligation provided by the Clearing Corporation.

Answer: D

Explanation:
The source states that under 'Unmatched Instruction': 'In case of discrepancies in details like UCC, TM ID, CM ID, ISIN etc., between instruction and obligation, such transfer instructions will be rejected by the depositories.'

NEW QUESTION # 71
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