NISM-Series-VII Reliable Dumps - NISM-Series-VII Cert

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Clearing and Settlement	- Settlement systems 1. Margining and risk adjustments 2. T+1/T+2 settlement cycles - Clearing mechanisms 1. Clearing corporations and counterparties 2. Netting and settlement obligations
Depository Operations	- Demat account framework 1. Account opening and maintenance 2. NSDL and CDSL roles - Corporate actions 1. Dividends, bonuses, splits 2. Record dates and entitlement processing
Risk Management in Securities Markets	- Risk mitigation systems 1. Surveillance and compliance mechanisms 2. Margins and collateral systems - Market and operational risk 1. Types of financial risks 2. Operational risk controls
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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q319-Q324):

NEW QUESTION # 319
Stock brokers are required to maintain evidence of clients placing orders to prevent unauthorized trades. Which of the following statements accurately describes the regulatory requirements regarding the forms of evidence and the retention period?

A. Evidence is optional for internet-based transactions and must be retained for 1 year.
B. In case of a dispute, records can be disposed of immediately after the broker files a response.
C. Telephone recordings are mandatory only for institutional clients and must be kept for 2 years.
D. Evidence must be physical records only, retained for 5 years.
E. Evidence can be physical records, telephone recordings, emails, or SMS logs, and must be retained for a minimum of 3 years.

Answer: E

Explanation:
The source states that brokers shall execute trades only after keeping evidence in forms such as 'Physical record written & signed by client, Telephone recording, Email from authorized email id, Log for internet transactions, Record of SMS messages'. Regarding retention: 'The Brokers are required to maintain the records for a minimum period for which the arbitration accepts investors' complaints as notified from time to time (which is currently three years).'

NEW QUESTION # 320
Since auction sessions are not applicable under the T+0 settlement cycle, how are securities shortages handled by the Clearing Corporation?

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

Answer: D

Explanation:
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.

NEW QUESTION # 321
For Futures Contracts on Individual Securities, which price is used as the 'Final Settlement Price' on the last trading day?

A. The last traded price (LTP) of the underlying security on the primary exchange.
B. The closing price of the relevant underlying security in the Capital Market Segment across exchanges.
C. The weighted average price of the underlying security during the last 30 minutes of trading.
D. The closing price of the futures contract on the expiry day.
E. The theoretical price calculated using the cost of carry model.

Answer: B

Explanation:
According to the Settlement Price table, the Final Settlement Price for Futures Contracts on Individual Securities is the Closing price of the relevant underlying security in the Capital Market Segment across exchanges on the last trading day of the futures contract.

NEW QUESTION # 322
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 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.
B. The TM can continue to maintain the running account if the credit balance is below ? 10,000.
C. The TM is permitted to transfer the funds to the Investor Protection Fund (IPF) if the client remains inactive for more than 30 days.
D. The TM must settle the account within 24 hours of the 30th day of inactivity.
E. The TM must retain the funds until the next quarterly settlement date chosen by the client.

Answer: A

Explanation:
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.'

NEW QUESTION # 323
What specific regulatory benefit regarding reserve requirements is accorded to funds borrowed through the Triparty Repo Dealing System (TREPS) in India?

A. Automatic guarantee by the Central Government
B. Exemption from RBI's CRR/SLR computation
C. Exemption from Securities Transaction Tax (STT)
D. Eligibility for priority sector lending classification
E. Waiver of stamp duty on the underlying collateral

Answer: B

Explanation:
Funds borrowed on TREPS are exempted from RBI's CRR (Cash Reserve Ratio) and SLR (Statutory Liquidity Ratio) computation. Additionally, the security acquired under the deal is eligible for SLR by the acquiring Bank.

NEW QUESTION # 324
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