Valid NISM-Series-VII test answers & NISM NISM-Series-VII pass test & NISM-Series-VII lead2pass review

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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q241-Q246):

NEW QUESTION # 241
Periodic settlement of running accounts is mandatory for most clients. However, under which of the following specific circumstances is the periodic settlement of funds **NOT** necessary to the extent of funds involved?

A. For clients who have a credit balance of less than Rs. 10,000.
B. For clients availing Margin Trading Facility (MTF), to the extent of funds/securities relating to MTF used by the client.
C. For High Net Worth Individuals (HNIs) who have provided a 'Do Not Settle' instruction.
D. For clients trading in the derivatives segment with open positions, even if they have excess free cash.
E. For Non-Resident Indian (NRI) clients dealing through the Portfolio Investment Scheme (PIS).

Answer: B

Explanation:
Such periodic settlement of running account may not be necessary for clients availing margin trading facility (MTF) as per SEBI circular, to the extent of funds/securities relating to MTF used by client. It is also not necessary for funds received in the form of BG/FDR or for institutional clients settling trades through custodians.

NEW QUESTION # 242
Regarding the operational timeline for the auction of securities by the Clearing Corporation under the compulsory rolling settlement, which of the following statements is accurate?

A. If an auction is not successful in the first attempt, it is automatically rescheduled for the next three consecutive days.
B. Members participating in the auction must deliver the shares immediately within 1 hour of acceptance of their offer.
C. Auctions are held exclusively during the pre-open session of the next trading day.
D. The auction for undelivered quantities is conducted on the settlement day itself, typically after the completion of the pay-out process.
E. Auctions are conducted on the T+2 day to allow members extra time to arrange securities.

Answer: D

Explanation:
The auction for the undelivered quantities is conducted on the settlement day after completion of payout (e.g., between 2:00 p.m. and 2.45 p.m. for BSE and 2:30 pm onwards for NSE). The members participating in the auction are required to deliver the shares on the subsequent day (auction pay-in day),.

NEW QUESTION # 243
When the Clearing Corporation conducts an auction for a short delivery but fails to find any sellers for the specific security, a 'Close Out' is initiated. According to the settlement process guidelines, how is the compensation value determined for the buyer in this specific scenario?

A. At the weighted average price of the security on the trading day plus the standard deviation margin.
B. At the closing price of the security on the day of the auction plus a fixed penalty of 10%.
C. At the valuation price used for the initial valuation debit plus a 5% close-out charge.
D. 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.
E. At the highest price recorded for the security during the last 52 weeks.

Answer: D

Explanation:
If on the auction day, there are no sellers for a particular short delivery, the Clearing Corporation carries out a 'Close out'. 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 # 244
Under the revised framework for redressal of investor grievances through SCORES 2.0, which of the following statements accurately describe the timelines and process flows? (Select all that apply)

A. Entities shall resolve the complaint and upload the Action Taken Report (ATR) on SCORES within 21 calendar days of receipt of the complaint.
B. The first level of review is conducted by SEBI officials immediately upon request by the investor.
C. Complaints are automatically forwarded to the Securities Appellate Tribunal if not resolved within 7 days.
D. The Designated Body must submit the revised ATR to the complainant on SCORES within 10 calendar days of the review sought.
E. If the complainant is not satisfied with the ATR, they may request a review within 15 calendar days from the date of the ATR.

Answer: A,D,E

Explanation:
Entities must resolve complaints within 21 calendar days,. Complainants can request a review within 15 calendar days of the ATR. The Designated Body must submit the revised ATR within 10 calendar days of the review sought. Option D is incorrect as auto-escalation is to the next level (Designated Body/SEBI), not SAT. Option E is incorrect as the first review is by the Designated Body.

NEW QUESTION # 245
Regarding the utilization of proceeds generated from an Auction or Close-out procedure, what is the regulatory requirement for handling any residual amount remaining after settling the claim of the aggrieved party?

A. It is distributed equally among all non-defaulting clearing members.
B. It is transferred to the SEBI General Fund.
C. It should be credited to the Core Settlement Guarantee Fund (Core SGF).
D. It is returned to the defaulting member after deducting a 1% processing fee.
E. It must be credited to the Investor Protection Fund (IPF) of the Exchange.

Answer: C

Explanation:
The proceeds from Auction or Close-out should be used to settle the claim of the aggrieved party. Any amount remaining thereof should be credited to the Core Settlement Guarantee Fund ('Core SGF') instead of crediting it to the defaulting party's account.

NEW QUESTION # 246
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