Reliable Test NISM-Series-VII Test - NISM-Series-VII Reliable Exam Prep

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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q248-Q253):

NEW QUESTION # 248
According to the requirements for maintaining books of account, what specific details must be recorded in the 'Register of Transactions' (Sauda Book)?

A. Only the net obligation of funds and securities to be settled with the Clearing Corporation.
B. Each transaction effected, showing the name of the security, its value, rates gross and net of brokerage, and names of the clients.
C. Details of all dematerialized securities held in the broker's pool account and beneficiary account.
D. General expenses, overheads, salaries, and petty cash adjustments for the broking firm.
E. Receipts and payments of funds involving clients, distinguishing between margin and settlement obligations.

Answer: B

Explanation:
The Register of Transactions (Sauda Book) is required to include each transaction effected. It must show the name of the security, its value, rates gross and net of brokerage, and names of the clients.

NEW QUESTION # 249
Once a conciliator is appointed by the ODR Institution, what is the prescribed timeline for the disputing parties to reach an amicable resolution, and under what condition can this period be extended?

A. 30 calendar days, extendable by 15 days upon approval by the MI.
B. 21 calendar days, extendable for a maximum period of 10 calendar days by consent of the disputing parties.
C. 15 calendar days, extendable by 7 days if the conciliator deems it necessary.
D. 45 calendar days, with no provision for extension to ensure speedy disposal.
E. 10 calendar days, extendable by 10 calendar days upon payment of late fees.

Answer: B

Explanation:
The source states: 'Such conciliator shall conduct one or more meeting/s for the disputing parties to reach an amicable and consensual resolution within 21 calendar days (unless extended for a maximum period of 10 calendar days by consent of the disputing parties to be recorded in writing/electronically)'.

NEW QUESTION # 250
In the context of Back Office Operations, specifically regarding 'Trade Enrichment', which of the following best describes the process that occurs automatically after trade execution to prepare for clearing and settlement?

A. The automatic appending of brokerage rates, GST, stamp duty, and Securities Transaction Tax (STT) to the raw trade data.
B. The manual verification of the 'INST' Custodial Participant code against the clearing member's exposure limits.
C. The generation of a unique client code (IJCC) and mapping it to the client's PAN before the order is routed to the exchange.
D. The splitting of a single institutional order into multiple sub-accounts based on deal sheets provided by the front office.
E. The netting of buy and sell positions to determine the final open position for the purpose of margin calculation.

Answer: A

Explanation:
Trade Enrichment is defined as the process performed automatically after each trade execution where additional information is included in the trade instruction. The back-office systems maintain masters relating to brokerage rates, GST, stamp duty, and STT charge tables. When trade data is uploaded, this information is appended to every trade to arrive at client-wise brokerage, obligations, and tax amounts.

NEW QUESTION # 251
Which of the following statements are TRUE regarding the management, accruals, and usage of the Core Settlement Guarantee Fund (Core SGF)? (Select all that apply)

A. Any penalties levied by the Clearing Corporation shall be credited to the Core SGF corpus.
B. Interest on cash contribution to Core SGF accrues to the Clearing Corporation as management fees.
C. CC contribution to Core SGF is treated as a liability and excluded from its net worth.
D. Stock Exchanges are allowed to transfer excess contribution made by them from the Core SGF of one CC to the Core SGF of another CC in an inter-operable scenario.
E. The Regulatory Oversight Committee (ROC) of the Clearing Corporation manages the Core SGF.

Answer: A,D,E

Explanation:
According to the source: Penalties levied by CC shall be credited to Core SGF corpus (Option A is True). Interest on cash contribution shall accrue to the Core SGF and be attributed pro-rata (Option B is False). The ROC of the CC shall manage the Core SGF (Option C is True). SEs are allowed to transfer excess contribution in inter-operable scenarios (Option D is True). CC contribution to core SGF shall be considered as part of its net worth (Option E is False).

NEW QUESTION # 252
In the context of the validation process for Pay-In of securities from a client's demat account to the Member Pool Account, how do Depositories handle a specific transfer instruction where the quantity specified in the instruction exceeds the client-wise net delivery obligation provided by the Clearing Corporation?

A. The instruction is rejected in its entirety due to the discrepancy in quantity.
B. The instruction is processed fully, creating an excess balance in the Member Pool Account which is flagged for audit.
C. The instruction is kept pending until the Clearing Corporation updates the obligation to match the instruction.
D. The instruction is processed fully, but the excess securities are immediately returned to the client's account by the Clearing Member.
E. The instruction is partially processed by the depositories up to the matching obligation quantity.

Answer: E

Explanation:
According to the validation process rules: 'If the quantity in instruction is more than the obligation provided by CC, then the instruction will be partially processed by the depositories (i.e., upto the matching obligation quantity).'

NEW QUESTION # 253
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