NISM NISM-Series-VII Real Exam Questions in Three Formats

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Clearing and Settlement	- Clearing mechanisms 1. Netting and settlement obligations 2. Clearing corporations and counterparties - Settlement systems 1. Margining and risk adjustments 2. T+1/T+2 settlement cycles
Topic 2: Risk Management in Securities Markets	- Market and operational risk 1. Operational risk controls 2. Types of financial risks - Risk mitigation systems 1. Margins and collateral systems 2. Surveillance and compliance mechanisms
Topic 3: 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
Topic 4: Securities Market Operations	- Market participants and structure 1. Order types and trading mechanism basics 2. Roles of brokers, exchanges, and investors - Trading process 1. Order execution and trade lifecycle 2. Trade confirmation and reporting

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q41-Q46):

NEW QUESTION # 41
Regarding the handling of 'Funded Stocks' purchased under the Margin Trading Facility (MTF), which of the following operational procedures is mandated for the Stock Broker (Trading Member)?

A. Funded stocks must be transferred to a 'Client Unpaid Securities Pledgee Account' and disposed of within 5 days if payment is not received.
B. Funded stocks must be transferred to the client's demat account followed by the creation of an auto-pledge in favor of the broker's 'Client Securities under Margin Funding Account'.
C. Funded stocks must be kept in the broker's 'Pool Account' until the client makes full payment.
D. Funded stocks should be held in a separate 'Client Collateral Account' and can be re-pledged to the Clearing Corporation for other clients' margin obligations.
E. Funded stocks must be transferred to the client's beneficiary account immediately without any pledge.

Answer: B

Explanation:
Funded stocks held by the TMICM under the margin trading facility shall be held by the TM/CM only by way of pledge. Such funded stocks shall be transferred to respective client's demat account followed by creation of an auto-pledge (i.e., without the requirement of a specific instruction from the client) with suitable reason, in favor of 'Client Securities under Margin Funding Account'.

NEW QUESTION # 42
In the context of the settlement process, specifically regarding 'Settlement Dues', which of the following statements accurately describes the payment flow and the basis for such payments between the Clearing Agency and its members?

A. Clearing members and custodians pay the Clearing Agency whatever is due for settlement, and in turn, the Clearing Agency pays them moneys payable for every settlement, based on information provided by the Exchange or Clearing Agency.
B. The Clearing Agency collects settlement dues from Clearing Banks and distributes them to Clearing Members after deducting a statutory fee.
C. Clearing members pay the Clearing Agency based on data from the Depository, while the Clearing Agency pays Custodians based on Exchange data.
D. Settlement dues are legally payable only by Trading Members to the Stock Exchange, while the Clearing Agency manages only the securities settlement.
E. The Clearing Agency pays all dues to clients directly, bypassing the Clearing Members and Custodians, based on the obligation report.

Answer: A

Explanation:
According to the section on Settlement dues, 'The clearing members and custodians shall pay to the clearing agency whatever is due to them for settlement of their transactions / positions. In turn, the clearing agency shall pay to the clearing members and custodians moneys payable to them for every settlement for their transactions / positions. This is based on the information provided by the Exchange or Clearing Agency.'

NEW QUESTION # 43
Which of the following statements accurately describe the operational aspects of the Beta version of T+0 rolling settlement cycle introduced by SEBI? (Select all that apply)

A. Pay-in for T+0 sell obligations is allowed only by way of early pay-in using the block mechanism.
B. There shall be no netting in pay-in and pay-out obligations between T+1 and T+0 settlement cycles.
C. Trading timings for the T+0 session are from 09:15 AM to 3:30 PM.
D. Security shortages shall be directly closed out at 10% above the highest price of the day across all exchanges for T+0 market.
E. An auction session will be conducted on T+0 day itself for any securities shortage.

Answer: A,B,D

Explanation:
For T+0 settlement: There shall be no netting in pay-in and pay-out obligations between T+1 and T+0. Security shortages shall be directly closed out at 10% above the highest price (Auction shall not be conducted). Pay-in for T+0 sell obligations shall be allowing only by way of early pay-in using block mechanism. Trading timings are 09:15 AM to 1:30 PM (not 3:30 PM).

NEW QUESTION # 44
When the obligations arising out of the cash segment settlement and physical settlement of the F&O segment are settled on a net basis, how are the Securities Transaction Tax (STT) and Stamp Duty treated?

A. They are calculated based on the notional value of the F&O contract only.
B. They are waived for the cash segment leg if the position is hedged in the F&O segment.
C. They are computed and levied on the final netted delivery obligation after merging both segments.
D. They continue to be computed, levied, and reported on a segment-wise level, regardless of the netting for settlement.
E. STT is levied on the gross position, while Stamp Duty is levied on the net obligation.

Answer: D

Explanation:
Under the Net Settlement mechanism, netting of delivery obligations shall be only for the purpose of settlement. Therefore, Securities Transaction Tax (STT) and Stamp Duty shall continue to be computed, levied, and reported on a segment-wise level.

NEW QUESTION # 45
In the context of handling settlements during holidays, specific provisions are made regarding the utilization of assets received from a prior settlement. How is the pay-out from the first settlement treated in relation to subsequent obligations?

A. It is automatically converted into liquid assets and pledged to the Core Settlement Guarantee Fund.
B. It must be transferred to the client's beneficiary account immediately and cannot be used for subsequent proprietary obligations.
C. It is locked in the member's pool account for 24 hours to prevent misuse.
D. It is returned to the Clearing Corporation to cover potential shortfalls in the subsequent settlement's auction.
E. The cash or securities pay out from the first settlement shall be made available to the member for meeting his pay-in obligations for the subsequent settlement(s).

Answer: E

Explanation:
The source states: 'The cash or securities pay out from the first settlement shall be made available to the member for meeting his pay-in obligations for the subsequent settlement(s).'

NEW QUESTION # 46
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