NISM NISM-Series-VII考題寶典 & NISM-Series-VII PDF題庫

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Weight	Objectives
Market Microstructure	12%	- Price discovery and market efficiency - Market indices and their calculation - Trading mechanisms and order types
Trading Operations	15%	- Front office functions and processes - Order management and trade execution - Client onboarding and KYC norms
Investor Protection	7%	- Mechanisms for dispute resolution - Investor rights and grievances redressal - Investor education and awareness initiatives
Technology in Securities Markets	8%	- Systems for trading, clearing and settlement - Emerging technologies and their impact - Data security and business continuity
Clearing and Settlement	15%	- Delivery versus payment and settlement guarantee - Clearing process and roles of clearing corporations - Settlement cycle and mechanisms
Securities Market Overview	10%	- Structure and segments of Indian securities market - Market participants and their roles - Types of securities and products
Regulatory Framework	15%	- SEBI Act, Rules and Regulations - Compliance requirements for intermediaries - Code of conduct and ethical practices
Risk Management and Margining	18%	- Risk monitoring and control measures - Margining systems and methodologies - Types of risks in securities operations

>> NISM NISM-Series-VII考題寶典 <<

授權的NISM-Series-VII考題寶典＆資格考試的領導者和高質量的NISM-Series-VII：NISM Series VII - Securities Operations and Risk Management Certification

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最新的 National Institute of Securities Markets NISM-Series-VII 免費考試真題 (Q216-Q221):

問題 #216
In the context of the Cash Market segment, how is the role of a 'Custodian' distinct from that of a standard Trading Member regarding the settlement of trades?

A. Custodians automatically guarantee all trades executed by any Trading Member without the need for trade confirmation.
B. Custodians settle trades only for retail clients who do not have a valid PAN.
C. Custodians are primarily responsible for the proprietary trading of the Clearing Corporation.
D. Custodians execute trades on the exchange floor but outsource the clearing function to Professional Clearing Members.
E. Custodians act as Clearing Members but not Trading Members; they settle trades on behalf of institutional clients executed through other Trading Members.

答案：E

解題說明：
The text defines Custodians as: 'Custodians are also clearing members like PCMs but not trading members. They settle trades on behalf of the clients of the trading members, when a particular trade is assigned to them for settlement.' This specifically applies to institutional clients.

問題 #217
In the case of a **Demerger** where the conditions for re-introducing derivative contracts on the post-restructured company are met, what happens to the *existing* derivative contracts on the pre-restructured company?

A. They are automatically converted into contracts of the resultant demerged entity based on the demerger ratio.
B. They are suspended for 3 days and re-listed with new lot sizes on the ex-date.
C. They are cash-settled immediately at the average price of the last 6 months.
D. They continue to trade with adjusted strike prices until the original expiry date.
E. All existing contracts of the security shall be expired on the last cum date.

答案：E

解題說明：
If the conditions are satisfied dealing with existing derivative contracts on the pre-restructured company, the course of action is that all existing contracts of the security shall be expired on the last cum date.

問題 #218
Regarding the operation of the 'Clearing Bank Account' maintained by a Clearing Member, which of the following operational restrictions is explicitly mandated to ensure the account is used exclusively for clearing and settlement operations?

A. Withdrawals are permitted only after obtaining a 'No Objection Certificate' from the Clearing Corporation for each transaction.
B. Funds can be deposited only via Demand Drafts and withdrawn only via electronic transfer.
C. Clearing members can deposit funds in any form but can withdraw funds from these accounts only in self-name.
D. Clearing members are prohibited from depositing proprietary funds into this account; only client funds are permitted.
E. The account must maintain a minimum balance equal to the Base Minimum Capital (BMC) at all times.

答案：C

解題說明：
The source states: 'Clearing member can deposit fund in these accounts in any form but withdraw funds from these accounts only in self-name.' This ensures the account is used for its intended purpose of clearing and settlement.

問題 #219
According to the risk management framework regarding * *Liquid Assets** deposited by clearing members, which of the following statements correctly defines the limits and haircuts applicable to * *Corporate Bonds** accepted as collateral?

A. No limit on quantity; Haircut based strictly on credit rating (AAA: 10%, AA: 15%).
B. Minimum haircut of 10% (Fixed percentage or VaR based); Limit not to exceed 10% of the total liquid assets of the clearing member.
C. VaR based haircut; Limit not to exceed 50% of the cash component of liquid assets.
D. Fixed percentage haircut of 50%; Limit not to exceed 25% of total liquid assets.
E. Treated as Cash Equivalent with 0% haircut if rated AAA.

答案：B

解題說明：
As per the acceptable Liquid Assets table and notes: For Corporate Bonds, the haircut is 'Fixed percentage based or VaR based Haircut... To begin with the haircut shall be a minimum of 10 percent.' The limit is 'Not to exceed 10 percent of the total liquid assets of the clearing member.'

問題 #220
Which of the following statements accurately describe the process and components of 'Delivery Settlement' in the equity F&O segment?
(Select all that apply)

A. It considers all open futures positions after the close of trading on the expiry day.
B. It applies to Index Futures and Index Options.
C. It considers all in-the-money option contracts which are exercised and assigned.
D. Delivery settlement is optional and can be cash settled if the client chooses.
E. The final deliverable/receivable positions at a clearing member are arrived at after netting the obligations of all clients/constituents clearing through them.

答案：A,C,E

解題說明：
Delivery Settlement applies to individual stock derivatives (not Index, which are cash settled). It considers all open futures positions after close of trading on expiry day and all in-the-money option contracts which are exercised and assigned. The final position at a clearing member is arrived at after netting the obligations of all clients/constituents/trading members clearing through the respective clearing member.

問題 #221
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