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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
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
Risk Management in Securities Markets	- Market and operational risk 1. Types of financial risks 2. Operational risk controls - Risk mitigation systems 1. Margins and collateral systems 2. Surveillance and compliance mechanisms
Depository Operations	- Corporate actions 1. Record dates and entitlement processing 2. Dividends, bonuses, splits - Demat account framework 1. NSDL and CDSL roles 2. Account opening and maintenance
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

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最新的 National Institute of Securities Markets NISM-Series-VII 免費考試真題 (Q105-Q110):

問題 #105
Regarding 'Internal Shortages' within a broker's firm (where a selling client fails to deliver, but the broker has no net obligation to the Clearing Corporation due to an offsetting buy by another client), what is the specific regulatory advice concerning the handling of charges under the 'Direct Pay-out' of securities framework?

A. The broker is mandated to close out the internal shortage at the highest price of the settlement cycle plus a 5% penalty credited to the Investor Protection Fund.
B. The broker must conduct a private auction among its own clients and can charge a facilitation fee not exceeding 1% of the trade value.
C. The broker should handle such shortages through the process of auction as specified by CCs and is advised not to levy any charges on the client over and above the charges levied by the CCs.
D. Internal shortages must be reported to the Exchange, and the trade should be annulled with mutual consent of both clients.
E. The broker must buy the shares from the open market on T+2 and can pass on the purchase cost plus a standard brokerage fee to the defaulting client.

答案：C

解題說明：
To handle shortages arising due to inter se netting of positions between clients with introduction of Direct Pay-out of securities in client account, SEBI has advised TM/CM to handle such shortages through the process of auction as specified by CCs. Further, SEBI advised TMICM in such cases not to levy any charges on the client over and above the charges levied by the CCs.

問題 #106
A Trading Member (TM) has the following positions in a specific stock futures contract at the end of a trading day:
Proprietary Account: Buy 2000, Sell 1500
Client A: Buy 1000, Sell 1200
Client B: Buy 500, Sell 100
Based on the methodology for determining the open positions of clearing members in the derivatives segment, what is the TM's 'Open Position' for this contract?

A. 700 contracts (Net Proprietary + Net Client Position)
B. 1100 contracts (Net Proprietary + Absolute Net Client Long + Absolute Net Client Short)
C. 500 contracts (Net Proprietary Position only)
D. 6300 contracts (Gross Buy + Gross Sell of all accounts)
E. 900 contracts (Gross Proprietary + Net Client Position)

答案：B

解題說明：
A trading member's open position is arrived at by summing up his proprietary and client's open positions. Proprietary positions are calculated on a net basis (Buy - Sell). Client positions are netted at the client level (contract level) and then added up across clients (without netting between clients).
Proprietary Net: 2000 - 1500 = +500 (Long).
ClientA Net: 1000 - 1200 = -200 (Short).
Client B Net: 500 - 100 = +400 (Long).
TM Open Position = Proprietary Open Position (500) + Client Open Long (400) + Client Open Short (200) = 1100 contracts.

問題 #107
In the context of the clearing and settlement process within the depository system, SEBI vide its circular dated June 05, 2024, mandated a significant change regarding the pay-out of securities. Which of the following statements accurately describes this revised mechanism?

A. The direct pay-out mechanism is mandatory for all clients, including those having arrangements with SEBI registered custodians.
B. Securities for pay-out shall be credited directly to the respective client's demat account by the Clearing Corporations.
C. Securities are held in a temporary 'Transit Account' by the Depository until the client issues a Receipt Instruction.
D. The timing of the payout of securities remains 1 PM despite the direct credit mechanism.
E. Securities for pay-out must be credited to the Clearing Member's Pool Account, who then has 24 hours to transfer them to the client.

答案：B

解題說明：
SEBI vide circular dated June 05, 2024, has decided the securities for pay-out shall be credited directly to the respective client's demat account by the CCs. As a consequence, the timing of the payout of securities shall be revised from 1 PM to 3:30 PM. The direct payout shall not be applicable to clients having arrangements with custodians.

問題 #108
Under the SEBI (Prohibition of Insider Trading) Regulations, 2015, which of the following parties is deemed to be a 'Connected Person' unless the contrary is established?

A. A banker of the company.
B. An individual who has never held a position in the company.
C. A vendor supplying office stationery on a one-off basis.
D. A shareholder holding 5% interest in the company.
E. A former employee who left the company 12 months prior to the act.

答案：A

解題說明：
The regulations list categories of persons deemed to be 'Connected Persons'. This list includes a banker of the company. A former employee is a connected person if associated within 6 months prior to the act. A holding of more than 10% interest is required to be deemed connected. Therefore, a banker is the correct deemed connected person.

問題 #109
SEBI has issued guidelines regarding the discontinuation of usage of pool accounts for transactions in units of Mutual Funds on Stock Exchange Platforms. Under this framework, which of the following practices is explicitly **PERMITTED** as an exception to the general rule against routing units through pool accounts?

A. Routing funds for subscription through the broker's clearing bank account for clients availing margin trading facilities.
B. Issuance of Delivery Instruction Slip (DIS) to the Depository Participant to debit units held in dematerialized mode for delivery to the Clearing Corporation during redemption.
C. Holding non-demat units in a 'Client Unpaid Securities Account' if the client defaults on the subscription payment.
D. Pooling of redemption proceeds in the broker's settlement account for deduction of statutory levies before payout to the client.
E. Crediting subscription units to the broker's pool account for reconciliation before transferring to the client.

答案：B

解題說明：
SEBI has advised that pooling of funds/units by stock brokers shall be discontinued. However, for redemption of units held in dematerialized mode, the practice of issuance of Delivery Instruction Slip ('DIS') (physical or electronic) to the Depository Participant to debit the units for delivery to clearing corporation may continue.

問題 #110
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