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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Depository Operations	- Demat account framework 1. Account opening and maintenance 2. NSDL and CDSL roles - Corporate actions 1. Dividends, bonuses, splits 2. Record dates and entitlement processing
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
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
Clearing and Settlement	- Settlement systems 1. Margining and risk adjustments 2. T+1/T+2 settlement cycles - Clearing mechanisms 1. Netting and settlement obligations 2. Clearing corporations and counterparties

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q150-Q155):

NEW QUESTION # 150
Select the correct combination of statements regarding the expiry cycle and settlement of Long Dated Index Options and Equity Index Futures in the Indian Securities Market.

A. Statement I: Index Futures expire on the last Friday of the month. Statement II: Long dated options follow only a monthly expiry cycle.
B. Statement I: Index Futures are physically settled. Statement II: Long dated options have a 3-year expiry cycle.
C. Statement I: All Index Futures are cash settled. Statement II: Long dated options are available up to a 5-year expiry cycle with quarterly and half-yearly expiries.
D. Statement I: Index Futures are cash settled. Statement II: Long dated options have a maximum expiry of 12 months.
E. Statement I: All Index Futures are physically settled. Statement II: Long dated options expire on the first Thursday of the quarter.

Answer: C

Explanation:
The source states: 'All Index future and option contracts are cash settled.' Regarding expiry cycles: 'Monthly index contracts generally have 3-month expiry cycle except for the long dated options contracts which are available up to 5-year expiry cycle with quarterly expiries (March, June, Sept & Dec cycle) and half yearly expiries (Jun, Dec cycle).'

NEW QUESTION # 151
In the context of the 'Trade to trade' or 'Gross obligations' method for determining settlement obligations, how are a member's funds obligations calculated?

A. Funds pay-in is equivalent to the cumulative value of buy transactions, and funds pay-out is equivalent to the cumulative sell value.
B. Funds pay-in is the net of cumulative buy and sell values, while funds pay-out is zero.
C. Funds pay-in is the cumulative buy value minus 20% margin, and pay-out is the cumulative sell value.
D. Funds obligations are determined solely based on the netted quantity of securities delivered.
E. Funds pay-in and pay-out are both calculated on a netted basis across all clients.

Answer: A

Explanation:
Under 'Trade to trade or Gross obligations', transactions will not be netted. A member's funds pay-in will be equivalent to cumulative value of buy transactions and funds pay-out will be equivalent to cumulative sell value.

NEW QUESTION # 152
Regarding the netting of settlement obligations for a member trading in both T+1 and T+0 cycles, which of the following statements is operationally correct?

A. Securities delivered in T+0 pay-out can be immediately netted against T+1 pay-in obligations for the same day.
B. There shall be no netting in pay-in and pay-out obligations between T+1 and T+0 settlement cycles.
C. Netting is allowed only if the member opts for the 'Unified Settlement' facility provided by the Clearing Corporation.
D. Obligations are netted across both cycles to reduce liquidity stress.
E. Netting is permitted only for funds, while securities obligations are kept separate.

Answer: B

Explanation:
The operational guidelines for the T+0 rolling settlement cycle explicitly state: 'There shall be no netting in pay-in and pay-out obligations between T+1 and T+0 settlement cycle.'

NEW QUESTION # 153
In the process of Broker Netting with the Clearing Corporation, what is the sequence of events regarding the determination of obligations?

A. Multilateral netting -> List of transactions sent to member -> Pay-in/Pay-out confirmation.
B. Gross settlement determination Netting within firm Multilateral netting.
C. Bilateral netting between brokers -> Confirmation to CC -> Settlement.
D. List of transactions sent to member -> Multilateral netting -> Members informed of amount/securities to receive/pay.
E. Pay-in of funds Multilateral netting -> Pay-out of securities.

Answer: D

Explanation:
The source describes the process: 'Every day, the clearing corporation sends the clearing member a list of all trading transactions made by him and his clients for the day. After this, clearing is performed by multilateral netting. Then the members are informed by the clearing corporation of the amount/securities to be received/paid by them to the other members.'

NEW QUESTION # 154
In the context of the settlement of securities for sale transactions, specifically regarding the 'Demat Debit and Pledge Instruction' (DDPI), which of the following statements accurately defines the scope of authorization given by the client to the stock broker?

A. It authorizes the broker to transfer securities for off-market trades between unrelated parties to settle personal debts of the client.
B. It allows the broker to pledge the client's securities with a Non-Banking Financial Company (NBFC) to raise working capital for the brokerage firm.
C. It is a mandatory requirement for opening a demat account and cannot be revoked by the client under any circumstances.
D. It explicitly authorizes the broker to access the client's beneficial owner account for the limited purpose of transferring securities to the broker's pool account to meet pay-in obligations.
E. It grants full power of attorney to the broker to buy and sell securities without specific trade instructions from the client.

Answer: D

Explanation:
Clients can give 'Demat Debit and Pledge Instruction' (DDPI) under which they explicitly agree to authorize the stock broker/stock broker and depository participant to access their BO account for the limited purpose for transferring securities from their individual demat account to brokers pool account for the purpose of meeting their pay-in obligation. This serves to mitigate the misuse associated with the broader Power of Attorney (PoA),.

NEW QUESTION # 155
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