NISM-Series-VII Actual Real Questions & NISM-Series-VII Test Guide & NISM-Series-VII Exam Quiz

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Investor Grievance Redressal	- Process of investor grievances redressal 1. Procedures for handling complaints 2. Regulatory requirements
Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Regulatory oversight 2. Investor protection
Securities Broking Operations	- Front Office, Middle Office and Back Office functions in a Securities Broking Firm 1. Settlement processing 2. Risk management 3. Trade execution
Trade Life Cycle	- Steps and participants involved in the trade life cycle 1. Clearing and settlement process 2. Role of the back office in a securities broking firm
Risk Management	- Risk management in a securities broking firm 1. Identifying and mitigating risks 2. Compliance and control measures
Indian Securities Market	- Overview of the Indian securities market 1. Different products traded 2. Various market participants and their roles

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q231-Q236):

NEW QUESTION # 231
Which international capital market instrument issued by Indian companies is subscribed to by a non-resident in foreign currency and carries a fixed interest rate with a conversion feature?

A. Masala Bonds
B. External Commercial Borrowings (ECBs)
C. Indian Depository Receipts (IDRs)
D. Foreign Currency Convertible Bonds (FCCBs)
E. Global Depository Receipts (GDRs)

Answer: D

Explanation:
Foreign Currency Convertible Bonds (FCCBs) are bonds issued by Indian companies and subscribed to by a non-resident in foreign currency. They carry a fixed interest or coupon rate and are convertible into a certain number of ordinary shares at a predetermined price,.

NEW QUESTION # 232
Regarding Indian Depository Receipts (IDRs) and the regulatory framework for their conversion or redemption into underlying equity shares, which of the following statements accurately reflects the permissible conditions?

A. Two-way fungibility is strictly prohibited; investors can only convert underlying shares into IDRs but cannot redeem IDRs into shares.
B. Redemption is permitted immediately upon listing, provided the fungibility is restricted to one-way conversion from IDRs to shares only.
C. Investors can request redemption into underlying shares at any time, but the underlying shares must be held by a domestic custodian registered with SEBI.
D. The headroom for conversion is calculated based on the total paid-up capital of the issuing company rather than the specific number of IDRs issued.
E. Redemption is permitted after 1 year from the date of listing, subject to available headroom calculated as originally issued IDRs minus outstanding IDRs adjusted for redemptions.

Answer: E

Explanation:
The regulations for IDRs state that 'Redemption/Conversion is permitted after 1 year from the date of listing of the IDRs.' Furthermore, 'Two way fungibility of IDRs is permitted... However, the number of shares that can be converted into depository receipt should be within the headroom available.' The headroom is defined as 'the number of IDRs originally issued minus the number of IDRs outstanding, which is further adjusted for IDRs redeemed into underlying equity shares.'

NEW QUESTION # 233
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 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.
B. 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.
C. The broker must conduct a private auction among its own clients and can charge a facilitation fee not exceeding 1% of the trade value.
D. Internal shortages must be reported to the Exchange, and the trade should be annulled with mutual consent of both clients.
E. 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.

Answer: A

Explanation:
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.

NEW QUESTION # 234
Regarding the 'Default Waterfall' in the context of the Net Settlement mechanism for Cash and F&O segments, which of the following statements is correct?

A. Default losses are covered solely by the Investor Protection Fund (IPF) in the case of net settlement defaults.
B. Clearing Corporations create a unified single default waterfall covering both segments to match the merged settlement.
C. The default waterfall is triggered only after liquidating the defaulting member's proprietary assets across all exchanges.
D. The Core Settlement Guarantee Fund (SGF) of the F&O segment is utilized first for any default arising from the net settlement obligation.
E. Clearing Corporations continue to maintain segment-wise default waterfalls, and losses are computed on the basis of segment-wise obligations on a pro-rata basis.

Answer: E

Explanation:
Clearing Corporations (CCs) shall continue to settle obligations on a net basis at the CM level. Further, CCs shall continue to maintain segment-wise default waterfalls, regardless of a single settlement across segments. The losses, if any, in case of default of a CM to CC shall be computed on the basis of the segment-wise obligation of CM to CC, on a pro-rata basis.

NEW QUESTION # 235
In the Capital Market / Equity Segment, how is the **Mark to Market (MTM)** margin collected from a clearing member regarding their proprietary and client positions?

A. Netted at the security level across all clients and proprietary account combined.
B. Gross of all open positions; however, proprietary positions can be netted against client positions.
C. Netted across all clients; if the Broker has a net profit across all clients, no margin is collected.
D. Gross of all net positions across all clients; no set-off of loss of one client with the profit of another client.
E. Collected only if the MTM loss exceeds 10% of the VaR margin collected.

Answer: D

Explanation:
MTM margin is collected on the * *gross open position* * of the member. The gross open position means the gross of all net positions across all the clients of a member including his proprietary position. For this purpose, the position of a client would be netted for each of its various securities, but * *the positions of all the clients of a broker would be grossed* * (i.e., only losses are added up, no setoff of loss of one client with profit of another).

NEW QUESTION # 236
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