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NISM NISM-Series-VII Exam Syllabus Topics:

NISM Series VII - Securities Operations and Risk Management Certification Sample Questions:

Question 1

When the Clearing Corporation conducts an auction for a short delivery but fails to find any sellers for the specific security, a 'Close Out' is initiated. According to the settlement process guidelines, how is the compensation value determined for the buyer in this specific scenario?

A. At the valuation price used for the initial valuation debit plus a 5% close-out charge.
B. At the highest price prevailing across the stock exchange from the day of trading till the auction/close out day OR 20% above the official closing price on the auction day, whichever is higher.
C. At the closing price of the security on the day of the auction plus a fixed penalty of 10%.
D. At the highest price recorded for the security during the last 52 weeks.
E. At the weighted average price of the security on the trading day plus the standard deviation margin.

Question 2

A 'Self Auction' mechanism is utilized to address 'Internal Shortages'. Which of the following scenarios best describes an internal shortage that necessitates this specific procedure?

A. A member shorts a stock in the derivatives segment but holds the physical stock in the cash segment.
B. A selling client fails to deliver shares to the member, but the member has no net obligation to the Clearing Corporation due to an offsetting purchase by another client of the same member.
C. A member fails to deliver securities to the Clearing Corporation because of a shortfall in the Clearing Member Pool Account.
D. The depository fails to transfer shares from the client beneficiary account to the pool account due to a system glitch.
E. A member utilizes client securities for proprietary trading resulting in a shortage during a surprise audit.

Question 3

Which of the following operational parameters and exclusions are correctly associated with the framework for the beta version of the T+0 rolling settlement cycle? (Select all that apply)

A. Trading is not permitted on the Ex-date of securities.
B. Security shortages are handled through a dedicated auction session on T+0 day.
C. The price band is fixed at +1-5% relative to the T+1 market price without re-calibration.
D. Pre-Open, Special Pre-Open, and Post close sessions are not applicable.
E. Pay-in for sell obligations is allowed only via Early Pay-In using the block mechanism.

Question 4

Under the mechanism of 'Net Settlement of Cash segment and Futures & Options (F&O) segment upon expiry of stock derivatives', which of the following investor scenarios is ELIGIBLE for the benefit of netting (merged settlements)?

A. A Portfolio Management Service (PMS) client who is mandatorily directed to enter into delivery-backed transactions.
B. A retail investor whose Trading Member clears F&O trades through Clearing Member 'X' and Cash trades through Clearing Member 'Y'.
C. A retail investor whose Trading Member clears trades in both F&O and Cash segments through the same Clearing Member.
D. An Institutional Investor (FPI Category l) trading through the same Trading Member and Clearing Member in both segments.
E. An investor trading through two different Trading Members who both clear through the same Clearing Member.

Question 5

What is the primary benefit of 'Interoperability' among Clearing Corporations for a Clearing Member (CM)?

A. It allows the CM to execute trades on the Exchange without maintaining a Base Minimum Capital.
B. It mandates the CM to maintain separate settlement accounts for each Exchange, thereby segregating risk.
C. It allows the CM to act as a Custodian for institutional clients without separate registration.
D. It enables the CM to select a single Clearing Corporation to clear and settle trades executed on multiple stock exchanges.
E. It guarantees that the CM will receive interest on the cash component of the Core Settlement Guarantee Fund.

Solutions: