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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. In the context of the validation process for Pay-In of securities from a client's demat account to the Member Pool Account, how do Depositories handle a specific transfer instruction where the quantity specified in the instruction exceeds the client-wise net delivery obligation provided by the Clearing Corporation?

A) The instruction is rejected in its entirety due to the discrepancy in quantity.
B) The instruction is partially processed by the depositories up to the matching obligation quantity.
C) The instruction is kept pending until the Clearing Corporation updates the obligation to match the instruction.
D) The instruction is processed fully, but the excess securities are immediately returned to the client's account by the Clearing Member.
E) The instruction is processed fully, creating an excess balance in the Member Pool Account which is flagged for audit.

2. Periodic settlement of running accounts is mandatory for most clients. However, under which of the following specific circumstances is the periodic settlement of funds **NOT** necessary to the extent of funds involved?

A) For clients who have a credit balance of less than Rs. 10,000.
B) For Non-Resident Indian (NRI) clients dealing through the Portfolio Investment Scheme (PIS).
C) For High Net Worth Individuals (HNIs) who have provided a 'Do Not Settle' instruction.
D) For clients availing Margin Trading Facility (MTF), to the extent of funds/securities relating to MTF used by the client.
E) For clients trading in the derivatives segment with open positions, even if they have excess free cash.

3. Which of the following guidelines are mandated to enable smooth settlement processes and help Clearing Corporations meet obligations in case of holidays? (Select all that apply)

A) Pay-in and pay-out of the first settlement must be completed before the commencement of the subsequent settlement.
B) Settlements for all trade dates falling on holidays must be deferred to the next working week.
C) Depositories shall facilitate inter-depository transfers within one hour and before pay-in for the subsequent settlement begins.
D) CCs shall clear and settle trades on a sequential basis.
E) Members are prohibited from using the pay-out of the first settlement for the subsequent settlement's pay-in.

4. Regarding 'Two-factor authentication' for login sessions in Internet Based Trading (IBT), which of the following implementation details is explicitly advisable/required?

A) It should be implemented using only SMS-based OTP without any other factor.
B) Two-factor authentication is optional and can be replaced by a static high-complexity password.
C) The second factor must always be biometric verification.
D) Public Key Infrastructure (PKI) based implementation using digital signatures is advisable, and the two factors should not be the same.
E) The two factors should be identical (e.g., two different passwords).

5. Regarding the handling of 'Funded Stocks' purchased under the Margin Trading Facility (MTF), which of the following operational procedures is mandated for the Stock Broker (Trading Member)?

A) Funded stocks should be held in a separate 'Client Collateral Account' and can be re-pledged to the Clearing Corporation for other clients' margin obligations.
B) Funded stocks must be transferred to the client's beneficiary account immediately without any pledge.
C) Funded stocks must be transferred to the client's demat account followed by the creation of an auto-pledge in favor of the broker's 'Client Securities under Margin Funding Account'.
D) Funded stocks must be kept in the broker's 'Pool Account' until the client makes full payment.
E) Funded stocks must be transferred to a 'Client Unpaid Securities Pledgee Account' and disposed of within 5 days if payment is not received.

Solutions: