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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. Which of the following statements accurately reflect the operational requirements and functions of Clearing Members and Custodians in the Clearing Process? (Select all that apply)

A) Clearing Members act as the legal counterparty to all trades through the process of novation, replacing the Clearing Corporation.
B) Clearing Members must maintain a separate and distinct clearing bank account with a designated clearing bank.
C) Custodians are required to confirm whether they will settle a trade assigned to them; if they fail to confirm, the onus of settlement falls on the executing trading member.
D) Clearing Members can withdraw funds from their designated clearing bank account in favor of third-party vendors for operational expenses.
E) It is mandatory for clearing members to open demat accounts with both depositories (CDSL and NSDL) known as clearing member settlement pool accounts.

2. Which of the following statements accurately describe the features and conditions of the 'Net Settlement of Cash segment and Futures & Options (F&O) segment upon expiry of stock derivatives'? (Select all that apply)

A) Netting of delivery obligations is strictly for the purpose of settlement.
B) Investors whose Trading Member clears trades through different Clearing Corporations for Cash and F&O are eligible for netting.
C) Clearing Corporations continue to maintain segment-wise default waterfalls.
D) Securities Transaction Tax (STT) is computed on the final netted obligation to avoid double taxation.
E) The benefit of netting is available to non-institutional Custodial Participants (CPs) clearing through the same entity registered both as a custodian in cash and as a CM in F&O.

3. Based on the Securities Contract Regulation Act (SCRA), 1956, select all the instruments that are explicitly included in the definition of 'Securities' from the list below.

A) Zero Coupon Zero Principal Instruments
B) Derivatives
C) Electronic Gold Receipts
D) Government Securities
E) Private Promissory Notes between individuals

4. When a corporate action adjustment (such as a bonus ratio of 3:7) results in fractions, a specific methodology is adopted to minimize fraction settlements. How are the Strike Price and Market Lot rounded off in this process?

A) Strike Price: Nearest tick size; Market Lot: Nearest integer
B) Strike Price: Nearest integer; Market Lot: Nearest tick size
C) Strike Price: Rounded up to nearest integer; Market Lot: Rounded down to nearest 100
D) Strike Price: Exact value up to 2 decimal places; Market Lot: Exact value
E) Strike Price: Rounded down to nearest tick; Market Lot: Rounded up to nearest integer

5. Which of the following services can a Depository Participant (DP) engage in, as explicitly listed in the NISM workbook? (Select all that apply)

A) Pledging of dematerialized securities & facilitating loans against shares
B) Underwriting of Initial Public Offers (IPOs)
C) Receiving electronic credit in respect of securities allotted by issuers under IPO
D) Issuing equity research reports for the depository
E) Freezing of the demat account for debits, credits, or both

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