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

1. Which of the following scenarios is explicitly EXEMPT from the mandatory periodic settlement of running accounts for funds?

A) Clients trading in the derivatives segment only.
B) Clients who have logged into their trading account at least once in the last 30 days.
C) Institutional clients settling trades through custodians.
D) High Net Worth Individuals (HNls) who have provided a written waiver.
E) Clients who have a credit balance of less than Rs. 1 lakh.

2. 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 processed fully, creating an excess balance in the Member Pool Account which is flagged for audit.
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 kept pending until the Clearing Corporation updates the obligation to match the instruction.

3. The 'Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme' is specified under which schedule of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019?

A) Schedule VII
B) Schedule I
C) Schedule XI
D) Schedule V
E) Schedule X

4. Select the correct statements regarding the regulations governing the modification of Client Codes and Custodial Participant (CP) Codes for trades executed on Indian Stock Exchanges. (Select all that apply)

A) Modification between client codes of two unrelated institutional clients will be subject to penalty.
B) Members can modify the Custodial Participant (CP) Code on the T+1 day until 11 AM.
C) Proprietary trades can be modified as client trades and vice versa if the request is made within 45 minutes of trade execution.
D) Stock Exchanges may allow modifications of client codes of non-institutional trades only to rectify a genuine error in entry of client code.
E) Shifting of trades to the 'error account' of the broker is not treated as modification of client code, provided the trades are subsequently liquidated.

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

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