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NISM NISM-Series-VII Exam Syllabus Topics:

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

Question 1

In the context of the 'Trade to trade' or 'Gross obligations' method for determining settlement obligations, how are a member's funds obligations calculated?

A. Funds pay-in is the net of cumulative buy and sell values, while funds pay-out is zero.
B. Funds obligations are determined solely based on the netted quantity of securities delivered.
C. Funds pay-in is the cumulative buy value minus 20% margin, and pay-out is the cumulative sell value.
D. Funds pay-in and pay-out are both calculated on a netted basis across all clients.
E. Funds pay-in is equivalent to the cumulative value of buy transactions, and funds pay-out is equivalent to the cumulative sell value.

Question 2

A Trading Member (TM) has the following positions in a specific stock futures contract at the end of a trading day:
Proprietary Account: Buy 2000, Sell 1500
Client A: Buy 1000, Sell 1200
Client B: Buy 500, Sell 100
Based on the methodology for determining the open positions of clearing members in the derivatives segment, what is the TM's 'Open Position' for this contract?

A. 900 contracts (Gross Proprietary + Net Client Position)
B. 1100 contracts (Net Proprietary + Absolute Net Client Long + Absolute Net Client Short)
C. 6300 contracts (Gross Buy + Gross Sell of all accounts)
D. 700 contracts (Net Proprietary + Net Client Position)
E. 500 contracts (Net Proprietary Position only)

Question 3

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. An Institutional Investor (FPI Category l) trading through the same Trading Member and Clearing Member in both segments.
C. An investor trading through two different Trading Members who both clear through the same Clearing Member.
D. A retail investor whose Trading Member clears F&O trades through Clearing Member 'X' and Cash trades through Clearing Member 'Y'.
E. A retail investor whose Trading Member clears trades in both F&O and Cash segments through the same Clearing Member.

Question 4

SEBI introduced Chapter IVA in the SEBI (Stock Brokers) Regulations, 1992, to mandate an 'Institutional Mechanism for Prevention and Detection of Fraud or Market Abuse'. Which of the following is NOT explicitly listed as a required component of this mechanism?

A. Systems for surveillance of trading activities and internal controls
B. Obligations of the stock-broker and its employees
C. Mandatory rotation of the Principal Officer every 3 years
D. Escalation and reporting mechanisms
E. Whistle Blower Policy

Question 5

Under what specific circumstance is a broker or client strictly **prohibited** from unblocking securities that have been blocked in favour of the Clearing Corporation?

A. If the client has an outstanding margin obligation in the derivatives segment.
B. If the Early Pay-In (EPI) benefit has already been provided by the Clearing Corporation to the client for those securities.
C. If the market price of the security increases by more than 5% during the trading day.
D. If the Trading Member has not yet transferred the securities to the Clearing Member's pool account.
E. If the block was created using a physical Delivery Instruction Slip (DIS) instead of eDlS.

Solutions: