NISM NISM-Series-VII Valid Test : NISM Series VII - Securities Operations and Risk Management Certification

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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. Under the framework of 'Interoperability among Clearing Corporations', how are the inter-Clearing Corporation exposures managed in the peer-to-peer link to ensure that a default by one Clearing Corporation does not cause financial loss to the other?

A) By netting the pay-in and pay-out obligations of the Clearing Corporations against the Investor Protection Fund.
B) By requiring the Stock Exchanges to act as the primary guarantor for any inter-CC default up to 50% of the Minimum Required Corpus.
C) By maintaining sufficient collateral comprising (a) Margins as per existing Risk Management Framework and (b) Additional capital based on credit risk.
D) By maintaining a Core Settlement Guarantee Fund (Core SGF) that is shared equally between all interoperable Clearing Corporations.
E) By creating a reserve contract for scrips exclusively listed on one exchange to be invoked at the time of outage.

2. What is the primary operational mandate for Clearing Corporations (CCs) and Depositories to ensure the feasibility of multiple settlements occurring on a single day due to holidays?

A) They must seek prior approval from SEBI for every individual settlement run.
B) They must implement a separate risk management framework for holiday settlements.
C) They must operate with reduced staff to minimize coordination errors.
D) They shall follow a strict time schedule to ensure that the settlements are completed on the same day.
E) They must extend the settlement cycle to T+2 temporarily.

3. Regarding the maintenance of a Running Account for funds by a stock broker for a client, which of the following statements accurately reflects the regulatory requirement for the actual settlement of funds?

A) Settlement must occur within 24 hours of the payout for every transaction, regardless of the running account authorization.
B) Settlement dates are determined individually by each stock broker based on their internal risk management policy.
C) Settlement shall be done on the first Friday and/or Saturday of every month/quarter, based on the annual calendar issued jointly by Stock Exchanges.
D) Settlement must be done on the last trading day of every month or quarter as per the client's preference.
E) Settlement is mandatory only when the credit balance exceeds Rs. 10,000; otherwise, funds can be retained indefinitely.

4. A purchaser of securities wishes to streamline the process of receiving securities into their demat account. What are the permissible modes for a client to handle receipt instructions with their Depository Participant (DP)?

A) Receipt instructions are not required at all as the Clearing Corporation has a unilateral right to credit any account.
B) The client can give a one-time standing instruction to the DP for receiving securities, or choose to issue separate receipt instructions for each purchase.
C) The client must mandatorily issue a separate physical receipt instruction for every single trade.
D) Standing instructions are only valid for government securities and not for equity shares.
E) The client must grant a Power of Attorney to the Clearing Corporation to auto-credit securities.

5. When implementing the recommended Web Interfaces and Protocols between a Trading Web Server and Trading Client Terminals for IBT, which technical standards are suggested for adoption?

A) Telnet and Gopher protocols
B) WAP 1.0 and WML only
C) POP3 and IMAP protocols
D) FTP Ver 2 or above and SMTP
E) HTTP Ver 4 or above and HTML Ver 4/XML

Solutions: