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

1. Certain types of complaints fall outside the purview of the SEBI Complaints Redress System (SCORES). Which of the following is explicitly NOT dealt with through SCORES?

A) Complaints regarding unauthorized trading by a sub-broker.
B) Complaints against registered stock brokers regarding non-receipt of funds.
C) Complaints against companies where a moratorium order is passed in insolvency proceedings.
D) Complaints regarding dematerialization delays by a Depository Participant.
E) Complaints against listed companies regarding non-receipt of dividends.

2. In the context of the Cash Market segment, how is the role of a 'Custodian' distinct from that of a standard Trading Member regarding the settlement of trades?

A) Custodians execute trades on the exchange floor but outsource the clearing function to Professional Clearing Members.
B) Custodians automatically guarantee all trades executed by any Trading Member without the need for trade confirmation.
C) Custodians settle trades only for retail clients who do not have a valid PAN.
D) Custodians are primarily responsible for the proprietary trading of the Clearing Corporation.
E) Custodians act as Clearing Members but not Trading Members; they settle trades on behalf of institutional clients executed through other Trading Members.

3. According to the framework for the Core Settlement Guarantee Fund (Core SGF), how is the Minimum Required Corpus (MRC) for a segment determined for the upcoming month?

A) It is the higher of the average of all daily worst-case loss numbers determined from stress tests of the preceding month and the segment MRC as per the previous review.
B) It is determined by the Risk Management Committee based on the highest single day loss observed in the last one year.
C) It is fixed annually by SEBI based on the projected volume and turnover of the Clearing Corporation.
D) It is calculated as 25% of the liquid net worth of the Clearing Corporation plus the total Base Minimum Capital collected from members.
E) It is the simple average of the daily stress test losses of the preceding month, capped at 15% of the total open interest.

4. Which of the following statements accurately describe the operational procedures and timelines within the Clearing Process of the Indian securities market (Cash Segment)? (Select all that apply)

A) Institutional trades are subject to upfront margin collection similar to retail client trades.
B) Modification of the Custodial Participant (CP) code is permitted on T day up to 4:15 pm.
C) The Clearing Corporation performs multilateral netting to determine the net settlement obligations of clearing members.
D) Clearing Members are required to maintain a single consolidated clearing account for all segments (Cash, Derivatives, Debt) to facilitate netting.
E) Final obligations for funds and securities are downloaded to members by the Clearing Corporation on T+1 day by 9:00 am.

5. Identify the correct timeline for the 'Auction Pay-in' and 'Auction Pay-out' of securities and funds in the context of the T+1 rolling settlement cycle.

A) Auction Pay-in: T+1 (After auction session); Auction Pay-out: T+1 (End of day)
B) Auction Pay-in: T+1 (Evening); Auction Pay-out: T+2 (Morning)
C) Auction Pay-in: T+2; Auction Pay-out: T+3
D) Auction Pay-in: T+3; Auction Pay-out: T+3
E) Auction Pay-in: T+2 (Subsequent day); Auction Pay-out: T+2 (Same day)

Solutions: