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

1. Select the correct combination of statements regarding the expiry cycle and settlement of Long Dated Index Options and Equity Index Futures in the Indian Securities Market.

A) Statement I: All Index Futures are physically settled. Statement II: Long dated options expire on the first Thursday of the quarter.
B) Statement I: Index Futures expire on the last Friday of the month. Statement II: Long dated options follow only a monthly expiry cycle.
C) Statement I: All Index Futures are cash settled. Statement II: Long dated options are available up to a 5-year expiry cycle with quarterly and half-yearly expiries.
D) Statement I: Index Futures are cash settled. Statement II: Long dated options have a maximum expiry of 12 months.
E) Statement I: Index Futures are physically settled. Statement II: Long dated options have a 3-year expiry cycle.

2. Under the framework for 'Upstreaming of clients' funds', how should a Trading Member (TM) handle the funds received from clients whose running accounts have been settled?

A) The funds should be invested in equity mutual funds to generate returns for the client.
B) The funds can be used for the TM's operational expenses provided they are replaced within 24 hours.
C) The funds can be used to settle the running accounts of other clients to ensure liquidity.
D) The funds must remain in the 'Up Streaming Client Nodal Bank Account' and cannot be used for settlement of running accounts of other clients.
E) The funds must be immediately transferred to the TM's proprietary account.

3. When determining the settlement obligations in a scenario involving holidays, why is the sequential basis of settlement (completing first settlement before starting the next) critically important?

A) It is required to separate institutional trades from retail trades.
B) It allows the stock exchange to close the market early.
C) It allows the Clearing Corporation to recalculate margins for the previous week.
D) It ensures that the pay-out (cash/securities) from the first settlement is available to the member to meet obligations for the subsequent settlement.
E) It prevents members from trading in the derivatives segment during the cash market settlement.

4. Under Section 12 of the Prevention of Money Laundering Act (PMLA), 2002, what is the mandatory retention period for documents evidencing the identity of clients and beneficial owners?

A) Two years from the date of the last transaction in the account.
B) Seven years from the date of the suspicious transaction report filing.
C) Five years from the date of the specific transaction.
D) Five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later.
E) Ten years from the date of account opening.

5. 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 kept pending until the Clearing Corporation updates the obligation to match the instruction.
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 partially processed by the depositories up to the matching obligation quantity.

Solutions: