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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. According to SEBI guidelines regarding the corpus of the Investor Protection Fund (IPF), specific penalties collected by Stock Exchanges contribute to the fund. What is the prescribed quantum of penalty collected from Trading Members (TMs) for default in pay-in by an investor in an Offer For Sale (OFS) transaction that must be credited to the IPF?

A) 5% of the trade value
B) 1% of the trade value
C) 10% of the order value
D) 20% of the shortage amount
E) 2% of the order value

2. Stock Exchanges are required to jointly issue an annual calendar for the settlement of running accounts. According to the regulations, on which specific days of the month/quarter is the settlement of running accounts scheduled to take place?

A) First Monday and/or Tuesday of every month/quarter.
B) First Friday and/or Saturday of every month/quarter.
C) 15th and/or 30th of every month/quarter.
D) Any day chosen by the broker provided the gap does not exceed 30/90 days.
E) Last Friday and/or Saturday of every month/quarter.

3. Under the framework for 'Demat Debit and Pledge Instruction' (DDPI), which replaces the Power of Attorney (POA) for specific purposes, for which of the following activities is the use of DDPI strictly limited to?

A) Transfer of securities to the demat account of the Trading Member for margin purposes (title transfer).
B) Transfer of securities held in the beneficial owner accounts of the client towards Stock Exchange related deliveries or settlement obligations.
C) Execution of off-market trades between parties other than the related parties.
D) Transfer of funds from the bank account of the client to the stock broker's settlement account for meeting margin requirements.
E) Opening a new beneficial owner account or a broking facility with another stock broker.

4. Regarding the execution of a 'Delivery Instruction Slip' (DIS) for debiting a beneficiary account in a depository, which of the following conditions is **MANDATORY** for the instruction to be processed?

A) The DIS must be physically submitted even if the client has enabled electronic DIS facilities.
B) The DIS must clearly indicate whether the trade is an 'off-market' trade or a 'market' trade.
C) The DIS must be counter-signed by a SEBI registered official.
D) The execution date on the DIS cannot be a future date; it must be the same as the submission date.
E) The DIS must be signed only by the primary holder in case of joint accounts.

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

Solutions: