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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. Clearing Corporations are required to conduct various tests to ensure the adequacy of the Core SGF. What is the specific purpose of the 'Reverse Stress Test' as defined in the risk management framework?

A) To validate the accuracy of the software used for margin calculation.
B) To determine the daily settlement price of illiquid futures contracts.
C) To test the operational capability of the backup disaster recovery site.
D) To identify under which market conditions and scenarios the combination of margins, Core SGF, and other financial resources would prove insufficient.
E) To calculate the historical volatility of the most liquid securities over the past 5 years.

2. Under the regulatory framework for 'Authorized Persons' (AP) in the securities market, which of the following compliance requirements is mandatory for their appointment?

A) The Trading Member must obtain specific prior approval for the AP for each segment separately.
B) The AP must be a corporate body under the Companies Act, 2013.
C) The AP is legally liable for their own acts, completely absolving the Trading Member.
D) The AP must register as a separate Trading Member with the Exchange.
E) The AP must deposit a separate Base Minimum Capital (BMC) directly with the Clearing Corporation.

3. When the Clearing Corporation conducts an auction for a short delivery but fails to find any sellers for the specific security, a 'Close Out' is initiated. According to the settlement process guidelines, how is the compensation value determined for the buyer in this specific scenario?

A) At the weighted average price of the security on the trading day plus the standard deviation margin.
B) At the valuation price used for the initial valuation debit plus a 5% close-out charge.
C) At the highest price prevailing across the stock exchange from the day of trading till the auction/close out day OR 20% above the official closing price on the auction day, whichever is higher.
D) At the highest price recorded for the security during the last 52 weeks.
E) At the closing price of the security on the day of the auction plus a fixed penalty of 10%.

4. A Trading Member executes trades in both T+1 and T+0 settlement cycles for the same security on the same day. Which of the following statements correctly describes the netting of obligations between these two segments?

A) Obligations are netted at the client level but not at the member level.
B) Funds are netted across segments, but securities are settled separately.
C) Sell obligations in T+0 are netted against Buy obligations in T+1 to reduce margin requirements.
D) There shall be no netting in pay-in and pay-out obligations between T+1 and T+0 settlement cycle.
E) Netting is permitted only if the member opts for the 'Unified Settlement' facility.

5. To safeguard client funds during the running account settlement process, SEBI has stipulated specific banking procedures. Which of the following statements correctly describes the requirement regarding the 'Up Streaming Client Nodal Bank Account' (USCNBA) during settlement?

A) The USCNBA is used only for receiving funds from the Exchange, while client receipts are deposited in the Settlement Account.
B) Trading Members must ensure that funds received from clients whose running account has been settled remain in the USCNBA and are not used to settle other clients.
C) Funds in the USCNBA can be used for inter-client adjustments if the clients have provided specific consent in the KYC form.
D) Funds can be moved to the broker's proprietary account temporarily to facilitate faster settlement payouts.
E) USCNBA funds must be transferred to the Clearing Corporation's settlement account before being paid out to clients.

Solutions: