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

1. In the context of 'Settlement of Account of Clients who have not traded in the last 30 days', how must a Trading Member (TM) handle a client's credit balance if the client has not executed any transaction for 30 calendar days?

A) The TM is allowed to retain funds up to Rs. 50,000 for administrative charges and return the rest.
B) The TM must return the entire credit balance to the client on the upcoming settlement dates of the monthly running account settlement cycle, irrespective of the client's preference.
C) The TM must obtain a fresh Running Account Authorization from the client to continue holding the funds.
D) The TM must transfer the funds to the Investor Protection Fund (IPF) after 30 days of inactivity.
E) The TM can continue to hold the funds until the next quarterly settlement date preferred by the client.

2. In the event of a failure by a selling broker to deliver securities in the normal T+1 rolling settlement, the Clearing Corporation initiates a
'Close Out' procedure if the auction fails or is not applicable. Consider a scenario where a trade was executed on Monday (T) at Rs. 500.
The auction was scheduled for Tuesday (T+1 ) but no shares were offered. The highest price prevailing across the Exchange from Monday to Tuesday was Rs. 540. The official closing price on Tuesday (Close-out day) was Rs. 550. At what price will the transaction be closed out?

A) Rs. 600 (Highest price + 20% penalty)
B) Rs. 660 (20% above the official closing price on the close out day)
C) Rs. 540 (Highest price from T to Close-out day)
D) Rs. 550 (Official closing price on Close-out day)
E) Rs. 648 (20% above the highest prevailing price)

3. If a selling broker fails to deliver securities, the Clearing Corporation conducts an auction. If this auction remains unresolved because there are no sellers (Auction Fail), the transaction is subject to a 'Close out'. How is the close-out price calculated to compensate the buyer in such a scenario?

A) At the highest price prevailing across the exchange from the day of trading up to the auction day OR 20% above the official closing price on the auction day, whichever is higher.
B) At the average weighted trade price of the security during the last 5 trading sessions plus brokerage and statutory levies.
C) At the closing price of the securities on the auction day plus a fixed penalty of 5%.
D) At the highest price recorded on the exchange on the trade day only, irrespective of subsequent price movements.
E) At the standard valuation price determined by the Clearing Corporation on the T+1 pay-in day.

4. Straight Through Processing (STP) is mandated for institutional trades. Which of the following best describes the operational benefit and definition of STP in the securities trade life cycle?

A) It involves electronically capturing and processing transactions in one pass, from the point of first 'deal' to final settlement, avoiding manual re-entry.
B) It is a manual process of verifying contract notes against trade logs to ensure accuracy.
C) It is a risk management tool used exclusively by the Front Office to block erroneous orders before they reach the exchange.
D) It refers to the process of auctioning securities in case of delivery shortages.
E) It is a mechanism for retail clients to directly settle trades with the Clearing Corporation.

5. Which of the following instruments allows foreign companies to raise capital directly from the Indian securities market in Indian Rupees?

A) Global Depository Receipts (GDRs)
B) Indian Depository Receipts (IDRs)
C) American Depository Receipts (ADRs)
D) External Commercial Borrowings (ECBs)
E) Foreign Currency Convertible Bonds (FCCBs)

Solutions: