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

1. In the context of the settlement process, specifically regarding 'Settlement Dues', which of the following statements accurately describes the payment flow and the basis for such payments between the Clearing Agency and its members?

A) The Clearing Agency pays all dues to clients directly, bypassing the Clearing Members and Custodians, based on the obligation report.
B) The Clearing Agency collects settlement dues from Clearing Banks and distributes them to Clearing Members after deducting a statutory fee.
C) Clearing members and custodians pay the Clearing Agency whatever is due for settlement, and in turn, the Clearing Agency pays them moneys payable for every settlement, based on information provided by the Exchange or Clearing Agency.
D) Settlement dues are legally payable only by Trading Members to the Stock Exchange, while the Clearing Agency manages only the securities settlement.
E) Clearing members pay the Clearing Agency based on data from the Depository, while the Clearing Agency pays Custodians based on Exchange data.

2. To manage firm-level exposure, a broking firm must employ specific procedures. Which of the following activities is primarily associated with the 'Assessment of the Effectiveness of the Strategies, Policies and Procedures' in the risk management function?

A) Ensuring the front office staff executes orders without intervention from the risk department.
B) Setting trading limits for individual clients based on their income tax returns only.
C) Reviewing material changes to methodologies, models, and assumptions of risk management by the governing body.
D) Outlining investment guidelines solely for the purpose of maximizing proprietary trading profits.
E) Reporting compliance exceptions to the sales team for immediate rectification.

3. Regarding Indian Depository Receipts (IDRs) and the regulatory framework for their conversion or redemption into underlying equity shares, which of the following statements accurately reflects the permissible conditions?

A) Redemption is permitted immediately upon listing, provided the fungibility is restricted to one-way conversion from IDRs to shares only.
B) Investors can request redemption into underlying shares at any time, but the underlying shares must be held by a domestic custodian registered with SEBI.
C) Redemption is permitted after 1 year from the date of listing, subject to available headroom calculated as originally issued IDRs minus outstanding IDRs adjusted for redemptions.
D) Two-way fungibility is strictly prohibited; investors can only convert underlying shares into IDRs but cannot redeem IDRs into shares.
E) The headroom for conversion is calculated based on the total paid-up capital of the issuing company rather than the specific number of IDRs issued.

4. 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 can be used to settle the running accounts of other clients to ensure liquidity.
B) The funds should be invested in equity mutual funds to generate returns for the client.
C) The funds can be used for the TM's operational expenses provided they are replaced within 24 hours.
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.

5. In the context of the SEBI Complaints Redress System (SCORES), certain types of complaints are explicitly excluded from its purview Which of the following scenarios represents a complaint that is NOT dealt with through SCORES?

A) Complaint against a company where a moratorium order is passed in insolvency proceedings
B) Complaint regarding discrepancy in the demat account holding statement
C) Complaint regarding non-receipt of refund in an Initial Public Offer (IPO)
D) Complaint regarding non-receipt of dividend from a listed company
E) Complaint regarding unauthorized trading by a registered stock broker

Solutions: