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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. In the context of the clearing and settlement process within the depository system, SEBI vide its circular dated June 05, 2024, mandated a significant change regarding the pay-out of securities. Which of the following statements accurately describes this revised mechanism?

A) The timing of the payout of securities remains 1 PM despite the direct credit mechanism.
B) Securities for pay-out shall be credited directly to the respective client's demat account by the Clearing Corporations.
C) Securities for pay-out must be credited to the Clearing Member's Pool Account, who then has 24 hours to transfer them to the client.
D) Securities are held in a temporary 'Transit Account' by the Depository until the client issues a Receipt Instruction.
E) The direct pay-out mechanism is mandatory for all clients, including those having arrangements with SEBI registered custodians.

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

3. Select the correct statements regarding the regulations and procedures governing the auction of securities and handling of proceeds by the Clearing Corporation. (Select all that apply)

A) The members participating in the auction session as sellers are required to deliver the shares to the Clearing Corporation on or before the auction pay-in day, which is the subsequent day.
B) In no case shall the auction be held beyond a period of one week from the pay-in day of the settlement in which the contract was entered into.
C) Any amount remaining from the proceeds of an Auction or Close-out, after settling the aggrieved party's claim, is credited to the Core Settlement Guarantee Fund (Core SGF).
D) The auction for undelivered quantities can be held multiple times for the same settlement until the full quantity is procured.
E) If the auction seller fails to deliver on the auction pay-in day, the deal is closed out at the standard valuation price of the T+1 day.

4. Clearing Members are required to maintain specific demat accounts known as 'Clearing Member Settlement Pool Accounts' with depositories. Which of the following statements accurately describes the legal and operational nature of the securities held in these pool accounts?

A) The Clearing Member does not get any ownership or beneficiary rights over the shares held in these accounts; they are strictly for settlement delivery and receipt.
B) The Clearing Member obtains full ownership rights over the securities in the pool account to facilitate settlement.
C) Securities in the pool account are automatically pledged to the Clearing Corporation as margin and cannot be delivered until unpledged.
D) Corporate action benefits for securities held in the pool account are retained by the Clearing Member as operational fees.
E) Clients cannot transfer shares directly into the Clearing Member's pool account; they must transfer to a beneficiary account first.

5. Which of the following services can a Depository Participant (DP) engage in, as explicitly listed in the NISM workbook? (Select all that apply)

A) Pledging of dematerialized securities & facilitating loans against shares
B) Issuing equity research reports for the depository
C) Receiving electronic credit in respect of securities allotted by issuers under IPO
D) Underwriting of Initial Public Offers (IPOs)
E) Freezing of the demat account for debits, credits, or both

Solutions: