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

1. In the context of the settlement of securities for sale transactions, specifically regarding the 'Demat Debit and Pledge Instruction' (DDPI), which of the following statements accurately defines the scope of authorization given by the client to the stock broker?

A) It is a mandatory requirement for opening a demat account and cannot be revoked by the client under any circumstances.
B) It authorizes the broker to transfer securities for off-market trades between unrelated parties to settle personal debts of the client.
C) It explicitly authorizes the broker to access the client's beneficial owner account for the limited purpose of transferring securities to the broker's pool account to meet pay-in obligations.
D) It allows the broker to pledge the client's securities with a Non-Banking Financial Company (NBFC) to raise working capital for the brokerage firm.
E) It grants full power of attorney to the broker to buy and sell securities without specific trade instructions from the client.

2. Under the 'Direct Pay-out' of securities framework mandated by SEBI, to which category of clients is this facility not applicable?

A) Retail Individual Investors
B) Clients having arrangements with custodians registered with SEBI for clearing and settlement
C) Non-Resident Indians (NRIs) dealing through a Portfolio Investment Scheme (PIS)
D) High Net-worth Individuals (HNls)
E) Qualified Stock Brokers' proprietary trading accounts

3. The 'Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme' is specified under which schedule of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019?

A) Schedule VII
B) Schedule V
C) Schedule I
D) Schedule XI
E) Schedule X

4. According to the framework for the Core Settlement Guarantee Fund (Core SGF), how is the Minimum Required Corpus (MRC) for a segment determined for the upcoming month?

A) It is determined by the Risk Management Committee based on the highest single day loss observed in the last one year.
B) It is the higher of the average of all daily worst-case loss numbers determined from stress tests of the preceding month and the segment MRC as per the previous review.
C) It is calculated as 25% of the liquid net worth of the Clearing Corporation plus the total Base Minimum Capital collected from members.
D) It is the simple average of the daily stress test losses of the preceding month, capped at 15% of the total open interest.
E) It is fixed annually by SEBI based on the projected volume and turnover of the Clearing Corporation.

5. Regarding the maintenance of a Running Account for funds by a stock broker for a client, which of the following statements accurately reflects the regulatory requirement for the actual settlement of funds?

A) Settlement must be done on the last trading day of every month or quarter as per the client's preference.
B) Settlement shall be done on the first Friday and/or Saturday of every month/quarter, based on the annual calendar issued jointly by Stock Exchanges.
C) Settlement dates are determined individually by each stock broker based on their internal risk management policy.
D) Settlement is mandatory only when the credit balance exceeds Rs. 10,000; otherwise, funds can be retained indefinitely.
E) Settlement must occur within 24 hours of the payout for every transaction, regardless of the running account authorization.

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