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NISM NISM-Series-VII Exam Syllabus Topics:

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

Question 1

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 must remain in the 'Up Streaming Client Nodal Bank Account' and cannot be used for settlement of running accounts of other clients.
B. The funds should be invested in equity mutual funds to generate returns for the client.
C. The funds can be used to settle the running accounts of other clients to ensure liquidity.
D. The funds can be used for the TM's operational expenses provided they are replaced within 24 hours.
E. The funds must be immediately transferred to the TM's proprietary account.

Question 2

Regarding the execution of a 'Delivery Instruction Slip' (DIS) for debiting a beneficiary account in a depository, which of the following conditions is **MANDATORY** for the instruction to be processed?

A. The DIS must be signed only by the primary holder in case of joint accounts.
B. The DIS must be physically submitted even if the client has enabled electronic DIS facilities.
C. The DIS must be counter-signed by a SEBI registered official.
D. The execution date on the DIS cannot be a future date; it must be the same as the submission date.
E. The DIS must clearly indicate whether the trade is an 'off-market' trade or a 'market' trade.

Question 3

Which mechanism enables the Clearing Corporation to act as a legal counterparty to all trades, thereby becoming the buyer to every seller and the seller to every buyer, to ensure settlement guarantee and manage default risks?

A. Novation
B. Dematerialization
C. Trade Enrichment
D. Multilateral Netting
E. Interoperability

Question 4

Which of the following statements accurately describes the currency and jurisdictional nature of an International Financial Services Centre (IFSC) in India?

A. It operates under the jurisdiction of the state government where it is located, dealing in dual currencies.
B. It is a deemed domestic territory for FEMA purposes but deals in foreign currency.
C. It operates in Indian Rupee (INR) but is exempt from RBI regulations.
D. It is a jurisdiction providing financial services to non-residents and residents (to the extent permissible) in a currency other than the domestic currency (Indian Rupee).
E. It caters to domestic customers only, offering products in foreign currency.

Question 5

If the conciliation process fails and the **Market Participant** decides to pursue online arbitration, what specific financial requirement must they satisfy prior to the initiation of the online arbitration?

A. They must deposit 75% of the claim value with the Investor Protection Fund (IPF).
B. They must obtain an indemnity bond from the investor for the full claim amount.
C. They must deposit 100% of the admissible claim value with the relevant Market Infrastructure Institution (MII).
D. They must pay a non-refundable arbitration fee of Rs. 25,000.
E. They must provide a Bank Guarantee equivalent to 50% of the claim value.

Solutions: