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

1. Which of the following statements are TRUE regarding the management, accruals, and usage of the Core Settlement Guarantee Fund (Core SGF)? (Select all that apply)

A) Stock Exchanges are allowed to transfer excess contribution made by them from the Core SGF of one CC to the Core SGF of another CC in an inter-operable scenario.
B) The Regulatory Oversight Committee (ROC) of the Clearing Corporation manages the Core SGF.
C) Interest on cash contribution to Core SGF accrues to the Clearing Corporation as management fees.
D) Any penalties levied by the Clearing Corporation shall be credited to the Core SGF corpus.
E) CC contribution to Core SGF is treated as a liability and excluded from its net worth.

2. If the Core SGF is utilized during a calendar month due to a default, specific rules apply to the replenishment of contributions by members. Which of the following is the correct restriction on such replenishment?

A) Replenishment is deferred to the next financial quarter to avoid liquidity stress on members.
B) Members must replenish the fund immediately after every default without any limit on the number of times in a month.
C) Replenishment is voluntary and depends on the profitability of the non-defaulting members.
D) Contribution towards replenishment by members is restricted to only once during a period of 30 calendar days, regardless of the number of defaults during the period.
E) Members are liable to replenish the fund only if the default amount exceeds Rs. 100 Crore.

3. While most delivery shortages in compulsory rolling settlements are handled via auction, certain cases result in a direct close-out. For which of the following scenarios is the auction mechanism NOT conducted, and the trade is directly closed out?

A) Shortages in securities that are under 'Trade for Trade' category or currently under corporate action.
B) Shortages caused by a technical glitch in the broker's back-office software.
C) Shortages in A-Group liquid securities with high trading volume.
D) Shortages arising from institutional trades where the custodian has rejected the trade.
E) Shortages where the quantity is less than 500 shares.

4. A Trading Member executes sell orders in the T+0 settlement cycle. What is the mandatory mechanism required to fulfill the pay-in of securities for these sell obligations?

A) Only by way of early pay-in (EPI) using the block mechanism.
B) Inter-depository transfer to the settlement account of the Clearing Corporation post-trading hours.
C) Transfer to the Member Pool Account by 10:30 AM on T day.
D) Standard pay-in instruction via physical DIS submitted to the Depository Participant.
E) Auto-pledge of securities in favor of the Clearing Corporation.

5. According to the eligibility criteria for 'Accredited Investors' in the Indian securities market, which of the following financial profiles satisfies the requirements for an Individual or HUF to obtain accreditation?

A) Annual Income 2 INR 50 Lakhs AND Net Worth INR 5 Crore
B) Net Worth 2 INR 5 Crore, with no specific requirement for financial assets
C) Annual Income INR 2 Crore, irrespective of Net Worth composition
D) Annual Income 2 INR 1 Crore AND Net Worth 2 INR 3 Crore
E) Net Worth 2 INR 7.5 Crore, out of which at least INR 3.75 Crore is in the form of financial assets

Solutions: