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

1. Every clearing member is required to maintain a separate primary clearing account with a designated clearing bank. Which of the following operational restrictions applies to this account regarding withdrawals?

A) Withdrawals are strictly prohibited; funds must only be used for settlement obligations.
B) Withdrawals are limited to 50% of the account balance on any given day.
C) Funds can be withdrawn only in the self-name of the clearing member.
D) Funds can be withdrawn directly to third-party vendor accounts for operational expenses.
E) Funds can be withdrawn only after obtaining a No Objection Certificate (NOC) from the Stock Exchange.

2. If an auction seller, who participated to fulfill a short delivery, fails to deliver the securities on the auction pay-in day, the deal is closed out. What is the specific pricing formula used to charge the defaulting auction seller in this instance?

A) Highest price prevailing on the Exchange on the auction day only.
B) The maximum price of the security recorded during the entire settlement cycle.
C) Highest price from trade day to close out day OR 20% over official closing price on the close out day, whichever is higher.
D) Official closing price on the close out day plus the auction premium.
E) The price at which the auction offer was originally accepted plus a 5% penalty.

3. In the Clearing Process for Derivatives, how is a Trading Member's (TM) open position calculated for the purpose of exposure and daily margin?

A) Sum of Proprietary Net Position and Client Net Positions (netted across all clients).
B) Gross of all buy and sell transactions without any netting at contract level.
C) Net of Proprietary Position and Client Positions (Buy - Sell for the entire firm).
D) Higher of the Proprietary Position or the sum of Client Positions.
E) Sum of Proprietary Open Position, Client Open Long Position, and Client Open Short Position.

4. When a stock broker's collateral utilization breaches the specific percentage (currently 90%), the 'Risk Reduction Mode' is triggered. Which of the following operational restrictions and conditions apply during this mode? (Select all that apply)

A) Fresh orders placed by the member to reduce the open position will be accepted.
B) Only orders with 'Immediate or Cancel' (IOC) attribute are permitted.
C) Client and Custodial Participant code modification is permitted to rectify errors.
D) Non-margined orders are accepted without restriction to maintain liquidity.
E) All unexecuted orders shall be cancelled immediately.

5. Which of the following statements accurately describe the operational aspects of the Beta version of T+0 rolling settlement cycle introduced by SEBI? (Select all that apply)

A) Pay-in for T+0 sell obligations is allowed only by way of early pay-in using the block mechanism.
B) There shall be no netting in pay-in and pay-out obligations between T+1 and T+0 settlement cycles.
C) An auction session will be conducted on T+0 day itself for any securities shortage.
D) Trading timings for the T+0 session are from 09:15 AM to 3:30 PM.
E) Security shortages shall be directly closed out at 10% above the highest price of the day across all exchanges for T+0 market.

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