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

1. What is the primary benefit of 'Interoperability' among Clearing Corporations for a Clearing Member (CM)?

A) It allows the CM to act as a Custodian for institutional clients without separate registration.
B) It enables the CM to select a single Clearing Corporation to clear and settle trades executed on multiple stock exchanges.
C) It mandates the CM to maintain separate settlement accounts for each Exchange, thereby segregating risk.
D) It allows the CM to execute trades on the Exchange without maintaining a Base Minimum Capital.
E) It guarantees that the CM will receive interest on the cash component of the Core Settlement Guarantee Fund.

2. Direct Market Access (DMA) allows specific clients to access the exchange trading system through the broker's infrastructure. Which of the following is a specific characteristic or requirement of the DMA facility as per SEBI guidelines?

A) It is available to all retail investors without specific authorization.
B) Investment managers acting on behalf of institutional clients are prohibited from using DMA.
C) It requires manual intervention by the broker for every order to ensure risk compliance.
D) Brokers provide DMA to clients using the broker's proprietary trading codes instead of client codes.
E) It allows execution of client orders without manual intervention by the broker, offering advantages like faster execution and reduced risk of errors.

3. Regarding Indian Depository Receipts (IDRs) and the regulatory framework for their conversion or redemption into underlying equity shares, which of the following statements accurately reflects the permissible conditions?

A) Investors can request redemption into underlying shares at any time, but the underlying shares must be held by a domestic custodian registered with SEBI.
B) The headroom for conversion is calculated based on the total paid-up capital of the issuing company rather than the specific number of IDRs issued.
C) Two-way fungibility is strictly prohibited; investors can only convert underlying shares into IDRs but cannot redeem IDRs into shares.
D) Redemption is permitted after 1 year from the date of listing, subject to available headroom calculated as originally issued IDRs minus outstanding IDRs adjusted for redemptions.
E) Redemption is permitted immediately upon listing, provided the fungibility is restricted to one-way conversion from IDRs to shares only.

4. To enable the validation of Pay-In instructions by Depositories, what is the specific role and timeline mandated for Clearing Corporations (CCs) in this process?

A) CCs shall transfer the securities from the client account to the pool account directly without Depository intervention.
B) CCs must generate a physical delivery instruction slip for every client obligation by T+1 morning.
C) CCs shall provide client-wise net delivery obligations on T day to the depositories.
D) CCs must validate the ISINs in the client account against the Exchange master list on T-1 day.
E) CCs must approve every individual transfer instruction manually before execution on the settlement day.

5. Stock brokers are required to maintain evidence of clients placing orders to prevent unauthorized trades. Which of the following statements accurately describes the regulatory requirements regarding the forms of evidence and the retention period?

A) Telephone recordings are mandatory only for institutional clients and must be kept for 2 years.
B) Evidence must be physical records only, retained for 5 years.
C) Evidence can be physical records, telephone recordings, emails, or SMS logs, and must be retained for a minimum of 3 years.
D) Evidence is optional for internet-based transactions and must be retained for 1 year.
E) In case of a dispute, records can be disposed of immediately after the broker files a response.

Solutions: