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

1. Under the framework of 'Interoperability among Clearing Corporations', how are the inter-Clearing Corporation exposures managed in the peer-to-peer link to ensure that a default by one Clearing Corporation does not cause financial loss to the other?

A) By maintaining a Core Settlement Guarantee Fund (Core SGF) that is shared equally between all interoperable Clearing Corporations.
B) By creating a reserve contract for scrips exclusively listed on one exchange to be invoked at the time of outage.
C) By maintaining sufficient collateral comprising (a) Margins as per existing Risk Management Framework and (b) Additional capital based on credit risk.
D) By requiring the Stock Exchanges to act as the primary guarantor for any inter-CC default up to 50% of the Minimum Required Corpus.
E) By netting the pay-in and pay-out obligations of the Clearing Corporations against the Investor Protection Fund.

2. Identify the category of Clearing Member that possesses both trading and clearing rights and is authorized to clear and settle trades for themselves, other trading members, and custodial participants.

A) Authorized Person
B) Custodian
C) Trading Member-cum-Clearing Member (TCM)
D) Professional Clearing Member (PCM)
E) Trading cum Self-Clearing Member (SCM)

3. The Clearing Corporation performs three main functions: clearing, settlement, and risk management. Which of the following statements accurately defines the specific scope of the 'clearing' function?

A) It is the process of collecting margins and maintaining the Core Settlement Guarantee Fund.
B) It is the two-way process which involves the actual transfer of funds and securities on the settlement date.
C) It involves the handling of exceptional situations like auction settlement and bad delivery.
D) It is the process designed to work out what members are due to deliver and what members are due to receive on the settlement date.
E) It is the mechanism of linking multiple depositories to facilitate inter-depository transfers.

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

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

Solutions: