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

1. Under the framework for validation of instructions for Pay-In of securities, which of the following scenarios results in the immediate rejection of the transfer instruction by the Depositories?

A) When there are discrepancies in details like UCC, TM ID, CM ID, or ISIN between the instruction and the obligation data.
B) When the instruction is received on T+1 day instead of T day.
C) When the quantity in the instruction is exactly equal to the obligation provided by the Clearing Corporation.
D) When the quantity in the instruction is less than the obligation provided by the Clearing Corporation.
E) When the instruction is initiated by a Power of Attorney (POA) holder instead of the client directly.

2. A stock broker intends to provide an Internet Based Trading (IBT) facility to clients using their own infrastructure. According to the regulatory framework, what is the specific Net Worth requirement for the broker, and what is the timeline within which the Stock Exchange must communicate its decision on the application?

A) Minimum Net Worth: Rs. 1 Crore; Decision Timeline: 15 calendar days.
B) Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 15 working days.
C) Minimum Net Worth: Rs. 25 Lakhs; Decision Timeline: 30 working days.
D) Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 7 calendar days.
E) Minimum Net Worth: Rs. 10 Lakhs; Decision Timeline: 7 working days.

3. Which of the following data fields must match between the transfer instruction and the Clearing Corporation's obligation data for a Pay-In instruction to be considered a 'Matched Instruction' and subsequently executed? (Select all that apply)

A) Client's Bank Account Number
B) CM ID (Clearing Member ID)
C) TM ID (Trading Member ID)
D) UCC (Unique Client Code)
E) ISIN (International Securities Identification Number)

4. According to the SEBI guidelines on Trade Annulment, what is the specific application fee structure that Stock Exchanges must charge for accepting an annulment request from a stock broker?

A) There is no fee for trade annulment if the request is submitted within 30 minutes.
B) A fixed fee of? 1 lakh irrespective of trade value, credited to the Investor Service Fund.
C) 2% of the value of trade(s), with no minimum or maximum cap, credited to the Core Settlement Guarantee Fund.
D) 5% of the value of trade(s), subject to a minimum of? 1 lakh and maximum of ? 10 lakhs.
E) 1% of the value of trade(s), subject to a minimum of ? 50,000 and maximum of ? 5 lakhs.

5. When handling 'Trade Allocation' for institutional clients in the back office, how is a single order placed with the Custodial Participant code 'INST' processed?

A) The trade is kept in a suspense account until the Custodian confirms the trade on T+2 day.
B) The trade is automatically allocated pro-rata to all active clients of the broker to ensure fair distribution.
C) The back office receives deal sheets from the front office and distributes the single trade across various sub-schemes of the client, generating appropriate contract notes.
D) The back office aggregates multiple 'INST' orders into a single block trade for reporting to the Exchange.
E) The 'INST' code is replaced with the broker's proprietary account code, and the trade is settled as a proprietary trade.

Solutions: