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

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

2. SEBI has issued guidelines regarding the discontinuation of usage of pool accounts for transactions in units of Mutual Funds on Stock Exchange Platforms. Under this framework, which of the following practices is explicitly **PERMITTED** as an exception to the general rule against routing units through pool accounts?

A) Pooling of redemption proceeds in the broker's settlement account for deduction of statutory levies before payout to the client.
B) Issuance of Delivery Instruction Slip (DIS) to the Depository Participant to debit units held in dematerialized mode for delivery to the Clearing Corporation during redemption.
C) Crediting subscription units to the broker's pool account for reconciliation before transferring to the client.
D) Holding non-demat units in a 'Client Unpaid Securities Account' if the client defaults on the subscription payment.
E) Routing funds for subscription through the broker's clearing bank account for clients availing margin trading facilities.

3. Which of the following statements correctly reflect the general responsibilities and investment restrictions imposed on a Portfolio Manager by SEBI? (Select all that apply)

A) The portfolio manager is permitted to lend securities held on behalf of clients to third parties to generate extra income without restriction.
B) Portfolio Managers may invest in units of Mutual Funds only through the direct plan.
C) The discretionary portfolio manager can deploy client funds in bill discounting if authorized by the client.
D) The portfolio manager shall segregate each client's holding in securities in separate accounts.
E) The portfolio manager shall not borrow funds or securities on behalf of the client.

4. Regarding the calculation of the settlement date in a T+1 rolling settlement environment, which of the following days are explicitly excluded when determining the T+1 day?

A) Only days when the Reserve Bank of India (RBI) is closed.
B) Only Saturdays and Sundays.
C) Only Exchange trading holidays.
D) Bank holidays, Exchange/Clearing Corporation holidays, Saturdays, and Sundays.
E) Public holidays declared under the Negotiable Instruments Act only.

5. Under the framework for 'Settlement of Account of Clients', specific provisions exist for clients who have not traded for a certain period. If a client has a credit balance but has not executed any transaction in the last 30 calendar days, how must the Trading Member (TM) handle the settlement of funds?

A) The TM must retain the funds until the next quarterly settlement date chosen by the client.
B) The TM can continue to maintain the running account if the credit balance is below ? 10,000.
C) The TM must settle the account within 24 hours of the 30th day of inactivity.
D) The TM must return the entire credit balance to the client on the upcoming settlement date of the monthly running account settlement cycle, irrespective of the client's preference for a quarterly cycle.
E) The TM is permitted to transfer the funds to the Investor Protection Fund (IPF) if the client remains inactive for more than 30 days.

Solutions: