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

1. Regarding the premium settlement for option contracts, at what level is the premium payable or receivable value computed by the Clearing Corporation?

A) After netting the premium payable or receivable positions at the Trading Member/Custodial Participant level for each option contract.
B) Netting at the Clearing Member level across all segments.
C) Gross at the Trading Member level but netted at the Clearing Member level.
D) Netting is done across all option contracts for a specific underlying security at the client level.
E) Gross at the individual client level without any netting.

2. A clearing member fails to discharge their funds obligations at the notified time. According to the NISM workbook, this failure renders the member liable for specific consequences regarding their operations. Which of the following is explicitly mentioned as a potential liability/action?

A) Immediate transfer of the clearing member's proprietary trades to the Investor Protection Fund.
B) Withdrawal of trading facility.
C) Suspension of the clearing bank's license.
D) Mandatory liquidation of all client assets held in the pool account.
E) Automatic cancellation of the certificate of registration by SEBI.

3. In the context of handling settlements during holidays, specific provisions are made regarding the utilization of assets received from a prior settlement. How is the pay-out from the first settlement treated in relation to subsequent obligations?

A) It is locked in the member's pool account for 24 hours to prevent misuse.
B) It must be transferred to the client's beneficiary account immediately and cannot be used for subsequent proprietary obligations.
C) It is automatically converted into liquid assets and pledged to the Core Settlement Guarantee Fund.
D) It is returned to the Clearing Corporation to cover potential shortfalls in the subsequent settlement's auction.
E) The cash or securities pay out from the first settlement shall be made available to the member for meeting his pay-in obligations for the subsequent settlement(s).

4. Based on the Securities Contract Regulation Act (SCRA), 1956, select all the instruments that are explicitly included in the definition of 'Securities' from the list below.

A) Electronic Gold Receipts
B) Government Securities
C) Derivatives
D) Zero Coupon Zero Principal Instruments
E) Private Promissory Notes between individuals

5. In the context of the settlement mechanism for institutional transactions, if a Custodian rejects a trade allocated to them by a broker, how is the settlement of such a rejected trade processed?

A) The settlement is deferred to T+2 to allow for re-confirmation.
B) The trade is annulled by the Stock Exchange immediately.
C) The trade is transferred to the broker's error account for liquidation.
D) The Clearing Corporation settles the trade using the Core Settlement Guarantee Fund.
E) The trade is settled through the Delivery Versus Payment (DVP) basis.

Solutions: