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

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NISM NISM-Series-VII Exam Syllabus Topics:

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

Question 1

Which of the following statements accurately reflect the roles and functions of a Clearing Corporation as a central counterparty (COP)?
(Select all that apply)

A. It calculates and controls the margining mechanism.
B. It provides independent legal enforcement of contracts, reducing the need for buyers and sellers to take legal action against one another.
C. It executes client orders on the stock exchange platform on behalf of the trading members.
D. It reduces the number of payments due by netting transactions.
E. It guarantees settlement of trades through the process of novation.

Question 2

Transfer of securities from one account to another within the depository system may be done for which of the following purposes?
(Select all that apply)

A. Transfer arising out of a transaction done on a recognized Stock Exchange.
B. Transfer due to an 'off-market' transaction (person-to-person).
C. Transfer for the purpose of evading Stamp Duty.
D. Transfer arising out of account closure.
E. Transfer arising out of transmission of securities.

Question 3

A financial services firm applies for registration as a Portfolio Manager. They nominate Mr. X as the Principal Officer. Mr. X holds a professional qualification in finance from a recognized university. Regarding his experience, which of the following conditions MUST he satisfy to meet the eligibility criteria?

A. Experience of at least 5 years strictly as a stock broker or dealer in the equity derivatives segment.
B. Experience of at least 7 years in related activities in the securities market, with no specific requirement for portfolio management experience.
C. Experience of at least 3 years in related activities in the securities market, with at least 1 year in portfolio management.
D. Experience of at least 5 years in related activities in the securities market, including at least 2 years in portfolio management or investment advisory services or fund management.
E. Experience of at least 2 years in related activities in the securities market if he holds a CFA charter.

Question 4

In the event of a default by a clearing member, the 'Default Waterfall' prescribes the specific order in which resources are utilized. Which of the following resources is utilized immediately after the monies of the defaulting member and Insurance (if any) are exhausted, but before the Core SGF is accessed?

A. The entire Core SGF corpus on a pro-rata basis.
B. Penalties credited to the Core SGF.
C. Capped additional contribution by non-defaulting members.
D. Clearing Corporation resources equal to 5% of the segment MRC.
E. Stock Exchange contribution to the Core SGF.

Question 5

According to the framework for the Core Settlement Guarantee Fund (Core SGF), how is the Minimum Required Corpus (MRC) for a segment determined for the upcoming month?

A. It is determined by the Risk Management Committee based on the highest single day loss observed in the last one year.
B. It is the simple average of the daily stress test losses of the preceding month, capped at 15% of the total open interest.
C. It is calculated as 25% of the liquid net worth of the Clearing Corporation plus the total Base Minimum Capital collected from members.
D. It is the higher of the average of all daily worst-case loss numbers determined from stress tests of the preceding month and the segment MRC as per the previous review.
E. It is fixed annually by SEBI based on the projected volume and turnover of the Clearing Corporation.

Solutions: