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

1. Regarding the maintenance of a Running Account for funds by a stock broker for a client, which of the following statements accurately reflects the regulatory requirement for the actual settlement of funds?

A) Settlement dates are determined individually by each stock broker based on their internal risk management policy.
B) Settlement must be done on the last trading day of every month or quarter as per the client's preference.
C) Settlement must occur within 24 hours of the payout for every transaction, regardless of the running account authorization.
D) Settlement shall be done on the first Friday and/or Saturday of every month/quarter, based on the annual calendar issued jointly by Stock Exchanges.
E) Settlement is mandatory only when the credit balance exceeds Rs. 10,000; otherwise, funds can be retained indefinitely.

2. 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 involves the handling of exceptional situations like auction settlement and bad delivery.
C) It is the mechanism of linking multiple depositories to facilitate inter-depository transfers.
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 two-way process which involves the actual transfer of funds and securities on the settlement date.

3. In the context of the T+1 Rolling Settlement schedule for the Cash Market, which of the following specific deadlines is mandated for the completion of custodial confirmation of trades to the Clearing Corporation?

A) By 8:30 AM on T+1 day
B) By 4:15 PM on T day
C) By 7:30 AM on T+1 day
D) By 11:00 AM on T+1 day
E) By 9:00 AM on T+1 day

4. In the context of the settlement process, specifically regarding 'Settlement Dues', which of the following statements accurately describes the payment flow and the basis for such payments between the Clearing Agency and its members?

A) Clearing members and custodians pay the Clearing Agency whatever is due for settlement, and in turn, the Clearing Agency pays them moneys payable for every settlement, based on information provided by the Exchange or Clearing Agency.
B) The Clearing Agency pays all dues to clients directly, bypassing the Clearing Members and Custodians, based on the obligation report.
C) Settlement dues are legally payable only by Trading Members to the Stock Exchange, while the Clearing Agency manages only the securities settlement.
D) The Clearing Agency collects settlement dues from Clearing Banks and distributes them to Clearing Members after deducting a statutory fee.
E) Clearing members pay the Clearing Agency based on data from the Depository, while the Clearing Agency pays Custodians based on Exchange data.

5. 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 Saturdays and Sundays.
B) Only days when the Reserve Bank of India (RBI) is closed.
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.

Solutions: