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

1. 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) Withdrawal of trading facility.
B) Immediate transfer of the clearing member's proprietary trades to the Investor Protection Fund.
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.

2. Which of the following statements accurately reflect the regulatory requirements regarding the 'Statement of Accounts' and dispute resolution related to the settlement of funds? (Select all that apply)

A) Brokers are permitted to perform inter-client adjustments for the purpose of settlement if the total fund balance at the broker level is sufficient.
B) Clients must bring any dispute arising from the statement of running account to the notice of the broker within 30 working days from the date of the statement.
C) The actual settlement of funds must be done by the broker at least once in a calendar quarter or month, depending on the client's preference.
D) The Statement of Accounts must contain an extract from the client ledger for funds and the register of securities.
E) If a client requests a return of funds lying with the Clearing Corporation, the broker must transfer them within 7 working days.

3. In the context of the settlement of securities for sale transactions, specifically regarding the 'Demat Debit and Pledge Instruction' (DDPI), which of the following statements accurately defines the scope of authorization given by the client to the stock broker?

A) It allows the broker to pledge the client's securities with a Non-Banking Financial Company (NBFC) to raise working capital for the brokerage firm.
B) It grants full power of attorney to the broker to buy and sell securities without specific trade instructions from the client.
C) It authorizes the broker to transfer securities for off-market trades between unrelated parties to settle personal debts of the client.
D) It explicitly authorizes the broker to access the client's beneficial owner account for the limited purpose of transferring securities to the broker's pool account to meet pay-in obligations.
E) It is a mandatory requirement for opening a demat account and cannot be revoked by the client under any circumstances.

4. 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. 25 Lakhs; Decision Timeline: 30 working days.
B) Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 7 calendar days.
C) Minimum Net Worth: Rs. 1 Crore; Decision Timeline: 15 calendar days.
D) Minimum Net Worth: Rs. 10 Lakhs; Decision Timeline: 7 working days.
E) Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 15 working days.

5. Which SEBI regulation lays down the general conditions for capital market issuances including Initial Public Offers (IPO), Rights Issues, and Qualified Institutional Placements (QIP)?

A) SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
B) SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
C) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
D) SEBI (Prohibition of Insider Trading) Regulations, 2015
E) Securities Contracts (Regulation) Act, 1956

Solutions: