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

1. In the process of Broker Netting with the Clearing Corporation, what is the sequence of events regarding the determination of obligations?

A) Gross settlement determination Netting within firm Multilateral netting.
B) Pay-in of funds Multilateral netting -> Pay-out of securities.
C) Bilateral netting between brokers -> Confirmation to CC -> Settlement.
D) List of transactions sent to member -> Multilateral netting -> Members informed of amount/securities to receive/pay.
E) Multilateral netting -> List of transactions sent to member -> Pay-in/Pay-out confirmation.

2. Select the correct combination of statements regarding the expiry cycle and settlement of Long Dated Index Options and Equity Index Futures in the Indian Securities Market.

A) Statement I: All Index Futures are cash settled. Statement II: Long dated options are available up to a 5-year expiry cycle with quarterly and half-yearly expiries.
B) Statement I: All Index Futures are physically settled. Statement II: Long dated options expire on the first Thursday of the quarter.
C) Statement I: Index Futures are cash settled. Statement II: Long dated options have a maximum expiry of 12 months.
D) Statement I: Index Futures expire on the last Friday of the month. Statement II: Long dated options follow only a monthly expiry cycle.
E) Statement I: Index Futures are physically settled. Statement II: Long dated options have a 3-year expiry cycle.

3. While institutional trades generally do not attract upfront margins, specific categories of institutional investors are subject to upfront margining similar to non-institutional trades. Identify the category from the list below.

A) Category I Foreign Portfolio Investors (Sovereign Wealth Funds)
B) Public Financial Institutions defined under the Companies Act
C) Mutual Funds registered with SEBI
D) Category II FPIs who are corporate bodies, individuals, or family offices
E) Insurance Companies registered with IRDAI

4. Regarding the facility provided by Clearing Corporations to Clearing Members for the pay-in of securities through NSDL/CDSL, which automated mechanism is available to streamline the process?

A) Automatic conversion of physical shares to demat shares on the pay-in date.
B) Delivery-out instructions generated automatically by the Clearing Corporation based on the net delivery obligations of its Clearing Members.
C) Auto-borrowing of securities from the Securities Lending and Borrowing (SLB) platform to meet shortfalls.
D) Auto-pledge of client securities directly to the Clearing Corporation without broker intervention.
E) Automatic debit of the client's bank account for the value of securities short delivered.

5. In the context of the Indian Money Market, which of the following instruments represents an extension of the interbank call market for uncollateralized lending and borrowing of funds for a period specifically defined as between 15 days and 1 year?

A) Commercial Paper
B) Cash Management Bills
C) Term Money
D) Notice Money
E) Market Repo

Solutions: