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

1. In the context of clearing membership on a Stock Exchange, identify the member category that possesses only clearing rights (no trading rights) and is authorized to clear and settle trades executed by both trading members and custodian participants.

A) Trading Member-cum-Clearing Member (TCM)
B) Professional Clearing Member (PCM)
C) Trading Member (TM)
D) Trading cum Self-clearing Member (SCM)
E) Authorized Person (AP)

2. A stock broker receives a request from a client to maintain a running account for funds to avoid frequent pay-ins and pay-outs. Regarding the authorization for this running account, which of the following conditions is **MANDATORY** for the broker to accept the request?

A) The authorization can be signed by the Power of Attorney (POA) holder if the client is traveling abroad.
B) The authorization automatically allows the broker to transfer funds between different clients to manage temporary shortages.
C) The actual settlement of funds must be done at least once in a financial year.
D) The authorization must be signed by the client only and cannot be signed by any Authorized Person or POA holder.
E) The authorization is valid for a lifetime unless the broker decides to revoke it due to risk management concerns.

3. In certain market segments or scenarios, the Clearing Corporation bypasses the auction mechanism and directly initiates a 'Close Out' for delivery shortages. Which of the following is a specific case where this direct close-out procedure is mandated?

A) Shortages arising from institutional trades not confirmed by the Custodian.
B) Shortages where the value is less than Rs. 1 Lakh.
C) Shortages in liquid securities (Group l) where the impact cost is less than 1%.
D) Internal shortages within a broker's firm that could not be resolved via self-auction.
E) Trades executed in the Block Deal window.

4. Under the framework of 'Interoperability among Clearing Corporations', how are the inter-Clearing Corporation exposures managed in the peer-to-peer link to ensure that a default by one Clearing Corporation does not cause financial loss to the other?

A) By creating a reserve contract for scrips exclusively listed on one exchange to be invoked at the time of outage.
B) By maintaining sufficient collateral comprising (a) Margins as per existing Risk Management Framework and (b) Additional capital based on credit risk.
C) By netting the pay-in and pay-out obligations of the Clearing Corporations against the Investor Protection Fund.
D) By requiring the Stock Exchanges to act as the primary guarantor for any inter-CC default up to 50% of the Minimum Required Corpus.
E) By maintaining a Core Settlement Guarantee Fund (Core SGF) that is shared equally between all interoperable Clearing Corporations.

5. Which of the following statements accurately describe the operational guidelines for the Online Dispute Resolution (ODR) mechanism in the Indian Securities Market? (Select all that apply)

A) The ODR Institution must appoint a sole independent and neutral conciliator within 5 days of receipt of the reference.
B) If a Market Participant wishes to pursue online arbitration following an unsuccessful conciliation, they must deposit 50% of the admissible claim value with the relevant Mll.
C) The Market Participant can initiate dispute resolution through the ODR Portal after giving due notice of at least 15 calendar days to the investor.
D) Investors must mandatorily exhaust the SCORES portal process before they can initiate any dispute resolution through the ODR Portal.
E) The conciliator shall attempt to reach a resolution within 21 calendar days, which can be extended by a maximum of 10 calendar days by consent.

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