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

1. Every clearing member is required to maintain a separate primary clearing account with a designated clearing bank. Which of the following operational restrictions applies to this account regarding withdrawals?

A) Withdrawals are limited to 50% of the account balance on any given day.
B) Funds can be withdrawn directly to third-party vendor accounts for operational expenses.
C) Funds can be withdrawn only after obtaining a No Objection Certificate (NOC) from the Stock Exchange.
D) Withdrawals are strictly prohibited; funds must only be used for settlement obligations.
E) Funds can be withdrawn only in the self-name of the clearing member.

2. A Trading Member (TM) has the following positions in a specific stock futures contract at the end of a trading day:
Proprietary Account: Buy 2000, Sell 1500
Client A: Buy 1000, Sell 1200
Client B: Buy 500, Sell 100
Based on the methodology for determining the open positions of clearing members in the derivatives segment, what is the TM's 'Open Position' for this contract?

A) 700 contracts (Net Proprietary + Net Client Position)
B) 500 contracts (Net Proprietary Position only)
C) 1100 contracts (Net Proprietary + Absolute Net Client Long + Absolute Net Client Short)
D) 900 contracts (Gross Proprietary + Net Client Position)
E) 6300 contracts (Gross Buy + Gross Sell of all accounts)

3. According to the 'Default Waterfall' mechanism for the Core Settlement Guarantee Fund (Core SGF), if a member defaults, which resource is utilized immediately **after** the defaulting member's monies (and insurance) are exhausted, but **before** the Core SGF corpus is accessed?

A) Penalties credited to Core SGF.
B) Clearing Member Primary Contribution.
C) Stock Exchange contribution to Core SGF.
D) Clearing Corporation resources equal to 5% of the segment MRC.
E) Capped additional contribution by non-defaulting members.

4. With the validation of instructions for Pay-In of securities from Client demat account to Member Pool Account, what action do Depositories take if the quantity in the transfer instruction is more than the obligation provided by the Clearing Corporation (CC)?

A) The instruction is completely rejected.
B) The instruction is held in pending status until the Member confirms the additional quantity.
C) The instruction is processed only if the client provides a specific indemnity bond.
D) The instruction is partially processed by the depositories up to the matching obligation quantity.
E) The instruction is processed for the full quantity, and excess is returned by the Member.

5. What are the specific trading hours for the continuous trading session under the beta version of the T+0 rolling settlement cycle?

A) 09:15AM to 1:30 PM
B) 09:00 AM to 3:30 PM
C) 09:15 AM to 3:30 PM
D) 10:00 AM to 2:00 PM
E) 09:15AM to 12:30 PM

Solutions: