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NISM Series VII - Securities Operations and Risk Management Certification - NISM-Series-VII Exam Practice Test

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Total 334 questions

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Question 1

Certain types of complaints fall outside the purview of the SEBI Complaints Redress System (SCORES). Which of the following is explicitly NOT dealt with through SCORES?

A. Complaints regarding unauthorized trading by a sub-broker. B. Complaints against registered stock brokers regarding non-receipt of funds. C. Complaints regarding dematerialization delays by a Depository Participant. D. Complaints against companies where a moratorium order is passed in insolvency proceedings. E. Complaints against listed companies regarding non-receipt of dividends.

Correct Answer: D

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Question 2

Which of the following is typically listed as a distinct facility offered by a stock broker's outlet to facilitate advanced trading strategies and execution for clients?

A. Formulation of Monetary Policy B. Issuance of Sovereign Gold Bonds as an Issuer C. Currency printing and minting D. Algorithmic trading E. Adjudication of securities disputes as a Court

Correct Answer: D

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Question 3

Select the correct statements regarding the operational features and requirements of the **Block Mechanism ** for Early Pay-in (EPI) transactions. (Select all that apply)

A. In case of unmatched orders, the Clearing Corporation uploads the cancellation of Block instruction on T+1 day. B. Securities can be blocked by the client using the depository's online system, eDIS mandate, or physical DIS. C. The facility of block mechanism is mandatory for all Early Pay-In transactions. D. Depositories provide transfer instruction details (UCC, TM ID, etc.) to CCs to enable clients to avail EPI benefits. E. Pool to Pool transfers of securities are permitted between any two Trading Members under this mechanism.

Correct Answer: B,C,D

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Question 4

Regarding Indian Depository Receipts (IDRs) and the regulatory framework for their conversion or redemption into underlying equity shares, which of the following statements accurately reflects the permissible conditions?

A. Redemption is permitted after 1 year from the date of listing, subject to available headroom calculated as originally issued IDRs minus outstanding IDRs adjusted for redemptions. B. Two-way fungibility is strictly prohibited; investors can only convert underlying shares into IDRs but cannot redeem IDRs into shares. C. Redemption is permitted immediately upon listing, provided the fungibility is restricted to one-way conversion from IDRs to shares only. D. The headroom for conversion is calculated based on the total paid-up capital of the issuing company rather than the specific number of IDRs issued. E. Investors can request redemption into underlying shares at any time, but the underlying shares must be held by a domestic custodian registered with SEBI.

Correct Answer: A

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Question 5

Distinguishing the roles of market segments is vital for understanding capital formation. Which statement correctly identifies the primary interaction dynamic in the Secondary Market compared to the Primary Market?

A. Dealings are strictly between two investors, and the issuer does not come into the picture. B. The settlement is always done directly between the issuer and the clearing corporation. C. It is used primarily for Initial Public Offers (IPOs) and Rights Issues. D. It ensures availability of adequate capital at reasonable rates for expansion. E. The issuer has direct contact with the investor to raise new capital.

Correct Answer: A

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Question 6

Why are Institutional Investors (including Foreign Portfolio Investors) explicitly excluded from the mechanism of Net Settlement of cash segment and physical settlement of F&O segment upon expiry?

A. Because they trade through Custodians who do not have clearing rights in the F&O segment. B. Because their trading volumes are too high to be accommodated in a net settlement process. C. Because they are not required to pay margins in the F&O segment. D. Because they are subject to different tax treaties which prevent segment-wise netting. E. Because the extant regulatory framework specifies that all transactions by institutional investors in the cash market should be backed by delivery.

Correct Answer: E

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Question 7

In the context of Market Participants, which of the following statements accurately characterizes the regulatory status and operational scope of a 'Custodian' in the securities market?

A. Custodians are exempt from registration with SEBI if they are registered banks. B. Custodians are primarily responsible for executing trades on the exchange floor. C. Custodians are registered as Trading Members but outsource clearing to PCMs. D. Custodians are Clearing Members (like PCMs) but do not possess trading rights. E. Custodians automatically act as the counterparty for all institutional trades.

Correct Answer: D

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Question 8

To bring transparency to the Investor Grievance Redressal Mechanism, stock brokers are mandated to disclose data on complaints received and redressed on their respective websites. What is the specific deadline for this disclosure?

A. By the 15th of the succeeding month B. By the 7th of the succeeding month C. By the 10th of the succeeding month D. By the last day of the succeeding month E. Within 21 days of the end of the quarter

Correct Answer: B

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Total 334 questions

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