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

1. Which of the following items are mandated contributions by the Stock Exchange to the Investor Protection Fund (IPF) according to SEBI guidelines? (Select all that apply)

A) At least 20% of the listing fees received.
B) 100% of the interest earned on the 1% security deposit kept by issuer companies (immediately on refund).
C) Penalties collected from listed companies for non-compliance with LODR Regulations.
D) 1% of the listing fees received, on a quarterly basis.
E) Penalty collected from Trading Members for deficiency in modification of client code.

2. If a selling broker fails to deliver securities, the Clearing Corporation conducts an auction. If this auction remains unresolved because there are no sellers (Auction Fail), the transaction is subject to a 'Close out'. How is the close-out price calculated to compensate the buyer in such a scenario?

A) At the highest price recorded on the exchange on the trade day only, irrespective of subsequent price movements.
B) At the average weighted trade price of the security during the last 5 trading sessions plus brokerage and statutory levies.
C) At the standard valuation price determined by the Clearing Corporation on the T+1 pay-in day.
D) At the closing price of the securities on the auction day plus a fixed penalty of 5%.
E) At the highest price prevailing across the exchange from the day of trading up to the auction day OR 20% above the official closing price on the auction day, whichever is higher.

3. In the context of Back Office Operations, specifically regarding 'Trade Enrichment', which of the following best describes the process that occurs automatically after trade execution to prepare for clearing and settlement?

A) The netting of buy and sell positions to determine the final open position for the purpose of margin calculation.
B) The splitting of a single institutional order into multiple sub-accounts based on deal sheets provided by the front office.
C) The automatic appending of brokerage rates, GST, stamp duty, and Securities Transaction Tax (STT) to the raw trade data.
D) The generation of a unique client code (IJCC) and mapping it to the client's PAN before the order is routed to the exchange.
E) The manual verification of the 'INST' Custodial Participant code against the clearing member's exposure limits.

4. The relationship between a Depository Participant (DP) and a Depository is governed by an agreement. According to the regulatory norms, where is the form of this agreement specified?

A) In the Master Circular for Depositories issued by RBI
B) In the bye-laws of the Depository
C) In the Securities Contracts (Regulation) Rules, 1957
D) In the Articles of Association of the Depository Participant
E) In the SEBI (Stock Brokers) Regulations, 1992

5. Regarding 'Two-factor authentication' for login sessions in Internet Based Trading (IBT), which of the following implementation details is explicitly advisable/required?

A) Two-factor authentication is optional and can be replaced by a static high-complexity password.
B) The second factor must always be biometric verification.
C) Public Key Infrastructure (PKI) based implementation using digital signatures is advisable, and the two factors should not be the same.
D) The two factors should be identical (e.g., two different passwords).
E) It should be implemented using only SMS-based OTP without any other factor.

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