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

1. Which of the following statements accurately reflect the 'Additional Requirements' and operational controls mandated for Internet Based Trading (IBT) and Securities Trading Using Wireless Technology (STWT)? (Select all that apply)

A) In case of no activity by the client, the system should provide for automatic trading session logout.
B) Encryption levels for communication are governed solely by the Stock Exchange's internal policy, independent of DOT regulations.
C) Brokers using Internet based systems are permitted to cross trades of their clients with each other internally to save transaction costs.
D) The broker system should have on-site as well as remote site back-up capabilities.
E) The broker shall capture the IP (Internet Protocol) address from where the orders are originating.

2. A Trading Member executes sell orders in the T+0 settlement cycle. What is the mandatory mechanism required to fulfill the pay-in of securities for these sell obligations?

A) Only by way of early pay-in (EPI) using the block mechanism.
B) Inter-depository transfer to the settlement account of the Clearing Corporation post-trading hours.
C) Auto-pledge of securities in favor of the Clearing Corporation.
D) Standard pay-in instruction via physical DIS submitted to the Depository Participant.
E) Transfer to the Member Pool Account by 10:30 AM on T day.

3. Under the 'Block Mechanism' in demat accounts for sale transactions, what is the specific operational protocol regarding the movement and unblocking of shares if the sale transaction is **not** executed on the trade day (T day)?

A) Shares are debited from the client's account and held in a suspense account by the Depository until the next trading session.
B) Shares are automatically transferred to the Trading Member's pool account and returned to the client on T+1 day.
C) Shares are transferred to the Clearing Corporation's settlement pool and returned only after the auction session on T+1 .
D) Shares continue to remain in the client's demat account and will be unblocked at the end of the T day.
E) Shares remain blocked until the client explicitly submits a cancellation instruction via the depository participant.

4. Regarding the 'Direct Pay-out' of securities mandated by SEBI vide circular dated June 05, 2024, which of the following operational changes has been implemented concerning the credit of securities and the settlement timing?

A) Securities are credited to the Broker's Pool Account by 1 PM, and the broker must transfer them to the client by 3:30 PM on the same day.
B) Securities are credited directly to the client's demat account by the Clearing Corporation, and the pay-out timing is revised from 1 PM to 3:30 PM.
C) The pay-out timing remains 1 PM, but the securities are credited to the client's account on T+2 day instead of T+1.
D) Securities are credited to a temporary 'Client Unpaid Securities Account' maintained by the Clearing Corporation until funds are cleared.
E) Direct pay-out is applicable only for Institutional Clients, while Retail Clients continue to receive shares via the Broker's Pool Account.

5. Consider the following 'Sell' order book for a security. A new Buy Limit Order for 500 shares at a price of Rs. 121.50 is entered into the system.

Based on the price-time priority mechanism, how will this buy order be executed?

A) 500 shares @ Rs. 121.50
B) 50 shares @ 121.20, 100 shares @ 121.20, 200 shares @ 121.40, and 150 shares @ 121.50
C) 200 shares @ 121.50, 200 shares @ 121.40, and 100 shares @ 121.20
D) 150 shares @ 121.20, 200 shares @ 121.40, and 150 shares @ 121.50
E) The order will remain pending as the full quantity cannot be matched at a single price.

Solutions: