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

1. Direct Market Access (DMA) allows specific clients to access the exchange trading system through the broker's infrastructure. Which of the following is a specific characteristic or requirement of the DMA facility as per SEBI guidelines?

A) It requires manual intervention by the broker for every order to ensure risk compliance.
B) Brokers provide DMA to clients using the broker's proprietary trading codes instead of client codes.
C) Investment managers acting on behalf of institutional clients are prohibited from using DMA.
D) It is available to all retail investors without specific authorization.
E) It allows execution of client orders without manual intervention by the broker, offering advantages like faster execution and reduced risk of errors.

2. In the context of risk management for the T+0 settlement cycle, how are securities shortages handled if a selling member fails to deliver shares?

A) By conducting an auction session on T+1 day along with the regular market auction.
B) The trade is annulled, and the buyer is refunded the transaction amount without penalty.
C) By conducting an auction session on T+0 day at 2:30 PM.
D) By imposing a standard valuation debit of 20% above the closing price.
E) Security shortages are directly closed out at 10% above the highest price of the day across all exchanges for the T+0 market.

3. Regarding the netting of settlement obligations for a member trading in both T+1 and T+0 cycles, which of the following statements is operationally correct?

A) Securities delivered in T+0 pay-out can be immediately netted against T+1 pay-in obligations for the same day.
B) Netting is allowed only if the member opts for the 'Unified Settlement' facility provided by the Clearing Corporation.
C) There shall be no netting in pay-in and pay-out obligations between T+1 and T+0 settlement cycles.
D) Obligations are netted across both cycles to reduce liquidity stress.
E) Netting is permitted only for funds, while securities obligations are kept separate.

4. In the event of a failure by a selling broker to deliver securities in the normal T+1 rolling settlement, the Clearing Corporation initiates a
'Close Out' procedure if the auction fails or is not applicable. Consider a scenario where a trade was executed on Monday (T) at Rs. 500.
The auction was scheduled for Tuesday (T+1 ) but no shares were offered. The highest price prevailing across the Exchange from Monday to Tuesday was Rs. 540. The official closing price on Tuesday (Close-out day) was Rs. 550. At what price will the transaction be closed out?

A) Rs. 540 (Highest price from T to Close-out day)
B) Rs. 660 (20% above the official closing price on the close out day)
C) Rs. 600 (Highest price + 20% penalty)
D) Rs. 648 (20% above the highest prevailing price)
E) Rs. 550 (Official closing price on Close-out day)

5. A securities broking firm configures its Compliance Management System (CMS) to manage data retention policies in accordance with the Prevention of Money-Laundering Act (PMLA), 2002.
Review the JSON configuration snippet below regarding record retention timelines:

Based on the SEBI directives and PMLA provisions, which setting in the configuration is legally NON-COMPLIANT?

A) client_identity_documents: 3_years_from_account_closure
B) suspicious_transaction_reports: 5_years_from_reporting_date
C) transaction_records: 5_years_from_transaction_date
D) All settings are compliant
E) Both transaction_records and suspicious_transaction_reports

Solutions: