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

1. When a delivery shortage is identified before the auction is conducted, the Clearing Corporation debits the clearing member by an amount equivalent to the securities not delivered, valued at a specific price. What is this pre-auction debit transaction formally called?

A) Valuation Debit
B) Provisional Margin Call
C) Auction Entry Fee
D) Shortage Collateral Block
E) Close-out Penalty

2. 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. 660 (20% above the official closing price on the close out day)
B) Rs. 550 (Official closing price on Close-out day)
C) Rs. 648 (20% above the highest prevailing price)
D) Rs. 540 (Highest price from T to Close-out day)
E) Rs. 600 (Highest price + 20% penalty)

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

4. Section 15A of the SEBI Act, 1992, prescribes penalties for failure to furnish information, returns, or reports. What is the specific penalty liability for a person who fails to furnish such documents within the specified time?

A) Imprisonment for a term which may extend to one year, or with fine, or with both.
B) Not less than ? 1 Lakh but may extend to ?1 Lakh for each day during which such failure continues, subject to a maximum of ?1 Crore.
C) A fixed penalty of ?5 Lakhs plus ? 10,000 for every day of delay.
D) A penalty of ?1 Crore irrespective of the duration of the failure.
E) Not less than ? 10 Lakhs but may extend to ?25 Crore depending on the severity of the failure.

5. Under what specific circumstance is a broker or client strictly **prohibited** from unblocking securities that have been blocked in favour of the Clearing Corporation?

A) If the block was created using a physical Delivery Instruction Slip (DIS) instead of eDlS.
B) If the client has an outstanding margin obligation in the derivatives segment.
C) If the Trading Member has not yet transferred the securities to the Clearing Member's pool account.
D) If the Early Pay-In (EPI) benefit has already been provided by the Clearing Corporation to the client for those securities.
E) If the market price of the security increases by more than 5% during the trading day.

Solutions: