NISM National Institute of Securities Markets NISM-Series-VII

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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. The regulations concerning 'Settlement dues' specify the types of funds obligations a clearing member must discharge at the notified time to avoid disciplinary actions. Which of the following combinations correctly represents the scope of these obligations?

A) Settlement dues, Margin money, or Non-settlement dues
B) Settlement dues and Transaction charges only
C) Margin money and Base Minimum Capital (BMC) deposit only
D) Non-settlement dues and Stamp Duty only
E) Settlement dues and Securities Transaction Tax (STT) only

2. Under Section 12 of the Prevention of Money Laundering Act (PMLA), 2002, what is the mandatory retention period for documents evidencing the identity of clients and beneficial owners?

A) Ten years from the date of account opening.
B) Five years from the date of the specific transaction.
C) Seven years from the date of the suspicious transaction report filing.
D) Two years from the date of the last transaction in the account.
E) Five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later.

3. Entities operating in the IFSC at GIFT City are recognized as non-resident entities under FEMA regulations. Which combination of fiscal incentives is explicitly available to these entities?

A) Waiver of Import Duty on Gold and Silver only.
B) Exemption from Stamp Duty and Registration Fees only.
C) Exemption from Security Transaction Tax (STT), Commodity Transaction Tax (CT T), Dividend Distribution Tax (DDT), and Capital Gains waiver.
D) Rebate on Corporate Tax for the first 2 years only.
E) Exemption from GST only.

4. Regarding the operation of the 'Clearing Bank Account' maintained by a Clearing Member, which of the following operational restrictions is explicitly mandated to ensure the account is used exclusively for clearing and settlement operations?

A) Withdrawals are permitted only after obtaining a 'No Objection Certificate' from the Clearing Corporation for each transaction.
B) Funds can be deposited only via Demand Drafts and withdrawn only via electronic transfer.
C) Clearing members are prohibited from depositing proprietary funds into this account; only client funds are permitted.
D) The account must maintain a minimum balance equal to the Base Minimum Capital (BMC) at all times.
E) Clearing members can deposit funds in any form but can withdraw funds from these accounts only in self-name.

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

Solutions: