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

1. When the obligations arising out of the cash segment settlement and physical settlement of the F&O segment are settled on a net basis, how are the Securities Transaction Tax (STT) and Stamp Duty treated?

A) They are waived for the cash segment leg if the position is hedged in the F&O segment.
B) STT is levied on the gross position, while Stamp Duty is levied on the net obligation.
C) They are calculated based on the notional value of the F&O contract only.
D) They are computed and levied on the final netted delivery obligation after merging both segments.
E) They continue to be computed, levied, and reported on a segment-wise level, regardless of the netting for settlement.

2. Stock brokers bring out regular research reports for their clients. Which of the following is NOT explicitly listed in the NISM workbook as a type of research report typically provided by brokers?

A) Stock Research
B) Daily/weekly/fortnightly/monthly newsletters
C) High-Frequency Arbitrage Reports
D) Special Reports to cater to needs of some investors
E) Fundamental Research

3. Regarding the facility provided by Clearing Corporations to Clearing Members for the pay-in of securities through NSDL/CDSL, which automated mechanism is available to streamline the process?

A) Auto-pledge of client securities directly to the Clearing Corporation without broker intervention.
B) Automatic conversion of physical shares to demat shares on the pay-in date.
C) Auto-borrowing of securities from the Securities Lending and Borrowing (SLB) platform to meet shortfalls.
D) Delivery-out instructions generated automatically by the Clearing Corporation based on the net delivery obligations of its Clearing Members.
E) Automatic debit of the client's bank account for the value of securities short delivered.

4. 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) Both transaction_records and suspicious_transaction_reports
C) transaction_records: 5_years_from_transaction_date
D) suspicious_transaction_reports: 5_years_from_reporting_date
E) All settings are compliant

5. Which of the following statements accurately reflect the operational rules and fee structures of the Online Dispute Resolution (ODR) mechanism? (Select all that apply)

A) If a Market Participant initiates the dispute resolution process, the fees shall be borne by the MIIs and not the Market Participant.
B) The Market Participant is strictly prohibited from shifting the incidence of fees and charges to the investor/client.
C) For claims of Rs 1 or below, the Sole Arbitrator shall conduct a document-only arbitration process unless a hearing is specifically granted.
D) Initiation of the conciliation process after six months from the date of the dispute requires payment of a late fee of Rs 1 ,000 by the initiator.
E) The ODR Portal allocates disputes to ODR Institutions based on a competitive bidding system for fees.

Solutions: