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

1. Under which of the following circumstances does the Clearing Corporation directly 'Close Out' the shortage WITHOUT conducting an auction session? (Select all that apply)

A) Shortage arising from trades in the T+0 rolling settlement cycle.
B) Shortage in securities under the Trade for Trade Surveillance (TFTS) category.
C) Shortage arising from trades executed in the normal rolling settlement cycle (T+1) for Group I liquid securities.
D) Shortage arising from trades executed in the Block Deal window.
E) Shortage in delivery of securities under corporate action (e.g., undergoing stock split/bonus).

2. Which of the following instruments is specifically defined as a rupee-denominated bond issued outside India by Indian entities to raise money in local currency from foreign investors?

A) Indian Depository Receipts (IDRs)
B) American Depository Receipts (ADRs)
C) Foreign Currency Convertible Bonds (FCCBs)
D) Global Depository Receipts (GDRs)
E) Masala Bonds

3. Since auction sessions are not applicable under the T+0 settlement cycle, how are securities shortages handled by the Clearing Corporation?

A) Shortages are directly closed out at a rate of 20% above the official closing price of the T+1 market.
B) Shortages are settled by borrowing securities from the Securities Lending and Borrowing (SLB) segment automatically.
C) Shortages are deemed as 'bad delivery' and the trade is annulled immediately.
D) Shortages are carried forward to the T+1 auction session conducted on the next day.
E) Shortages are directly closed out at above the highest price of the day across all exchanges for the T+0 market.

4. Regarding the 'Default Waterfall' in the context of the Net Settlement mechanism for Cash and F&O segments, which of the following statements is correct?

A) The Core Settlement Guarantee Fund (SGF) of the F&O segment is utilized first for any default arising from the net settlement obligation.
B) The default waterfall is triggered only after liquidating the defaulting member's proprietary assets across all exchanges.
C) Default losses are covered solely by the Investor Protection Fund (IPF) in the case of net settlement defaults.
D) Clearing Corporations create a unified single default waterfall covering both segments to match the merged settlement.
E) Clearing Corporations continue to maintain segment-wise default waterfalls, and losses are computed on the basis of segment-wise obligations on a pro-rata basis.

5. Regarding the operational timeline for the auction of securities by the Clearing Corporation under the compulsory rolling settlement, which of the following statements is accurate?

A) Members participating in the auction must deliver the shares immediately within 1 hour of acceptance of their offer.
B) Auctions are held exclusively during the pre-open session of the next trading day.
C) The auction for undelivered quantities is conducted on the settlement day itself, typically after the completion of the pay-out process.
D) Auctions are conducted on the T+2 day to allow members extra time to arrange securities.
E) If an auction is not successful in the first attempt, it is automatically rescheduled for the next three consecutive days.

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