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:

Question #1
Which of the following statements correctly differentiates the operational and regulatory features of 'Triparty Repo' (TREPS) and 'Repo in Corporate Bonds' in the Indian Debt Market?

A. In TREPS, the seller cannot substitute the security during the repo period, whereas in Corporate Bond Repo, substitution is mandatory.
B. Triparty Repo on corporate bonds uses the NDS-OM platform, while Government Securities use the RFQ platform.
C. Corporate Bond Repo allows participants to borrow funds against the collateral of their own securities, whereas TREPS prohibits this.
D. Settlement for Corporate Bond Repo is guaranteed by the RBI directly, while TREPS is settled bilaterally without a central counterparty.
E. In TREPS, the seller of the security has a right to substitute the security, and funds borrowed are exempted from CRR/SLR computation.

Question #2
Besides the settlement of fund obligations, the distinct clearing bank account opened by a Clearing Member is mandated to be used for which of the following sets of transactions?

A. Disbursement of loans to clients and interest payments on overdraft facilities.
B. Payment of margins, release and enhancement of collateral, and payment of penal charges.
C. Collection of dividends, payment of stamp duty to state governments, and GST payments.
D. Payment of staff salaries, office maintenance, and proprietary trading losses.
E. Investment in mutual funds, IPO applications, and portfolio management services.

Question #3
Which of the following statements accurately describe the process and components of 'Delivery Settlement' in the equity F&O segment?
(Select all that apply)

A. The final deliverable/receivable positions at a clearing member are arrived at after netting the obligations of all clients/constituents clearing through them.
B. It applies to Index Futures and Index Options.
C. It considers all in-the-money option contracts which are exercised and assigned.
D. Delivery settlement is optional and can be cash settled if the client chooses.
E. It considers all open futures positions after the close of trading on the expiry day.

Question #4
In the context of Interest Rate Derivatives traded on Indian exchanges, specifically for single bond futures on Government of India (GOI) securities, how is the final settlement price determined if the liquidity criteria in the underlying bond are not met during the last two hours of trading?

A. It is the simple average of the best bid and ask prices available on the NDS-OM platform at 5:00 PM.
B. It is derived from the theoretical price formula: Cash Price + Financing Cost - Income on cash position.
C. It is calculated based on the Value Weighted Average Price (VWAP) of the underlying bond executed during the last 30 minutes of trading on the NDS-OM platform.
D. If less than 5 trades are executed in the underlying bond during the last two hours, the FIMMDA/FBIL price shall be used.
E. It is based on the polling of prices from the top 5 Primary Dealers if less than 10 trades are executed on the exchange.

Question #5
Which mechanism enables the Clearing Corporation to act as a legal counterparty to all trades, thereby becoming the buyer to every seller and the seller to every buyer, to ensure settlement guarantee and manage default risks?

A. Multilateral Netting
B. Novation
C. Interoperability
D. Trade Enrichment
E. Dematerialization

Solutions: