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NISM NISM-Series-VII Exam Syllabus Topics:

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

1. To ensure compliance while providing research-based advisory services, brokerage houses must adhere to specific regulations and circulars. According to the NISM workbook, which of the following represents the governing framework for Research Reports?

A) SEBI (Research Analysts) Regulation, 2014 and Master Circular for Research Analyst dated May 21 , 2024
B) SEBI (Portfolio Managers) Regulations, 2020 and Master Circular dated March 20, 2023
C) Securities Contracts (Regulation) Rules, 1957 and SEBI (Prohibition of Insider Trading) Regulations, 2015
D) SEBI (Investment Advisers) Regulations, 2013 and Master Circular dated December 16, 2020
E) SEBI (Stock Brokers) Regulations, 1992 and Master Circular dated May 21 , 2024

2. For the purpose of corporate action adjustments in the Equity F&O segment, under what specific condition is a dividend deemed to be 'extra-ordinary', thereby necessitating an adjustment to the futures and options contracts?

A) If the dividend amount exceeds 10% of the closing price of the scrip on the record date.
B) If the dividend amount is at and above 2% of the market value of the underlying security.
C) If the dividend declared is more than 5% of the paid-up capital of the company.
D) If the dividend is declared as an 'interim' dividend rather than a 'final' dividend.
E) If the dividend yield exceeds the risk-free interest rate (MIBOR) prevailing on the declaration date.

3. If an auction seller, who participated to fulfill a short delivery, fails to deliver the securities on the auction pay-in day, the deal is closed out. What is the specific pricing formula used to charge the defaulting auction seller in this instance?

A) Official closing price on the close out day plus the auction premium.
B) The price at which the auction offer was originally accepted plus a 5% penalty.
C) Highest price from trade day to close out day OR 20% over official closing price on the close out day, whichever is higher.
D) The maximum price of the security recorded during the entire settlement cycle.
E) Highest price prevailing on the Exchange on the auction day only.

4. Regarding the operational obligations of a Portfolio Manager, which of the following statements regarding the maintenance of books, audit, and reporting to clients is legally accurate?

A) Audit of books is optional for non-discretionary portfolio managers.
B) The portfolio manager is not required to appoint a custodian if they provide discretionary services.
C) Books of account must be preserved for 3 years, and reports furnished to clients annually.
D) Books of account must be audited every quarter, and reports furnished to clients every month.
E) Books of account must be audited yearly, and a report furnished to the client not exceeding a period of three months.

5. Regarding participation in the International Financial Services Centres (IFSC), which of the following categories of resident investors is eligible to deal in securities listed in IFSC?

A) Only resident corporate entities with a net worth exceeding Rs. 100 Crore.
B) Any resident individual irrespective of investment limit.
C) Only resident Qualified Institutional Buyers (QIBs).
D) Residents are strictly prohibited from dealing in securities listed in IFSC.
E) A person resident in India eligible under FEMA to invest funds offshore, to the extent allowed under the Liberalized Remittance Scheme (LRS).

Solutions: