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

1. Which of the following benefits is explicitly granted to 'Accredited Investors' under the 'regulation-light framework'?

A) Complete waiver of KYC documentation requirements
B) Guaranteed allocation in Initial Public Offers (IPOs)
C) Exemption from the lock-in period requirements for pre-IPO holdings
D) Ability to participate in investment products with an investment amount lesser than the minimum amount mandated in respective regulations
E) Exemption from payment of Securities Transaction Tax (STT)

2. Under the framework for 'Settlement of Account of Clients', specific provisions exist for clients who have not traded for a certain period. If a client has a credit balance but has not executed any transaction in the last 30 calendar days, how must the Trading Member (TM) handle the settlement of funds?

A) The TM must retain the funds until the next quarterly settlement date chosen by the client.
B) The TM must settle the account within 24 hours of the 30th day of inactivity.
C) The TM is permitted to transfer the funds to the Investor Protection Fund (IPF) if the client remains inactive for more than 30 days.
D) The TM can continue to maintain the running account if the credit balance is below ? 10,000.
E) The TM must return the entire credit balance to the client on the upcoming settlement date of the monthly running account settlement cycle, irrespective of the client's preference for a quarterly cycle.

3. According to the Securities Contracts (Regulation) Act, 1956 (SCRA), the definition of 'Securities' has been expanded to include various instruments. Which of the following specific instruments is explicitly included in this definition as per the Act?

A) Electronic Gold Receipts issued on the basis of deposit of underlying physical gold
B) Promissory Notes issued by private individuals for personal loans
C) Insurance Policies linked to Unit Linked Insurance Plans (ULIPs)
D) Real Estate Sale Deeds registered under the Registration Act
E) Fixed Deposit Receipts issued by Scheduled Commercial Banks

4. Based on the 'Cyber Security and Cyber Resilience Framework (CSCRF)' for Stock Brokers, which of the following correctly match the 'Cyber Resiliency Goals' with their definitions? (Select all that apply)

A) Recover: Continue essential business functions at times of adversary attacks.
B) Withstand: Restore business functions to the maximum extent subsequent to adversary attacks.
C) Contain: Localise containment of crisis and isolate trusted functions from untrusted ones to continue business operations.
D) Anticipate: Maintain a state of informed preparedness from adversary attacks.
E) Evolve: To change business functions and its supporting cyber capabilities to minimize adverse impacts of adversary attacks.

5. Which of the following statements accurately describes the currency and jurisdictional nature of an International Financial Services Centre (IFSC) in India?

A) It is a jurisdiction providing financial services to non-residents and residents (to the extent permissible) in a currency other than the domestic currency (Indian Rupee).
B) It operates in Indian Rupee (INR) but is exempt from RBI regulations.
C) It caters to domestic customers only, offering products in foreign currency.
D) It operates under the jurisdiction of the state government where it is located, dealing in dual currencies.
E) It is a deemed domestic territory for FEMA purposes but deals in foreign currency.

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