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NISM-Series-VII: NISM Series VII - Securities Operations and Risk Management Certification preparation & NISM-Series-VII prep4sure torrent

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q208-Q213):

NEW QUESTION # 208
If a selling broker fails to deliver securities, the Clearing Corporation conducts an auction. If this auction remains unresolved because there are no sellers (Auction Fail), the transaction is subject to a 'Close out'. How is the close-out price calculated to compensate the buyer in such a scenario?

A. At the average weighted trade price of the security during the last 5 trading sessions plus brokerage and statutory levies.
B. At the closing price of the securities on the auction day plus a fixed penalty of 5%.
C. At the standard valuation price determined by the Clearing Corporation on the T+1 pay-in day.
D. At the highest price recorded on the exchange on the trade day only, irrespective of subsequent price movements.
E. At the highest price prevailing across the exchange from the day of trading up to the auction day OR 20% above the official closing price on the auction day, whichever is higher.

Answer: E

Explanation:
According to the close-out procedure, if on the auction day there are no sellers, the Clearing Corporation carries out a 'Close out'. In this process, the buyer is compensated by paying the value of the short delivered security at the 'highest price prevailing across the stock exchange from the day of trading till the auction/close out day or 20% above the official closing price on the auction day, whichever is higher'.

NEW QUESTION # 209
To ensure a smooth settlement process in case of holidays, Clearing Corporations (CCs) are required to follow a specific operational sequence. Which of the following statements accurately describes this sequence regarding multiple settlements scheduled for the same day?

A. The pay-out of the subsequent settlement must be completed before the pay-in of the first settlement to ensure liquidity.
B. Settlements are aggregated into a single net obligation for the entire holiday period to avoid sequential processing.
C. The pay-in and pay-out of the first settlement shall be completed before the commencement of the pay-in and pay-out of the subsequent settlement(s).
D. CCs shall process all pay-ins for all scheduled settlements simultaneously before initiating any pay-outs.
E. CCs shall prioritize the settlement with the highest volume, regardless of the chronological order of trade dates.

Answer: C

Explanation:
According to the guidelines for settlement in case of holidays, 'The CCs shall clear and settle the trades on a sequential basis i.e., the pay-in and the pay-out of the first settlement shall be completed before the commencement of the pay-in and pay-out of the subsequent settlement(s).'

NEW QUESTION # 210
To increase efficiency and reduce the time duration from issue closure to listing, a new timeline was introduced for public issues opening on or after December 1, 2023. What is this mandated timeline for listing?

A. T+5 days
B. T+1 days
C. T+2 days
D. T+6 days
E. T+3 days

Answer: E

Explanation:
The text states: 'The T+3 timeline for listing after the closure of public issue will be applicable for all public issues opening on or after December 1, 2023.'

NEW QUESTION # 211
Which of the following statements accurately describe the rules and procedures for **Dividend Adjustment** in the Equity F&O segment?
(Select all that apply)

A. If shareholders in the AGM change the rate declared by the Board, the market price reference changes to the closing price on the day previous to the AGM.
B. In case of extra-ordinary dividend, the total dividend amount is reduced from all strike prices of option contracts.
C. The revised strike prices due to extra-ordinary dividend are applicable from the record date.
D. Adjustment for extra-ordinary dividend is carried out only on futures contracts, not options.
E. Dividends below 2% of the market value of the underlying stock are deemed ordinary dividends and no adjustment is made.

Answer: A,B,E

Explanation:
StatementA is correct: Dividends below 2% are ordinary and not adjusted. Statement B is correct: Total dividend amount is reduced from strike prices. Statement D is correct: If AGM changes the rate, the reference is the closing price previous to the date of the AGM. Statement C is incorrect because revised prices are applicable from the ex.dividend date. Statement E is incorrect as adjustments apply to strike prices of options as well.

NEW QUESTION # 212
Regarding the contributions to the Core Settlement Guarantee Fund (Core SGF), which of the following statements accurately reflects the regulatory requirements for Clearing Members (CMS) and the Clearing Corporation (CC)?

A. CC contribution shall be at least 50% of the MRC from its own funds, and CM primary contribution shall not exceed 25% of the MRC, with no exposure granted on such contribution.
B. CMS are required to contribute 100% of the MRC in the form of bank guarantees, while CC manages the fund without financial contribution.
C. CMS must contribute at least 50% of the MRC, and this contribution is eligible for margin exposure limits.
D. Stock Exchanges must contribute 50% of the MRC, while CC and CMS share the remaining 50% equally.
E. CC contribution must be at least 25% of the MRC, and CM contribution is voluntary based on trading volume.

Answer: A

Explanation:
The source states: 'CC contribution to Core SGF shall be at least 50 percent of the MRC which should be from its own funds.' And 'The total contribution from members to core SGF for each segment will not be more than 25% of MRC... No exposure shall be available to CMS on their contribution to core SGF.'

NEW QUESTION # 213
......

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