最新的National Institute of Securities Markets認證 NISM-Series-VII考試題庫

問題1

In the context of the securities market structure, identifying the correct classification of an issue is critical for regulatory compliance. If an issuer raises resources by issuing shares to a select group of persons rather than the general public, how is this issuance technically classified?

A. Rights Issue

B. Bonus Issue

C. Follow on Public Offer (FPO)

D. Private Placement

E. Initial Public Offer (IPO)

正確答案: D

說明：（僅 VCESoft 成員可見）

問題2

Which of the following statements correctly describe the logic for blocking margins from collateral for different types of trades under the client collateral segregation framework? (Select all that apply)

A. Margins based on trades from the proprietary account of the CM are blocked from the proprietary collateral of the CM only.

B. For a client trade, if TM proprietary collateral is insufficient, the residual margin is blocked from the collateral of other clients of the same TM.

C. If a CM'S proprietary collateral is insufficient for a TM's proprietary trade, the CC utilizes the Core SGF immediately.

D. For a trade from a client account, if client collateral is insufficient, the residual margin is blocked from the TM proprietary collateral.

E. For a trade from the proprietary account of a TM, margin is first blocked from the TM proprietary collateral, and if insufficient, from the CM proprietary collateral.

正確答案: A,D,E

說明：（僅 VCESoft 成員可見）

問題3

Regarding the settlement timelines for Mutual Fund transactions executed on the Stock Exchange platform, which of the following statements accurately describes the funds pay-in requirement for subscription and the funds pay-out timeline for redemption?

A. Funds pay-in for subscription: T+0; Funds pay-out for redemption: T+1 to T+7 depending on the scheme.

B. Funds pay-in for subscription: T+1 ; Funds pay-out for redemption: T+1 for all schemes.

C. Funds pay-in for subscription: T+0; Funds pay-out for redemption: T+0 for Liquid funds and T+2 for Equity funds.

D. Funds pay-in for subscription: T+2; Funds pay-out for redemption: T+3.

E. Funds pay-in for subscription: T+1 ; Funds pay-out for redemption: T+2.

正確答案: A

說明：（僅 VCESoft 成員可見）

問題4

In the T+1 rolling settlement cycle for institutional trades involving a Custodian, what is the specific deadline for the 'Obligation Transfer Request (OTR)' for trades where the 'INST' code was used?

A. 9:00 AM on T+1 Day

B. 7:30 AM on T+1 Day

C. 8:00 PM on T Day

D. 4:15 PM on T Day

E. 11:00 AM on T+1 Day

正確答案: C

說明：（僅 VCESoft 成員可見）

問題5

For stock brokers providing Algorithmic Trading facilities, SEBI has mandated specific controls and audit requirements. Which of the following combinations correctly specifies the server location requirement and the frequency of system audits?

A. Server Location: India; Audit Frequency: Every six months

B. Server Location: Broker's registered office only; Audit Frequency: Every two years

C. Server Location: Co-location facility only; Audit Frequency: Quarterly

D. Server Location: Any global location; Audit Frequency: Annually

E. Server Location: India; Audit Frequency: Once at the time of approval

正確答案: A

說明：（僅 VCESoft 成員可見）

問題6

What is the primary objective of the research reports (Fundamental, Stock, Sector, etc.) regularly brought out by stock brokers?

A. To fulfill the mandatory requirement of the Companies Act, 2013.

B. To manipulate the market price of illiquid securities.

C. To replace the role of the Investment Adviser completely.

D. To generate additional brokerage by encouraging excessive churning of portfolios.

E. To help the investor make informed investment decisions.

正確答案: E

說明：（僅 VCESoft 成員可見）

問題7

In the context of adjustments for corporate actions such as Bonus, Rights, or Mergers in the Equity F&O segment, at what specific point in time is the adjustment carried out?

A. On the Record Date fixed by the company for the corporate action.

B. On the payout date of the relevant settlement cycle.

C. On the Ex-Date of the corporate action before the start of market hours.

D. On the date of the Board Meeting where the corporate action was announced.

E. On the last day on which a security is traded on a 'cum' basis in the underlying equities market after the close of trading hours.

正確答案: E

說明：（僅 VCESoft 成員可見）

問題8

Based on the concept of Multilateral Netting, calculate the Net Quantity obligation for Broker 'Z' given the following trades in Security ABC:
1. Broker Y buys 50 shares from Broker Z @ Rs. 10.50
2. Broker X buys 100 shares from Broker Z @ Rs. 10.50

A. Deliver 100 shares

B. Deliver 50 shares

C. Deliver 150 shares

D. Receive 100 shares

E. Receive 150 shares

正確答案: C

說明：（僅 VCESoft 成員可見）

問題9

Consider the following 'Sell' order book for a security. A new Buy Limit Order for 500 shares at a price of Rs. 121.50 is entered into the system.

Based on the price-time priority mechanism, how will this buy order be executed?

A. 150 shares @ 121.20, 200 shares @ 121.40, and 150 shares @ 121.50

B. 500 shares @ Rs. 121.50

C. The order will remain pending as the full quantity cannot be matched at a single price.

D. 200 shares @ 121.50, 200 shares @ 121.40, and 100 shares @ 121.20

E. 50 shares @ 121.20, 100 shares @ 121.20, 200 shares @ 121.40, and 150 shares @ 121.50

正確答案: E

說明：（僅 VCESoft 成員可見）

問題10

According to the 'Default Waterfall' mechanism for the Core Settlement Guarantee Fund (Core SGF), if a member defaults, which resource is utilized immediately **after** the defaulting member's monies (and insurance) are exhausted, but **before** the Core SGF corpus is accessed?

A. Capped additional contribution by non-defaulting members.

B. Clearing Corporation resources equal to 5% of the segment MRC.

C. Clearing Member Primary Contribution.

D. Penalties credited to Core SGF.

E. Stock Exchange contribution to Core SGF.

正確答案: B

說明：（僅 VCESoft 成員可見）

問題11

In the context of facilitating Initial Public Offerings (IPO), how does the electronic trading infrastructure of broking firms specifically assist investors and the process?

A. Brokers fund the entire IPO application amount for the investor interest-free.

B. Brokers provide a guarantee of allotment to their registered clients for every IPO application.

C. Brokers' systems are connected with the Stock Exchanges' main IPO system, allowing for the online uploading of application forms.

D. Brokers physically collect all applications and manually courier them to the Registrar, bypassing the electronic system.

E. Brokers determine the IPO issue price through an internal book-building process independent of the exchange.

正確答案: C

說明：（僅 VCESoft 成員可見）

問題12

Which of the following statements accurately describe the operational procedures and timelines within the Clearing Process of the Indian securities market (Cash Segment)? (Select all that apply)

A. Institutional trades are subject to upfront margin collection similar to retail client trades.

B. Modification of the Custodial Participant (CP) code is permitted on T day up to 4:15 pm.

C. Final obligations for funds and securities are downloaded to members by the Clearing Corporation on T+1 day by 9:00 am.

D. Clearing Members are required to maintain a single consolidated clearing account for all segments (Cash, Derivatives, Debt) to facilitate netting.

E. The Clearing Corporation performs multilateral netting to determine the net settlement obligations of clearing members.

正確答案: B,C,E

說明：（僅 VCESoft 成員可見）

問題13

In the context of the 'Trade to trade' or 'Gross obligations' method for determining settlement obligations, how are a member's funds obligations calculated?

A. Funds pay-in is the cumulative buy value minus 20% margin, and pay-out is the cumulative sell value.

B. Funds pay-in and pay-out are both calculated on a netted basis across all clients.

C. Funds obligations are determined solely based on the netted quantity of securities delivered.

D. Funds pay-in is equivalent to the cumulative value of buy transactions, and funds pay-out is equivalent to the cumulative sell value.

E. Funds pay-in is the net of cumulative buy and sell values, while funds pay-out is zero.

正確答案: D

說明：（僅 VCESoft 成員可見）

問題14

When a short delivery is identified, the Clearing Corporation debits the member by an amount equivalent to the securities not delivered valued at a specific price. What is this specific debit termed as?

A. Provisional Margin Debit

B. Close-out Debit

C. Valuation Debit

D. Auction Pre-payment

E. Shortage Penalty

正確答案: C

說明：（僅 VCESoft 成員可見）

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