NISM-Series-VII 무료 덤프문제 온라인 액세스

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.Stock Exchanges must contribute 50% of the MRC, while CC and CMS share the remaining 50% equally.
• B.CC contribution must be at least 25% of the MRC, and CM contribution is voluntary based on trading volume.
• C.CMS are required to contribute 100% of the MRC in the form of bank guarantees, while CC manages the fund without financial contribution.
• D.CMS must contribute at least 50% of the MRC, and this contribution is eligible for margin exposure limits.
• E.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.

Regarding the 'Default Waterfall' in the context of the Net Settlement mechanism for Cash and F&O segments, which of the following statements is correct?

• A.The Core Settlement Guarantee Fund (SGF) of the F&O segment is utilized first for any default arising from the net settlement obligation.
• B.The default waterfall is triggered only after liquidating the defaulting member's proprietary assets across all exchanges.
• C.Clearing Corporations create a unified single default waterfall covering both segments to match the merged settlement.
• D.Default losses are covered solely by the Investor Protection Fund (IPF) in the case of net settlement defaults.
• E.Clearing Corporations continue to maintain segment-wise default waterfalls, and losses are computed on the basis of segment-wise obligations on a pro-rata basis.

Why are Institutional Investors (including Foreign Portfolio Investors) explicitly excluded from the mechanism of Net Settlement of cash segment and physical settlement of F&O segment upon expiry?

• A.Because the extant regulatory framework specifies that all transactions by institutional investors in the cash market should be backed by delivery.
• B.Because they are not required to pay margins in the F&O segment.
• C.Because they are subject to different tax treaties which prevent segment-wise netting.
• D.Because their trading volumes are too high to be accommodated in a net settlement process.
• E.Because they trade through Custodians who do not have clearing rights in the F&O segment.

In the context of the clearing and settlement process within the depository system, SEBI vide its circular dated June 05, 2024, mandated a significant change regarding the pay-out of securities. Which of the following statements accurately describes this revised mechanism?

• A.Securities are held in a temporary 'Transit Account' by the Depository until the client issues a Receipt Instruction.
• B.Securities for pay-out shall be credited directly to the respective client's demat account by the Clearing Corporations.
• C.The timing of the payout of securities remains 1 PM despite the direct credit mechanism.
• D.The direct pay-out mechanism is mandatory for all clients, including those having arrangements with SEBI registered custodians.
• E.Securities for pay-out must be credited to the Clearing Member's Pool Account, who then has 24 hours to transfer them to the client.

Select the correct statements regarding the online risk management system capabilities that a broker must possess for Middle Office Operations. (Select all that apply)

• A.The system should strictly allow order modification only after trade execution is confirmed by the back office.
• B.The system should have the capability to generate reports relating to margin requirements and delivery obligations.
• C.Only orders within parameters like Order Quantity, Value Limits, and Price Limits should be pushed to the exchange.
• D.The system must have on-line real-time risk management for all orders placed on the exchange trading system.
• E.The system must maintain separate ledgers for proprietary and client trades but need not monitor them in real-time.