2026年最新の実際に出ると確認されたNISM-Series-VII試験問題集と解答でNISM-Series-VII無料更新
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質問 # 184
In the context of the 'SEBI Complaints Redress System (SCORES 2.0)', which of the following accurately describes the 'Review' mechanism available to a complainant who is dissatisfied with the resolution provided by the regulated entity?
- A. Two levels of review: First by the 'Designated Body' and Second by SEBI.
- B. A mandatory arbitration process initiated automatically upon dissatisfaction.
- C. No review option is available; the complainant must approach the civil court immediately.
- D. A review by the Investor Service Centre of the nearest Stock Exchange within 30 days.
- E. A single-level review conducted directly by the Securities Appellate Tribunal (SAT).
正解：A
解説：
SCORES 2.0 provides two levels of review: First review by the 'Designated Body' if the investor is dissatisfied with the resolution provided by the concerned regulated entity. Second review by SEBI if the investor is still dissatisfied after the first review.
質問 # 185
Under the framework for 'Demat Debit and Pledge Instruction' (DDPI), which replaces the Power of Attorney (POA) for specific purposes, for which of the following activities is the use of DDPI strictly limited to?
- A. Execution of off-market trades between parties other than the related parties.
- B. Opening a new beneficial owner account or a broking facility with another stock broker.
- C. Transfer of funds from the bank account of the client to the stock broker's settlement account for meeting margin requirements.
- D. Transfer of securities held in the beneficial owner accounts of the client towards Stock Exchange related deliveries or settlement obligations.
- E. Transfer of securities to the demat account of the Trading Member for margin purposes (title transfer).
正解：D
解説：
According to the source, the use of DDPI shall be limited only for specific purposes: 1) Transfer of securities held in the beneficial owner accounts of the client towards Stock Exchange related deliveries / settlement obligations; 2) Pledging / re-pledging of securities in favour of TMI CM for meeting margin requirements; 3) Mutual Fund transactions on stock exchange platforms; 4) Tendering shares in open offers. Conditions like transfer of funds or off-market trades are not covered under the limited purpose DDPI.
質問 # 186
Which of the following statements accurately describe the application of the 'Close Out' procedure by the Clearing Corporation? (Select all that apply)
- A. The close out price is strictly fixed at the closing price of the trade day for all scenarios.
- B. Delivery shortages in securities undergoing corporate action are directly closed out.
- C. Securities under 'Trade for Trade' category are subject to direct close out without an auction.
- D. Close out is conducted if an auction for short delivery finds no sellers.
- E. Any surplus proceeds from a close out are credited to the defaulting party's settlement account.
正解：B、C、D
解説：
Option A is correct: Close out happens if auction finds no sellers. Option B is correct: Securities in trade for trade are directly closed out. Option D is correct: Securities under corporate action are directly closed out. Option C is incorrect because surplus is credited to Core SGF. Option E is incorrect because the price formula involves highest price or 20% mark-up.
質問 # 187
Under the framework for validation of instructions for Pay-In of securities, which of the following scenarios results in the immediate rejection of the transfer instruction by the Depositories?
- A. When the instruction is initiated by a Power of Attorney (POA) holder instead of the client directly.
- B. When there are discrepancies in details like UCC, TM ID, CM ID, or ISIN between the instruction and the obligation data.
- C. When the instruction is received on T+1 day instead of T day.
- D. When the quantity in the instruction is less than the obligation provided by the Clearing Corporation.
- E. When the quantity in the instruction is exactly equal to the obligation provided by the Clearing Corporation.
正解：B
解説：
The source states that under 'Unmatched Instruction': 'In case of discrepancies in details like UCC, TM ID, CM ID, ISIN etc., between instruction and obligation, such transfer instructions will be rejected by the depositories.'
質問 # 188
What is the primary operational mandate for Clearing Corporations (CCs) and Depositories to ensure the feasibility of multiple settlements occurring on a single day due to holidays?
- A. They must seek prior approval from SEBI for every individual settlement run.
- B. They must implement a separate risk management framework for holiday settlements.
- C. They must extend the settlement cycle to T+2 temporarily.
- D. They shall follow a strict time schedule to ensure that the settlements are completed on the same day.
- E. They must operate with reduced staff to minimize coordination errors.
正解：D
解説：
The text explicitly states: 'The CCs and depositories shall follow a strict time schedule to ensure that the settlements are completed on the same day.'
質問 # 189
In the case of a **Demerger** where the conditions for re-introducing derivative contracts on the post-restructured company are met, what happens to the *existing* derivative contracts on the pre-restructured company?
- A. They continue to trade with adjusted strike prices until the original expiry date.
- B. They are automatically converted into contracts of the resultant demerged entity based on the demerger ratio.
- C. They are suspended for 3 days and re-listed with new lot sizes on the ex-date.
- D. They are cash-settled immediately at the average price of the last 6 months.
- E. All existing contracts of the security shall be expired on the last cum date.
正解：E
解説：
If the conditions are satisfied dealing with existing derivative contracts on the pre-restructured company, the course of action is that all existing contracts of the security shall be expired on the last cum date.
質問 # 190
The mechanism for the validation of instructions for Pay-In of securities from a client demat account to a Member Pool Account is explicitly NOT applicable to which category of clients?
- A. Clients having arrangements with custodians registered with SEBI for clearing and settlement of trades.
- B. High Net Worth Individuals (HNIs) using Power of Attorney (POA) services.
- C. Corporate clients trading in the derivatives segment only.
- D. Non-Resident Indians (NRIs) trading through a designated stock broker.
- E. Retail investors using the electronic Delivery Instruction Slip (eDIS) facility.
正解：A
解説：
The source explicitly mentions: 'This process shall not be applicable to clients having arrangements with custodians registered with SEBI for clearing and settlement of trades.'
質問 # 191
Under the framework for 'Upstreaming of clients' funds', how should a Trading Member (TM) handle the funds received from clients whose running accounts have been settled?
- A. The funds can be used to settle the running accounts of other clients to ensure liquidity.
- B. The funds can be used for the TM's operational expenses provided they are replaced within 24 hours.
- C. The funds should be invested in equity mutual funds to generate returns for the client.
- D. The funds must be immediately transferred to the TM's proprietary account.
- E. The funds must remain in the 'Up Streaming Client Nodal Bank Account' and cannot be used for settlement of running accounts of other clients.
正解：E
解説：
To safeguard against misuse, 'Trading Member shall ensure that funds, if any, received from clients, whose running account has been settled, remain in the +1Jp Streaming Client Nodal Bank Accounte and no such funds shall be used for settlement of running account of other clients',.
質問 # 192
Regarding the premium settlement for option contracts, at what level is the premium payable or receivable value computed by the Clearing Corporation?
- A. Netting is done across all option contracts for a specific underlying security at the client level.
- B. After netting the premium payable or receivable positions at the Trading Member/Custodial Participant level for each option contract.
- C. Gross at the Trading Member level but netted at the Clearing Member level.
- D. Gross at the individual client level without any netting.
- E. Netting at the Clearing Member level across all segments.
正解：B
解説：
The source states that for premium settlement in respect of admitted deals in options contracts, the premium payable or receivable value of clearing members shall be computed after netting the premium payable or receivable positions at trading member/Custodial Participant level, for each option contract, at the end of each trading day.
質問 # 193
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. Clearing Member Primary Contribution.
- B. Stock Exchange contribution to Core SGF.
- C. Capped additional contribution by non-defaulting members.
- D. Penalties credited to Core SGF.
- E. Clearing Corporation resources equal to 5% of the segment MRC.
正解：E
解説：
The utilization of the Settlement Guarantee Fund is generally in the following order: 1. Monies of defaulting member. 2. Insurance, if any. 3. resources (equal to 5% of the segment 4. Core SGF of the segment.
質問 # 194
In the General Clearing Process for the Cash Segment under the T+1 rolling settlement cycle, by what specific time must the custodial confirmation of trades be completed on the T+1 day?
- A. By 9:00 AM on T+1 Day
- B. By 4:15 PM on T Day
- C. By 11:00 AM on T+1 Day
- D. By 1:30 PM on T+1 Day
- E. By 7:30 AM on T+1 Day
正解：E
解説：
According to the General Clearing process in Cash Segment for T+1 rolling settlement, the clearing members/custodians must confirm back institutional/Custodian Participant trades by 7:30 a.m. on T+1 day. Subsequently, the final obligations are downloaded by 9:00 a.m.
質問 # 195
When a stock broker undertakes 'Video In-Person Verification' (VIPV) for client on-boarding through a digital medium, which of the following operational conditions must be strictly ensured?
- A. The VIPV process can be fully automated using Artificial Intelligence without the need for any authorized official's interaction.
- B. The VIPV must be conducted offline and the recording uploaded to the KRA system later.
- C. The VIPV recording is optional if the client provides a digitally signed self-declaration.
- D. The client is not required to display the officially valid document in the video if Aadhaar e-KYC is used.
- E. The intermediary shall ensure that the photograph downloaded through the Aadhaar authentication process matches with the investor in the VIPV.
正解：E
解説：
The source states that for VIPV: 'The intermediary shall ensure that photograph of the client downloaded through the Aadhaar authentication / verification process matches with the investor in the VIPV.' Also, the VIPV must be in a live environment, and include random questions/responses.
質問 # 196
If a clearing member fails to fulfill the margin obligations, the clearing agency has the authority to initiate disciplinary actions without further notice. Which of the following is explicitly listed as a potential action in such a scenario?
- A. Transfer of client positions to the Investor Protection Fund.
- B. Seizure of the member's personal assets outside the clearing system.
- C. Permanent cancellation of the certificate of registration.
- D. Mandatory conversion of the clearing member to a trading-only member.
- E. Withdrawal of trading facilities and/or clearing facility and close out of outstanding positions.
正解：E
解説：
Non-fulfilment of margin obligations allows the clearing agency to, at its discretion and without further notice, initiate disciplinary action inter-alia including withdrawal of trading facilities and/or clearing facility, close out of outstanding positions, imposing penalties, collecting appropriate deposits, and invoking bank guarantees/fixed deposit receipts.
質問 # 197
Select the correct statements regarding the 'Settlement of Funds' and 'Mode of Payment' compliance requirements for stock brokers.
(Select all that apply)
- A. Brokers are permitted to accept cash from clients for margin purposes up to Rs. 20,000.
- B. Brokers must maintain an audit trail of funds received through electronic fund transfers to ensure they are from the client's own account.
- C. All payments from/to clients must be strictly by account payee crossed cheques/demand drafts or direct credit into the bank account.
- D. Authorization for maintaining a running account can be signed by the client's Power of Attorney (POA) holder.
- E. For clients with outstanding obligations on the settlement date, the broker may retain the requisite funds towards such obligations.
正解：B、C、E
解説：
Statement A is incorrect; Brokers should 'not accept cash'. Statement B is correct. Statement C is incorrect; authorization must be signed 'by the client only and not by any... holder of the Power of Attorney'. Statement D is correct. Statement E is correct.
質問 # 198
Regarding the issuance of Contract Notes by stock brokers, which of the following statements are legally and operationally correct as per regulations? (Select all that apply)
- A. If an ECN bounces, the broker is not required to take further action if the client has opted for electronic delivery.
- B. Contract notes should have a unique running serial number starting from the beginning of the financial year.
- C. Contract notes must be issued within 24 hours of the execution of the trade.
- D. Electronic Contract Notes (ECNs) sent via email must be digitally signed, encrypted, and non-tamperable.
- E. A contract note is valid even if it does not explicitly state the brokerage and statutory levies separately.
正解：B、C、D
解説：
Option A is correct: 'Contract note should be issued within 24 hours of execution'. Option C is correct: 'All ECNs sent through the e-mail shall be digitally signed, encrypted, non-tamperable'. Option D is correct: 'The contract notes should be unique running serially numbered starting from the beginning of the financial year.' Option B is incorrect because a contract note without consideration is null and void and charges must be mentioned. Option E is incorrect because if an ECN bounces, the member 'should send the physical copy of the contract note'.
質問 # 199
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. Close-out Debit
- B. Valuation Debit
- C. Provisional Margin Debit
- D. Shortage Penalty
- E. Auction Pre-payment
正解：B
解説：
Once shortages are identified, the members are debited by an amount equivalent to the securities not delivered and valued at a valuation price. This is known as valuation debit. (Section 6.5)
質問 # 200
With the validation of instructions for Pay-In of securities from Client demat account to Member Pool Account, what action do Depositories take if the quantity in the transfer instruction is more than the obligation provided by the Clearing Corporation (CC)?
- A. The instruction is processed for the full quantity, and excess is returned by the Member.
- B. The instruction is held in pending status until the Member confirms the additional quantity.
- C. The instruction is completely rejected.
- D. The instruction is processed only if the client provides a specific indemnity bond.
- E. The instruction is partially processed by the depositories up to the matching obligation quantity.
正解：E
解説：
If the quantity in instruction is more than the obligation provided by CC, then the instruction will be partially processed by the depositories (i.e., upto the matching obligation quantity).
質問 # 201
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