NISM NISM-Series-VIIテストエンジン問題集トレーニングには334問あります
NISM-Series-VII問題一発合格させる問題集はNational Institute of Securities Markets認定
質問 # 138
Economic efficiency in the securities market is often described by the 'decoupling' of activities. Which of the following best explains the economic impact of this decoupling as defined in the source?
- A. It restricts the allocation of savings to government-backed securities only.
- B. It allows savers to directly manage the administrative operations of the issuer.
- C. It eliminates the need for financial intermediaries in the transfer of resources.
- D. It mandates that investors must possess surplus funds equal to the issuer's total capital.
- E. It ensures that savers and investors are constrained by the economy's abilities rather than their individual abilities.
正解：E
解説：
The source explicitly states that securities markets provide channels for allocation of savings to investments and thereby decouple these two activities. As a result, the savers and investors are not constrained by their individual abilities, but by the economy's abilities to save and invest respectively.
質問 # 139
Under what specific circumstance is a broker or client strictly **prohibited** from unblocking securities that have been blocked in favour of the Clearing Corporation?
- A. If the Early Pay-In (EPI) benefit has already been provided by the Clearing Corporation to the client for those securities.
- B. If the Trading Member has not yet transferred the securities to the Clearing Member's pool account.
- C. If the block was created using a physical Delivery Instruction Slip (DIS) instead of eDlS.
- D. If the market price of the security increases by more than 5% during the trading day.
- E. If the client has an outstanding margin obligation in the derivatives segment.
正解：A
解説：
The regulations stipulate that the Broker or client shall not be allowed to unblock securities if the Early Pay-In (EPI) benefit is provided by the Clearing Corporation to the client for the same.
質問 # 140
A transferee (buyer) in the depository system wishes to receive securities into their demat account. What is the operational requirement regarding 'Standing Instructions' (SI) for this process?
- A. Standing Instructions are mandatory for all accounts; without them, the account remains inactive.
- B. If 'Standing Instructions' are not given, the transferee must give separate Receipt Instructions each time to the DP to receive securities.
- C. The SI functionality has been replaced entirely by the Demat Debit and Pledge Instruction (DDPI).
- D. Standing Instructions allow the DP to debit the account without a Delivery Instruction Slip (DIS).
- E. Standing Instructions are valid only for off-market transfers and not for market trades.
正解：B
解説：
The transferee has to submit Receipt Instruction to receive securities into his account. However, for the convenience of investor, transferee can give 'Standing Instructions' (SI) to its DP for receiving in securities. If OSI' is not given, then the transferee has to give separate instructions each time for receiving the securities.
質問 # 141
Regarding the utilization of proceeds generated from an Auction or Close-out procedure, what is the regulatory requirement for handling any residual amount remaining after settling the claim of the aggrieved party?
- A. It must be credited to the Investor Protection Fund (IPF) of the Exchange.
- B. It should be credited to the Core Settlement Guarantee Fund (Core SGF).
- C. It is transferred to the SEBI General Fund.
- D. It is distributed equally among all non-defaulting clearing members.
- E. It is returned to the defaulting member after deducting a 1% processing fee.
正解：B
解説：
The proceeds from Auction or Close-out should be used to settle the claim of the aggrieved party. Any amount remaining thereof should be credited to the Core Settlement Guarantee Fund ('Core SGF') instead of crediting it to the defaulting party's account.
質問 # 142
In the context of the settlement of running accounts for funds, specific rules apply to clients who have been inactive. 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?
- A. The TM is required to obtain a fresh running account authorization from the client to retain the funds further.
- B. The TM can continue to retain the funds if the client has opted for a quarterly settlement cycle.
- C. The TM can adjust this credit balance against the margin obligations of other clients in the same family group.
- D. The TM must transfer the funds to the Investor Protection Fund (IPF) immediately after the 30th day.
- E. The TM must return the entire credit balance on the upcoming settlement date of the monthly running account settlement cycle, irrespective of the client's preference.
正解：E
解説：
For clients having a credit balance who have not done any transaction in the 30 calendar days since the last transaction, the entire credit balance shall be returned to the client by the TM on the upcoming settlement dates of the monthly running account settlement cycle (irrespective of the settlement cycle preferred by the client).
質問 # 143
Select the correct statements regarding the 'Settlement of Funds' and 'Mode of Payment' compliance requirements for stock brokers.
(Select all that apply)
- A. All payments from/to clients must be strictly by account payee crossed cheques/demand drafts or direct credit into the bank account.
- B. Authorization for maintaining a running account can be signed by the client's Power of Attorney (POA) holder.
- C. For clients with outstanding obligations on the settlement date, the broker may retain the requisite funds towards such obligations.
- D. Brokers must maintain an audit trail of funds received through electronic fund transfers to ensure they are from the client's own account.
- E. Brokers are permitted to accept cash from clients for margin purposes up to Rs. 20,000.
正解：A、C、D
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 # 144
Distinguishing the roles of market segments is vital for understanding capital formation. Which statement correctly identifies the primary interaction dynamic in the Secondary Market compared to the Primary Market?
- A. The settlement is always done directly between the issuer and the clearing corporation.
- B. It is used primarily for Initial Public Offers (IPOs) and Rights Issues.
- C. The issuer has direct contact with the investor to raise new capital.
- D. It ensures availability of adequate capital at reasonable rates for expansion.
- E. Dealings are strictly between two investors, and the issuer does not come into the picture.
正解：E
解説：
The source clarifies that in the primary market, the issuer has direct contact with the investor. In contrast, in the secondary market, the dealings are between two investors and the issuer does not come into the picture. The secondary market provides liquidity/transferability to existing securities.
質問 # 145
An 'Accreditation Agency' issues an accreditation certificate to an investor. Under what specific condition regarding the investor's financial history is this certificate valid for a period of three years from the date of issuance?
- A. If the applicant is a Body Corporate with a Net Worth INR 50 Crore
- B. If the applicant is a newly incorporated entity meeting the net-worth criteria as on the date of application
- C. If the applicant meets the eligibility criteria in each of the preceding two financial years
- D. If the applicant submits a bank guarantee equivalent to the net worth requirement
- E. If the applicant meets the eligibility criteria for the preceding one financial year
正解：C
解説：
The validity of the accreditation certificate depends on the financial history: If the applicant meets the eligibility criteria for the preceding one financial year, the validity is two years. If the applicant meets the eligibility criteria in each of the preceding two financial years, the validity is three years. Newly incorporated entities meeting net-worth criteria get a two-year validity.
質問 # 146
Consider the following trading data for Broker 'Y' in Security ABC on a specific trading day:
1. Sold 200 shares @ Rs. 10 to Broker X
2. Bought 50 shares @ Rs. 10.50 from Broker Z
3. Bought 300 shares @ Rs. 11 from Broker X
Calculate the Net Fund Obligation for Broker 'Y' to be settled with the Clearing Corporation.
- A. Pay Rs. 1,825
- B. Receive Rs. 2,000
- C. Pay Rs. 3,825
- D. Receive Rs. 1,575
- E. Pay Rs. 1,200
正解：A
解説：
Calculations based on the source example for Broker Y:
Sell Value: 200 * 10 = Rs. 2,000 (Inflow)
Buy Value: (50 10.50) + (300 * 11) = 525 + 3,300 = Rs. 3,825 (Outflow)
Net Fund Obligation = Inflow - Outflow = 2,000 - 3,825 = -1 ,825.
Since the value is negative, Broker Y has to Pay Rs. 1,825.
質問 # 147
In the context of the validation process for Pay-In of securities from a client's demat account to the Member Pool Account, how do Depositories handle a specific transfer instruction where the quantity specified in the instruction exceeds the client-wise net delivery obligation provided by the Clearing Corporation?
- A. The instruction is kept pending until the Clearing Corporation updates the obligation to match the instruction.
- B. The instruction is processed fully, but the excess securities are immediately returned to the client's account by the Clearing Member.
- C. The instruction is rejected in its entirety due to the discrepancy in quantity.
- D. The instruction is processed fully, creating an excess balance in the Member Pool Account which is flagged for audit.
- E. The instruction is partially processed by the depositories up to the matching obligation quantity.
正解：E
解説：
According to the validation process rules: '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 # 148
Select the correct statements regarding the operational features and requirements of the **Block Mechanism ** for Early Pay-in (EPI) transactions. (Select all that apply)
- A. Securities can be blocked by the client using the depository's online system, eDIS mandate, or physical DIS.
- B. The facility of block mechanism is mandatory for all Early Pay-In transactions.
- C. In case of unmatched orders, the Clearing Corporation uploads the cancellation of Block instruction on T+1 day.
- D. Depositories provide transfer instruction details (UCC, TM ID, etc.) to CCs to enable clients to avail EPI benefits.
- E. Pool to Pool transfers of securities are permitted between any two Trading Members under this mechanism.
正解：A、B、D
解説：
Statement A is correct: The facility is mandatory for all EPI transactions. Statement D is correct: Depositories provide details to CCs for EPI. Statement E is correct: Blocking can be done via online system, eDIS, or physical DIS. Statement B is incorrect because for unmatched orders, CCs upload cancellation on day", not T+1. Statement C is incorrect because Pool to Pool transfers are **not permitted** except from TM pool to CM pool.
質問 # 149
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. Corporate clients trading in the derivatives segment only.
- C. High Net Worth Individuals (HNIs) using Power of Attorney (POA) services.
- 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 # 150
Which of the following statements correctly describe the operational framework for the settlement of institutional transactions in the Cash Segment? (Select all that apply)
- A. Institutional investors are permitted to square off their transactions intra-day (Day Trading).
- B. The custodian settles their deliveries on a gross basis with the stock exchanges.
- C. The Custodial Participant (CP) Code must be entered at the time of order entry.
- D. It is mandatory for all institutional trades to be processed through the Straight Through Processing (STP) system.
- E. All transactions are grossed for institutional investors at the custodian level for obligation fulfillment.
正解：C、D、E
解説：
Statement A is correct (Mandatory STP). Statement C is correct (Transactions grossed at custodian level for investor obligation). Statement E is correct (Mandatory CP code at order entry). Statement B is incorrect (Day trading prohibited). Statement D is incorrect because the custodian continues to settle their deliveries on a *net basis* with the stock exchanges/clearing corporation, even though the client obligation is gross.
質問 # 151
In the context of Interest Rate Derivatives traded on Indian exchanges, specifically for single bond futures on Government of India (GOI) securities, how is the final settlement price determined if the liquidity criteria in the underlying bond are not met during the last two hours of trading?
- A. It is based on the polling of prices from the top 5 Primary Dealers if less than 10 trades are executed on the exchange.
- B. It is the simple average of the best bid and ask prices available on the NDS-OM platform at 5:00 PM.
- C. It is derived from the theoretical price formula: Cash Price + Financing Cost - Income on cash position.
- D. If less than 5 trades are executed in the underlying bond during the last two hours, the FIMMDA/FBIL price shall be used.
- E. It is calculated based on the Value Weighted Average Price (VWAP) of the underlying bond executed during the last 30 minutes of trading on the NDS-OM platform.
正解：D
解説：
According to the product specifications for Interest Rate Derivatives, the final settlement price for single bond futures is the value weighted average price of the underlying bond based on prices during the last two hours of trading on NDS-OM. However, a specific fallback exists: 'If less than 5 trades are executed in the underlying bond during the last two hours of trading, then FIMMDA/FBIL price shall be used for final settlement.'
質問 # 152
Under Section 12 of the Prevention of Money Laundering Act (PMLA), 2002, what is the mandatory retention period for documents evidencing the identity of clients and beneficial owners?
- A. Seven years from the date of the suspicious transaction report filing.
- B. Ten years from the date of account opening.
- C. Five years from the date of the specific transaction.
- D. Two years from the date of the last transaction in the account.
- E. Five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later.
正解：E
解説：
The PMLA stipulates two different retention periods. Records of transactions must be maintained for five years from the date of transaction. However, records of documents evidencing identity of clients and beneficial owners must be maintained for five years after the business relationship has ended or the account has been closed, whichever is later.
質問 # 153
Apart from the primary clearing account, a Clearing Member is permitted to maintain an 'additional clearing account' with a designated clearing bank. For what specific operational purposes is this additional account utilized?
- A. For separating proprietary trading funds from client funds.
- B. For the purpose of enhancement of collateral in the form of cash and providing early pay-in of funds.
- C. For receiving dividend payments from listed companies on behalf of clients.
- D. For collecting brokerage and statutory levies from clients.
- E. For settlement of commodities derivatives trades only.
正解：B
解説：
The regulations specify that a Clearing Member can maintain and operate an additional clearing account with a designated clearing bank specifically for the purpose of enhancement of collateral in the form of cash and providing early pay-in of funds.
質問 # 154
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 date of the Board Meeting where the corporate action was announced.
- C. 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.
- D. On the payout date of the relevant settlement cycle.
- E. On the Ex-Date of the corporate action before the start of market hours.
正解：C
解説：
The regulations specify that any adjustment for corporate actions would be carried out 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.
質問 # 155
Which mechanism enables the Clearing Corporation to act as a legal counterparty to all trades, thereby becoming the buyer to every seller and the seller to every buyer, to ensure settlement guarantee and manage default risks?
- A. Trade Enrichment
- B. Dematerialization
- C. Interoperability
- D. Novation
- E. Multilateral Netting
正解：D
解説：
The Clearing Corporation acts as a legal counterparty to all trades through the process called novation. In this process, the Clearing Corporation becomes the buyer to every seller and the seller to every buyer, ensuring settlement even if a broker/clearing member defaults.
質問 # 156
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. Shortage Penalty
- B. Valuation Debit
- C. Close-out Debit
- D. Provisional Margin Debit
- 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 # 157
Clearing Corporations are required to conduct various tests to ensure the adequacy of the Core SGF. What is the specific purpose of the 'Reverse Stress Test' as defined in the risk management framework?
- A. To calculate the historical volatility of the most liquid securities over the past 5 years.
- B. To validate the accuracy of the software used for margin calculation.
- C. To identify under which market conditions and scenarios the combination of margins, Core SGF, and other financial resources would prove insufficient.
- D. To determine the daily settlement price of illiquid futures contracts.
- E. To test the operational capability of the backup disaster recovery site.
正解：C
解説：
The source defines Reverse stress test as: 'CC shall periodically carry out reverse stress tests designed to identify under which market conditions and under what scenarios the combination of its margins, Core SGF and other financial resources prove insufficient to meet its obligations'.
質問 # 158
SEBI designates certain stock brokers as 'Qualified Stock Brokers' (QSBs) based on specific parameters to ensure appropriate governance and risk management. Which of the following parameters are explicitly considered for designating a stock broker as a QSB?
(Select all that apply)
- A. The total number of active clients of the stock broker.
- B. The net worth of the stock broker's promoter group.
- C. The proprietary trading volumes of the stock broker.
- D. The available total assets of clients with the stock broker.
- E. The number of sub-broker offices managed by the stock broker.
正解：A、C、D
解説：
The parameters considered for designating a stock broker as a QSB include: (a) the total number of active clients; (b) the available total assets of clients; (c) trading volumes (excluding proprietary); (d) end of day margin obligations; (e) proprietary trading volumes; (f) compliance score; and (g) grievance redressal score. Promoter net worth and number of sub-broker offices are not listed parameters.
質問 # 159
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