Valid Exam NISM-Series-VII Vce Free & NISM-Series-VII Accurate Answers

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q312-Q317):

NEW QUESTION # 312
Identify the correct expiry and settlement logic for Currency Derivative contracts (USD-INR) traded on Indian stock exchanges.

A. Contracts expire on the last Thursday of the month; Settlement is physical delivery of the foreign currency.
B. Contracts expire two working days prior to the last business day of the month; Final Settlement Price is the average spot rate of the last 30 minutes.
C. Contracts expire on the 1 5th of every month; Settlement is cash settled based on the crossing of FCY-INR rates.
D. Contracts expire on the last working day of the month; Final Settlement Price is the RBI Reference Rate.
E. Contracts expire two working days prior to the last business day of the expiry month at 12:30 pm; Final Settlement Price is the FBIL reference rate.

Answer: E

Explanation:
For Currency Derivatives (USD-INR), the source states: 'The expiry day/ last day for the trading of the monthly contract shall be two working days prior to the last business day of the expiry month at 12.30 pm.' and 'The final settlement price for USDINR... is the FBIL (Financial Benchmarks India Pvt. Ltd.) reference rate.'

NEW QUESTION # 313
According to the requirements for maintaining books of account, what specific details must be recorded in the 'Register of Transactions' (Sauda Book)?

A. General expenses, overheads, salaries, and petty cash adjustments for the broking firm.
B. Details of all dematerialized securities held in the broker's pool account and beneficiary account.
C. Each transaction effected, showing the name of the security, its value, rates gross and net of brokerage, and names of the clients.
D. Only the net obligation of funds and securities to be settled with the Clearing Corporation.
E. Receipts and payments of funds involving clients, distinguishing between margin and settlement obligations.

Answer: C

Explanation:
The Register of Transactions (Sauda Book) is required to include each transaction effected. It must show the name of the security, its value, rates gross and net of brokerage, and names of the clients.

NEW QUESTION # 314
Which of the following statements accurately describes the currency and jurisdictional nature of an International Financial Services Centre (IFSC) in India?

A. It caters to domestic customers only, offering products in foreign currency.
B. It is a jurisdiction providing financial services to non-residents and residents (to the extent permissible) in a currency other than the domestic currency (Indian Rupee).
C. It operates in Indian Rupee (INR) but is exempt from RBI regulations.
D. It operates under the jurisdiction of the state government where it is located, dealing in dual currencies.
E. It is a deemed domestic territory for FEMA purposes but deals in foreign currency.

Answer: B

Explanation:
An IFSC is defined as a jurisdiction that provides world-class financial services to non-residents and residents (to the extent permissible under current regulations) in a currency other than the domestic currency (Indian rupee) of the location where the IFSC is located.

NEW QUESTION # 315
A securities broking firm configures its Compliance Management System (CMS) to manage data retention policies in accordance with the Prevention of Money-Laundering Act (PMLA), 2002.
Review the JSON configuration snippet below regarding record retention timelines:

Based on the SEBI directives and PMLA provisions, which setting in the configuration is legally NON-COMPLIANT?

A. All settings are compliant
B. client_identity_documents: 3_years_from_account_closure
C. transaction_records: 5_years_from_transaction_date
D. suspicious_transaction_reports: 5_years_from_reporting_date
E. Both transaction_records and suspicious_transaction_reports

Answer: B

Explanation:
According to Section 12 of the PMLA, 2002, reporting entities must maintain records of documents evidencing the identity of clients and beneficial owners (e.g., account files, business correspondence) for a period of five years after the business relationship has ended or the account has been closed, whichever is later. The configuration setting of '3 years' is non-compliant.

NEW QUESTION # 316
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 is transferred to the SEBI General Fund.
B. It should be credited to the Core Settlement Guarantee Fund (Core SGF).
C. It must be credited to the Investor Protection Fund (IPF) of the Exchange.
D. It is returned to the defaulting member after deducting a 1% processing fee.
E. It is distributed equally among all non-defaulting clearing members.

Answer: B

Explanation:
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.

NEW QUESTION # 317
......

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Valid Exam NISM-Series-VII Vce Free & NISM-Series-VII Accurate Answers

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NISM NISM-Series-VII Accurate Answers - Detailed NISM-Series-VII Study Plan

NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q312-Q317):

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