結果を保証するには最新2026年08月無料NISM NISM-Series-VIIで練習しよう [Q174-Q193]

新問題 174
Indian Depository Receipts (IDRs) allow foreign companies to raise funds from the Indian securities markets. Which of the following statements accurately reflects the rules regarding the redemption or conversion of IDRs into underlying equity shares?

Redemption is permitted immediately upon listing of the IDRs.

Redemption is permitted only after 3 years from the date of listing.

Redemption/Conversion is permitted after 1 year from the date of listing of the IDRs.

Two-way fungibility is strictly prohibited for IDRs.

IDRs can only be converted into underlying shares if the issuer is a US-based company.

新問題 175
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?

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.

Securities for pay-out shall be credited directly to the respective client’s demat account by the Clearing Corporations.

The direct pay-out mechanism is mandatory for all clients, including those having arrangements with SEBI registered custodians.

Securities are held in a temporary ‘Transit Account’ by the Depository until the client issues a Receipt Instruction.

The timing of the payout of securities remains 1 PM despite the direct credit mechanism.

新問題 176
Straight Through Processing (STP) is mandated for institutional trades. Which of the following best describes the operational benefit and definition of STP in the securities trade life cycle?

It is a manual process of verifying contract notes against trade logs to ensure accuracy.

It involves electronically capturing and processing transactions in one pass, from the point of first ‘deal’ to final settlement, avoiding manual re-entry.

It is a risk management tool used exclusively by the Front Office to block erroneous orders before they reach the exchange.

It refers to the process of auctioning securities in case of delivery shortages.

It is a mechanism for retail clients to directly settle trades with the Clearing Corporation.

新問題 177
Which of the following instruments is specifically defined as a rupee-denominated bond issued outside India by Indian entities to raise money in local currency from foreign investors?

Global Depository Receipts (GDRs)

Foreign Currency Convertible Bonds (FCCBs)

American Depository Receipts (ADRs)

Indian Depository Receipts (IDRs)

Masala Bonds

新問題 178
In the context of Market Participants, which of the following statements accurately characterizes the regulatory status and operational scope of a ‘Custodian’ in the securities market?

Custodians are registered as Trading Members but outsource clearing to PCMs.

Custodians are Clearing Members (like PCMs) but do not possess trading rights.

Custodians are exempt from registration with SEBI if they are registered banks.

Custodians automatically act as the counterparty for all institutional trades.

Custodians are primarily responsible for executing trades on the exchange floor.

新問題 179
Regarding the beta version of the T+0 rolling settlement cycle introduced on an optional basis, which of the following operational parameters is mandated by SEBI?

The price band in the T+0 segment will be fixed at +1- 10% of the previous day’s closing price.

Netting of pay-in and pay-out obligations is permitted between T+1 and T+0 settlement cycles to improve liquidity.

Securities shortages in the T+0 market shall be handled by conducting an auction session on T+1 day.

There shall be no netting in pay-in and pay-out obligations between T+1 and T+0 settlement cycle.

Trading hours for the T+0 segment shall be identical to the T+1 segment, i.e., 09:15 AM to 3:30 PM.

新問題 180
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?

By 11:00 AM on T+1 Day

By 4:15 PM on T Day

By 9:00 AM on T+1 Day

By 7:30 AM on T+1 Day

By 1:30 PM on T+1 Day

新問題 181
Entities operating in the IFSC at GIFT City are recognized as non-resident entities under FEMA regulations. Which combination of fiscal incentives is explicitly available to these entities?

Exemption from GST only.

Exemption from Security Transaction Tax (STT), Commodity Transaction Tax (CT T), Dividend Distribution Tax (DDT), and Capital Gains waiver.

Waiver of Import Duty on Gold and Silver only.

Exemption from Stamp Duty and Registration Fees only.

Rebate on Corporate Tax for the first 2 years only.

新問題 182
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?

Clearing Corporations create a unified single default waterfall covering both segments to match the merged settlement.

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.

The Core Settlement Guarantee Fund (SGF) of the F&O segment is utilized first for any default arising from the net settlement obligation.

Default losses are covered solely by the Investor Protection Fund (IPF) in the case of net settlement defaults.

The default waterfall is triggered only after liquidating the defaulting member’s proprietary assets across all exchanges.

新問題 183
Direct Market Access (DMA) allows specific clients to access the exchange trading system through the broker’s infrastructure. Which of the following is a specific characteristic or requirement of the DMA facility as per SEBI guidelines?

It requires manual intervention by the broker for every order to ensure risk compliance.

It is available to all retail investors without specific authorization.

It allows execution of client orders without manual intervention by the broker, offering advantages like faster execution and reduced risk of errors.

Investment managers acting on behalf of institutional clients are prohibited from using DMA.

Brokers provide DMA to clients using the broker’s proprietary trading codes instead of client codes.

新問題 184
To ensure a smooth settlement process in case of holidays, Clearing Corporations (CCs) are required to follow a specific operational sequence. Which of the following statements accurately describes this sequence regarding multiple settlements scheduled for the same day?

CCs shall process all pay-ins for all scheduled settlements simultaneously before initiating any pay-outs.

The pay-in and pay-out of the first settlement shall be completed before the commencement of the pay-in and pay-out of the subsequent settlement(s).

CCs shall prioritize the settlement with the highest volume, regardless of the chronological order of trade dates.

The pay-out of the subsequent settlement must be completed before the pay-in of the first settlement to ensure liquidity.

Settlements are aggregated into a single net obligation for the entire holiday period to avoid sequential processing.

新問題 185
Which of the following statements accurately describe the operational mechanisms and participants of the Indian Money Market segments? (Select all that apply)

Call money market transactions are restricted to Scheduled Commercial Banks (SCBs) and Primary Dealers (PDs).

Notice Money transactions refer to borrowing for a period specifically between 15 days and 1 year.

Repo transactions against Government Securities are traded/reported on the Clearcorp Repo Order Matching System (CROMS).

All India Financial Institutions can issue Certificates of Deposit (CDs) for a period not exceeding 1 year.

Treasury Bills (T-bills) are zero coupon securities issued at a discount and traded on the NDS-OM platform.

新問題 186
The Clearing Corporation performs three main functions: clearing, settlement, and risk management. Which of the following statements accurately defines the specific scope of the ‘clearing’ function?

It is the two-way process which involves the actual transfer of funds and securities on the settlement date.

It is the process of collecting margins and maintaining the Core Settlement Guarantee Fund.

It is the process designed to work out what members are due to deliver and what members are due to receive on the settlement date.

It involves the handling of exceptional situations like auction settlement and bad delivery.

It is the mechanism of linking multiple depositories to facilitate inter-depository transfers.

新問題 187
What is the primary objective of the research reports (Fundamental, Stock, Sector, etc.) regularly brought out by stock brokers?

To generate additional brokerage by encouraging excessive churning of portfolios.

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

To help the investor make informed investment decisions.

To manipulate the market price of illiquid securities.

To replace the role of the Investment Adviser completely.

新問題 188
In the context of the T+1 rolling settlement cycle for the Cash Segment, by what specific time must the custodial confirmation of trades be completed on the T+1 day to ensure the timely determination of final obligations by the Clearing Corporation?

By 4:15 PM on T Day

By 7:30 AM on T+1 Day

By 9:00 AM on T+1 Day

By 11:00 AM on T+1 Day

By 1:30 PM on T+1 Day

新問題 189
To calculate the Adjustment Factor for a **Rights Issue** in the Equity F&O segment, the ‘Benefits per share (E)’ must first be determined. Which formula correctly represents the calculation of ‘E’?

新問題 190
Regarding the operational timeline for the auction of securities by the Clearing Corporation under the compulsory rolling settlement, which of the following statements is accurate?

Auctions are conducted on the T+2 day to allow members extra time to arrange securities.

The auction for undelivered quantities is conducted on the settlement day itself, typically after the completion of the pay-out process.

Auctions are held exclusively during the pre-open session of the next trading day.

If an auction is not successful in the first attempt, it is automatically rescheduled for the next three consecutive days.

Members participating in the auction must deliver the shares immediately within 1 hour of acceptance of their offer.

新問題 191
SEBI has introduced the mechanism of Net Settlement of cash segment and F&O segment upon expiry of stock derivatives. Which of the following scenarios specifically qualifies for this benefit of netting (merged settlements)?

An institutional investor trading through a Custodian in Cash and a Professional Clearing Member in F&O.

An investor whose Trading Member clears trades in F&O segment and cash segment through the same Clearing Member (CM).

An investor trading through different Trading Members who use different Clearing Members.

All institutional investors including Foreign Portfolio Investors (FPIs).

Portfolio Managers (PMS) who are mandatorily directed to enter into delivery backed transactions.

新問題 192
If a selling broker fails to deliver securities, the Clearing Corporation conducts an auction. If this auction remains unresolved because there are no sellers (Auction Fail), the transaction is subject to a ‘Close out’. How is the close-out price calculated to compensate the buyer in such a scenario?

At the closing price of the securities on the auction day plus a fixed penalty of 5%.

At the highest price prevailing across the exchange from the day of trading up to the auction day OR 20% above the official closing price on the auction day, whichever is higher.

At the standard valuation price determined by the Clearing Corporation on the T+1 pay-in day.

At the average weighted trade price of the security during the last 5 trading sessions plus brokerage and statutory levies.

At the highest price recorded on the exchange on the trade day only, irrespective of subsequent price movements.

新問題 193
If a client submits a transfer instruction where the quantity is *less* than the net delivery obligation provided by the Clearing Corporation, what is the outcome of the validation process by the Depositories?

The instruction is rejected because it does not fully meet the obligation.

The instruction is held in abeyance until a supplementary instruction for the balance quantity is received.

The instruction is carried out by the depositories.

The instruction is processed, but a penalty is automatically levied on the client for short delivery.

The instruction is routed to the Clearing Member for manual approval before processing.