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質問 # 61
In the context of the 'Trade to trade' or 'Gross obligations' method for determining settlement obligations, how are a member's funds obligations calculated?
- A. Funds pay-in is the net of cumulative buy and sell values, while funds pay-out is zero.
- B. Funds pay-in is the cumulative buy value minus 20% margin, and pay-out is the cumulative sell value.
- C. Funds pay-in and pay-out are both calculated on a netted basis across all clients.
- D. Funds obligations are determined solely based on the netted quantity of securities delivered.
- E. Funds pay-in is equivalent to the cumulative value of buy transactions, and funds pay-out is equivalent to the cumulative sell value.
正解：E
解説：
Under 'Trade to trade or Gross obligations', transactions will not be netted. A member's funds pay-in will be equivalent to cumulative value of buy transactions and funds pay-out will be equivalent to cumulative sell value.
質問 # 62
For the purpose of corporate action adjustments in the Equity F&O segment, under what specific condition is a dividend deemed to be 'extra-ordinary', thereby necessitating an adjustment to the futures and options contracts?
- A. If the dividend amount exceeds 10% of the closing price of the scrip on the record date.
- B. If the dividend declared is more than 5% of the paid-up capital of the company.
- C. If the dividend amount is at and above 2% of the market value of the underlying security.
- D. If the dividend is declared as an 'interim' dividend rather than a 'final' dividend.
- E. If the dividend yield exceeds the risk-free interest rate (MIBOR) prevailing on the declaration date.
正解：C
解説：
According to the methodology for adjustment in Equity F&O, for extra-ordinary dividends i.e., at and above 2 percent of the market value of the underlying security, there would be an adjustment in Equity F&O. Dividends below this threshold are deemed ordinary and no adjustment is made.
質問 # 63
SEBI introduced the 'Demat Debit and Pledge Instruction' (DDPI) to replace the Power of Attorney (POA) for certain functions. For which of the following specific purposes does the DDPI authorize the stock broker/stock broker and depository participant to access the client's beneficial owner (BO) account?
- A. Executing off-market trades between parties other than related parties.
- B. Opening a new demat account with another depository participant on behalf of the client.
- C. Meeting pay-in obligations for the settlement of trades executed by the client.
- D. Updating the client's address and contact details in the KRA system.
- E. Transferring funds from the client's bank account to the broker's proprietary account.
正解：C
解説：
Under DDPI, the clients shall explicitly agree to authorize the stock broker/stock broker and depository participant to access their BO account for the limited purpose of meeting pay-in obligations for settlement of trades executed by them. The DDPI shall serve the same purpose of POA and significantly mitigate the misuse of POA.
質問 # 64
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?
- A. By 1:30 PM on T+1 Day
- B. By 7:30 AM on T+1 Day
- C. By 11:00 AM on T+1 Day
- D. By 9:00 AM on T+1 Day
- E. By 4:15 PM on T Day
正解：B
解説：
According to the general clearing process 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. Following this, the Clearing Corporation performs multilateral netting and downloads final obligations by 9:00 a.m.
質問 # 65
Under the regulatory framework defined in Section 24 of the Companies Act, 2013, the administration of specific provisions for listed companies (or those proposed to be listed) is delegated to the Securities and Exchange Board of India (SEBI). Which of the following matters is EXCLUSIVELY administered by SEBI under this delegation, while remaining otherwise under the Central Government's administration?
- A. Registration of the company's memorandum of association
- B. Appointment of key managerial personnel
- C. Incorporation of the company
- D. Non-payment of dividend
- E. Conduct of Annual General Meetings
正解：D
解説：
Section 24 of the Companies Act, 2013, delegates the power to regulate the issue and transfer of securities and the non-payment of dividend by listed companies (or those intending to get listed) to SEBI. All other provisions of the Companies Act are administered by the Central Government (Ministry of Corporate Affairs).
質問 # 66
To enable the validation of Pay-In instructions by Depositories, what is the specific role and timeline mandated for Clearing Corporations (CCs) in this process?
- A. CCs must validate the ISINs in the client account against the Exchange master list on T-1 day.
- B. CCs must approve every individual transfer instruction manually before execution on the settlement day.
- C. CCs must generate a physical delivery instruction slip for every client obligation by T+1 morning.
- D. CCs shall provide client-wise net delivery obligations on T day to the depositories.
- E. CCs shall transfer the securities from the client account to the pool account directly without Depository intervention.
正解：D
解説：
The process requires that 'CCs shall provide client - wise net delivery obligations on T day to the depositories.' The Depositories then use this data to validate the transfer instructions.
質問 # 67
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 they are subject to different tax treaties which prevent segment-wise netting.
- B. Because their trading volumes are too high to be accommodated in a net settlement process.
- C. Because they trade through Custodians who do not have clearing rights in the F&O segment.
- D. Because they are not required to pay margins in the F&O segment.
- E. Because the extant regulatory framework specifies that all transactions by institutional investors in the cash market should be backed by delivery.
正解：E
解説：
Netting of settlement obligations of cash segment and physical settlement of F&O segment shall not be available for the institutional investors (including all categories of FPIs) since the extant regulatory framework specifies that all transactions by the institutional investors (including all categories of Foreign Portfolio Investors) in cash market should be backed by delivery.
質問 # 68
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 last working day of the month; Final Settlement Price is the RBI Reference Rate.
- D. Contracts expire on the 1 5th of every month; Settlement is cash settled based on the crossing of FCY-INR rates.
- 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.
正解：E
解説：
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.'
質問 # 69
According to the Securities Contracts (Regulation) Act, 1956 (SCRA), the definition of 'Securities' has been expanded to include various instruments. Which of the following specific instruments is explicitly included in this definition as per the Act?
- A. Promissory Notes issued by private individuals for personal loans
- B. Real Estate Sale Deeds registered under the Registration Act
- C. Fixed Deposit Receipts issued by Scheduled Commercial Banks
- D. Insurance Policies linked to Unit Linked Insurance Plans (ULIPs)
- E. Electronic Gold Receipts issued on the basis of deposit of underlying physical gold
正解：E
解説：
As per the definition of 'Securities' in the Securities Contract Regulation Act (SCRA), 1956, the term includes 'Electronic Gold Receipt', which means an electronic receipt issued on the basis of deposit of underlying physical gold in accordance with regulations made by SEBI. It also includes Zero Coupon Zero Principal Instruments, among others like shares, bonds, and derivatives.
質問 # 70
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. 1,200
- B. Pay Rs. 3,825
- C. Receive Rs. 1,575
- D. Pay Rs. 1,825
- E. Receive Rs. 2,000
正解：D
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 # 71
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?
- A. The pay-out of the subsequent settlement must be completed before the pay-in of the first settlement to ensure liquidity.
- B. CCs shall process all pay-ins for all scheduled settlements simultaneously before initiating any pay-outs.
- C. CCs shall prioritize the settlement with the highest volume, regardless of the chronological order of trade dates.
- D. Settlements are aggregated into a single net obligation for the entire holiday period to avoid sequential processing.
- E. 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).
正解：E
解説：
According to the guidelines for settlement in case of holidays, 'The CCs shall clear and settle the trades on a sequential basis i.e., the pay-in and the pay-out of the first settlement shall be completed before the commencement of the pay-in and pay-out of the subsequent settlement(s).'
質問 # 72
A claim against a defaulter trading member is received by the Stock Exchange after three years from the date of expiry of the specified period for lodging claims. How is such a claim categorized under the IPF guidelines?
- A. It is referred to the SEBI Complaints Redressal System (SCORES) for arbitration.
- B. It is eligible for 50% of the compensation limit applicable to timely claims.
- C. It is automatically rejected and cannot be pursued in any forum.
- D. It is treated as a priority claim but paid only after all timely claims are settled.
- E. It may be dealt with as a civil dispute.
正解：E
解説：
The text states: 'Any claim received after three years from the date of expiry of the specified period may be dealt with as a civil dispute.'
質問 # 73
According to the risk management framework regarding * *Liquid Assets** deposited by clearing members, which of the following statements correctly defines the limits and haircuts applicable to * *Corporate Bonds** accepted as collateral?
- A. No limit on quantity; Haircut based strictly on credit rating (AAA: 10%, AA: 15%).
- B. VaR based haircut; Limit not to exceed 50% of the cash component of liquid assets.
- C. Treated as Cash Equivalent with 0% haircut if rated AAA.
- D. Minimum haircut of 10% (Fixed percentage or VaR based); Limit not to exceed 10% of the total liquid assets of the clearing member.
- E. Fixed percentage haircut of 50%; Limit not to exceed 25% of total liquid assets.
正解：D
解説：
As per the acceptable Liquid Assets table and notes: For Corporate Bonds, the haircut is 'Fixed percentage based or VaR based Haircut... To begin with the haircut shall be a minimum of 10 percent.' The limit is 'Not to exceed 10 percent of the total liquid assets of the clearing member.'
質問 # 74
A Clearing Member (CM) maintains a designated clearing account with a Clearing Bank. While the CM is permitted to deposit funds into this account in any form, which of the following specific restrictions is imposed on the withdrawal of funds from this account to ensure regulatory compliance?
- A. Funds can be withdrawn directly to the client's beneficiary bank account to facilitate faster payout.
- B. Funds can be withdrawn only in 'self-name' of the Clearing Member.
- C. Funds can be withdrawn only via physical Demand Drafts and not through electronic transfer.
- D. Withdrawals are restricted to 50% of the account balance on any given trading day.
- E. Funds can be withdrawn only after obtaining a 'No Objection Certificate' from the Stock Exchange.
正解：B
解説：
According to the regulations governing Clearing Members and Custodians, while a Clearing Member can deposit funds into the clearing accounts in any form, they can withdraw funds from these accounts only in self-name. This restriction helps in maintaining a clear audit trail and preventing third-party risks.
質問 # 75
When handling 'Trade Allocation' for institutional clients in the back office, how is a single order placed with the Custodial Participant code 'INST' processed?
- A. The 'INST' code is replaced with the broker's proprietary account code, and the trade is settled as a proprietary trade.
- B. The trade is kept in a suspense account until the Custodian confirms the trade on T+2 day.
- C. The back office receives deal sheets from the front office and distributes the single trade across various sub-schemes of the client, generating appropriate contract notes.
- D. The trade is automatically allocated pro-rata to all active clients of the broker to ensure fair distribution.
- E. The back office aggregates multiple 'INST' orders into a single block trade for reporting to the Exchange.
正解：C
解説：
In the case of institutional trades, the front office enters a single order with CP code 'INST'. Subsequently, based on deal sheets received from the front office, the back office user allocates the trade to individual schemes within the parent fund and generates the appropriate contract note. The broker also uploads these allocation details to the clearing corporation.
質問 # 76
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