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NISM Series VI - Depository Operations Certification Exam - Demo Q 1.
Persons who are holding shares in physical form can get them dematerialised by submitting them to ___________ . their broker / sub broker depository depository participant Bank
UnAttempted Correct Answer: depository participant
Explanation: Investors have to submit the physical securities along with the DRF (Demat Requisition Form) to the Depository Participant (DP) with whom they have opened a d'mat account. The DP will them send the physical securities to the Transfer Agent who will then dematerialise the shares after proper verification.
Q 2.
If there is no transaction in the d'mat account, then the transaction statement should be provided at least once in a ________and should be dispatched directly to the client's address. month quarter six months year
UnAttempted Correct Answer: year
Explanation: The DP has to provide D'mat transaction statement every month. However if there are no transactions, the statement can be provided on an annual basis.
Q 3.
What are transitory d'mat accounts ? D'mat account of NRI's D'Mat account of Minors D'Mat account of Clearing Members D'Mat account of Beneficiary
UnAttempted Correct Answer: D'Mat account of Clearing Members
Explanation: A Transitory account is the account of the clearing member. commercial purpose only and are not owned by him.
The securities in this account are held for a
Q 4.
The Demat a/c nos. in India are always of ___ digits. 8 12 16 20
UnAttempted Correct Answer: 16
Explanation: A Demat a/c has 16 digits. In CDSL the first 8 digits indicate the Depositiory Participant and the next 8 digits is the client's ID. On NSDL also we have the same system, but the DP ID begins with letters 'IN'
Q 5.
Voters ID cannot be accepted as an ID proof for opening Demat A/C. True or False ? True False
UnAttempted Correct Answer: False
Explanation: The foll ID proofs are accepted for Opening a Demat Account : Passport, Voter ID Card, Driving license, PAN card with photograph. Also Identity card/document with applicant’s Photo, issued by a) Central/State Government and its Departments, b) Statutory/Regulatory Authorities, c) Public Sector Undertakings, d) Scheduled Commercial Banks, e) Public Financial Institutions, f) Colleges affiliated to Universities, g) Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc., to their Members; and h) Credit cards/Debit cards issued by Banks are accepted.
Q 6.
Who has the authority to cancel the registration of a Depository Participant ? NSDL or CDSL The Stock Exchange SEBI Finance Ministry under the instructions of RBI.
UnAttempted Correct Answer: SEBI
Explanation: The certificate of registration granted to a DP may be cancelled by SEBI if it is found that: • it is guilty of fraud, or has been convicted of an offence involving moral turpitude or • it has been guilty of repeated defaults specified for suspension of the registration.
Q 7.
A Depository Participant may terminate/stop its operation by giving a ___ days notice to the Depository.
30 45 60 90
UnAttempted Correct Answer: 30
Explanation: A Depository Participant may terminate its participation in the depository by giving a notice of not less than 30 days. On receipt of such notice, the depository may cease to provide any service or act for the DP. The depository should notify the DP, other participants, clients of the surrendering DP and SEBI within seven days of this action.
Q 8.
Dated securities have a maturity period of ___________ . Less than one year More than one year Between six months to one year Usually more than 5 years
UnAttempted Correct Answer: More than one year
Explanation: Dated Securities have a maturity period of more than one year. Treasury Bills have a maturity period of up to one year.
Q 9.
The Depository Participant has to reconcile its record with the Depository on a _________ basis. every 12 hours daily every Wednesday and Saturday weekly
UnAttempted Correct Answer: daily
Explanation: The Depository Participant has to reconcile its records with its depository on a daily basis. The depository system has been formulated to do this reconciliation automatically every day at the end of the day.
Q 10.
A Demat Requisition Form ie. DRF can be rejected by a Registrar and Transfer agent if __________________. The signatures in their records do not match with that on DRF The securities to be Dematted are not attached with DRF The ISIN number of the security is wrongly mentioned All of the above.
UnAttempted
Correct Answer: All of the above.
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