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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. The securities in this account are held for a
commercial purpose only and are not owned by him.
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.

Out of 10 questions 10 are un attempted.

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