5 mcqs a day for esi - nabard grade a | sebi grade a · [a] sebi (listing obligations and...
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5 MCQs on Securities Market
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Question
Q.1) ______________ regulations requires promoters of a company to disclose details of their encumbered
shares including non-disposal undertakings (NDUs) by promoters which are covered under the scope of
disclosures of ‘Encumbrances’.
[a] SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
[b] SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
[c] SEBI (Prohibition of Insider Trading) Regulations, 2015
[d] SEBI (Alternative Investment Funds) Regulations, 2012
[e] None of the above
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Explanation
NDUs are typically undertakings given by a shareholder not to transfer or otherwisealienate the securities and are in the nature of negative lien given in favour of anotherparty, usually a lender.
Non-Disposal Undertakings (NDU)
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Explanation
• SEBI (Substantial Acquisition of Shares and Takeovers)Regulations, 2011, requires promoters of a company todisclose details of their encumbered shares includingNDUs by promoters which are covered under the scopeof disclosures of ‘Encumbrances’.
• Recently in news: SEBI had directed the depositories todevelop a separate module/transaction type in theirsystem for recording of non-disposal undertaking(NDU).
Disclosure of NDUs by Promoters
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Question
Q.1) ______________ regulations requires promoters of a company to disclose details of their encumbered
shares including non-disposal undertakings (NDUs) by promoters which are covered under the scope of
disclosures of ‘Encumbrances’.
[a] SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
[b] SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011*
[c] SEBI (Prohibition of Insider Trading) Regulations, 2015
[d] SEBI (Alternative Investment Funds) Regulations, 2012
[e] None of the above
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Question
Q.2) The traders are allowed to enter the Block Deal Orders only during the block deal window. Block deal
windows available to traders include:
[a] Morning Block Deal Window, Afternoon Block Deal Window and Evening Block Deal Window
[b] Morning Block Deal Window and Afternoon Block Deal Window
[c] Afternoon Block Deal Window and Evening Block Deal Window
[d] Morning Block Deal Window and Evening Block Deal Window
[e] None of the above
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Explanation
• SEBI in 2005 had prescribed guidelines for execution of block deals.
• A separate window is provided by the Exchange for executing block deals i.e. tradeshaving value greater than or equal Rs. 10 crores, executed through Block deal window.
• Block deal windows shall be available on all trading days in Equity segment. The tradersare allowed to enter the Block Deal Orders only during the block deal window as givenbelow:
a) Morning Block Deal Windowb) Afternoon Block Deal Window
BLOCK DEAL WINDOW MECHANISM
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Explanation
• Two FIIs (foreign institutional investors) want to trade 10%of a company's total number of shares.
• As this transaction involves trading of a large quantity ofshares, the risk factors entailing to this transaction areimmense.
• Thereby, the exchange on which trading will happen,allocates a separate trading window for these twoinvestors to exhibit a block deal, with the prime focus ofprohibiting risk.
For Example – Block Deal
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Solution
Q.2) The traders are allowed to enter the Block Deal Orders only during the block deal window. Block deal
windows available to traders include:
[a] Morning Block Deal Window, Afternoon Block Deal Window and Evening Block Deal Window
[b] Morning Block Deal Window and Afternoon Block Deal Window*
[c] Afternoon Block Deal Window and Evening Block Deal Window
[d] Morning Block Deal Window and Evening Block Deal Window
[e] None of the above
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Question
Q.3) Who among the following is entitled to incentives under Liquidity enhancement schemes (LES) in the
context of securities market?
[a] Blue Chip Listed Companies
[b] Stock Brokers and Market Intermediaries
[c] Retail Investors
[d] All of the above
[e] None of the above
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Explanation
• Under the liquidity enhancement schemes (LES), brokers and other marketintermediaries are given incentives for a specified period of time to bring inliquidity and generate investor interest in securities which have limited tradingactivity.
• Under this scheme, the stock exchanges to introduce incentive schemes for brokersand intermediaries to enhance liquidity in illiquid securities.
• SEBI during March 2018 permitted liquidity enhancement scheme (LES) incommodity derivatives contracts subject to certain requirements.
• Any commodity that is classified as a ‘Sensitive Commodity’ by the Exchange, shallnot be eligible for LES.
Liquidity Enhancement Scheme (LES)
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Question
Q.3) Who among the following is entitled to incentives under Liquidity enhancement schemes (LES) in the
context of securities market?
[a] Blue Chip Listed Companies
[b] Stock Brokers and Market Intermediaries*
[c] Retail Investors
[d] All of the above
[e] None of the above
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Question
Q.4) ISIN code is a _____________code that serves for uniform identification of a security.
[a] 12-character alphanumeric
[b] 12-character numeric
[c] 10-character alphanumeric
[d] 10-character numeric
[e] None of the above
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Explanation
• International Securities IdentificationNumber or ISIN Code is a unique code thatis used to identify specific securities.
• The National Numbering Agency (NNA) –which is separate for each country –allocates ISINs for the securities issued inthe country.
• All ISIN codes have 12 characters, and thiscode is made up of both letters andnumbers.
International Securities Identification Number (ISIN)
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Question
Q.4) ISIN code is a _____________code that serves for uniform identification of a security.
[a] 12-character alphanumeric*
[b] 12-character numeric
[c] 10-character alphanumeric
[d] 10-character numeric
[e] None of the above
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Question
Q.5) In the secondary market, the highest share in terms of traded turnover is held by:
[a] Equity derivatives segment
[b] Currency derivatives segment
[c] Equity cash segment
[d] Commodity derivatives segment
[e] None of the above
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Explanation
Highest Traded Turnover in Securities Market
In the secondary market, the highest share interms of traded turnover was held by
• equity derivatives at 86.3 per cent,
• currency derivatives (5 per cent),
• equity cash segment (4.3 per cent),
• commodity derivatives (3.1 per cent),
• corporate bonds (0.9 per cent) and
• interest rate derivatives (0.3 per cent).
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Question
Q.5) In the secondary market, the highest share in terms of traded turnover is held by:
[a] Equity derivatives segment*
[b] Currency derivatives segment
[c] Equity cash segment
[d] Commodity derivatives segment
[e] None of the above
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