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The offer document of a financial product specifies the conditions to be fulfilled by a prospective investor and the documentation needed. They are called _____.
PAN stands for:
____ involves disguising financial assets so that they can be used without detection of the illegal activity that produced them.
____ is an act to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for related matters.
SID means:
SAI means:
KIM means:
KYC means:
The ____ maintains the KYC records of an investor centrally on behalf of the capital market intermediaries registered with SEBI.
ARN means:
KYD means:
Every mutual fund distributor is therefore required to apply for ____ simultaneously along with the application for registration of the ARN code.
PAN is issued by_____
The ‘Know Your Customer’ process has to be undergone by all investors in incompliance with the regulations of _____.
In the case of mutual funds, shares and bonds, Demat account, post office savings bank accounts, and most company deposits a purchase application can be made by a maximum of _____ joint holders.
In others, such as a fixed deposit with a bank or the senior citizens’ savings scheme and the NSC, there can be a maximum of ____ holders.
The tax benefits from the investments and any tax liability on the income accruing to the ____ holder.
_____ is allotted to the investor at the time of the initial purchase or investment or account opening
UCIC stands for:
_____ are forms that can be used to carry out various transactions such as additional purchase, switch transactions, redemption, and other such services in an existing folio.
____ is the prescribed form to apply for a PAN.
There are certain mutual fund transactions that are exempt from the requirement for submitting PAN. These are micro-investments, i.e. investments up to ____ in aggregate under all schemes of a fund house.
Insurance Premium payments in cash up to ____ per transaction do not require a PAN card.
Contributions to the NPS account to the extent of ____ do not require PAN details to be provided.
In order to ensure that illegal funds are not routed into Indian markets, the government has promulgated the Prevention of Money Laundering Act (PMLA). According to this Act, the identity of those entering into financial transactions must be known and verified. The procedure to do this is known as _____.
KYC norms apply for:
(I) Opening bank accounts
(II) Trading accounts, Demat accounts, capital market investments
(III) Life and general insurance policies
(IV) Investments in POSB products, fixed deposits
(V) National Pension Scheme (NPS)
IPV stands for:
The E-KYC services of _____ have also been recognized as valid process for KYC verification.
SEBI Regulations requires all public issues whose size is in excess of ____ to be issued only in dematerialized form.
Under the SEBI (Depository and Participants) Regulations of 1996, the categories of securities eligible for dematerialization are:
____ is the process of converting physical securities into electronic form.
DRF stands for:
A dematerialization request may be fully or partially rejected for the following reasons:
The DRFs are required to be stored for at least a period of ____ Years.
_____ is the process of converting the electronic holding of security to physical form.
_____ is an instrument by which a person may formally authorize another person to act on his behalf or as his agent on all matters or for a specific transaction or particular types of transactions.
_____ is unlimited in scope and duration and permits the named individual to act as your legal representative in relation to financial manner until such time as it is revoked.
_____ imposes a limit on authority of named representatives and may restrict the scope of that person power to single type of conduct of transaction.
A Power of Attorney has two parties: the _____, who is the primary investor or account holder and grants the rights; and the _____, who is authorised to execute an agreed set of actions on behalf of the grantor.
_____ is a scheme of the Reserve Bank of India (RBI) and is mandatory for Non-Resident Indians(NRIs) and People of Indian Origin (PIOs) who like to purchase and sell shares.
_____ refers to passing on the investments on the death of the investor to another person.
_____ is a facility provided to the holder of an investment to designate the person(s) who will be entitled to receive the benefits of the investments, in the event of the death of the investor.
A request for dematerialization of securities may be rejected if _____.
A nomination made in a mutual fund folio:
In a jointly held folio the PAN and KYC process has to be complied with by:
An NRI returning to India and becoming a Resident Indian has to do which of the following with respect to holdings in demat account?
Ms. L takes a loan against her mutual fund holdings. Only a portion of her units are required as security. How will she give effect to this?
A National Pension Scheme (NPS) account is held in the sole name of the subscriber.
Opening a Basic Savings Bank Deposit Account (BSBDA) does not require a PAN card.
It is mandatory for all investors who wish to invest in mutual funds to complete KYC formalities with a KYC Registration Agency (KRA).
An investor who has undergone a KYC procedure with any of the specified intermediaries can use the same to invest with a mutual fund and vice versa.
There can be no POA for a minor’s transactions.
Only an NRI/PIO can open a PINS account.
NRIs can open a demat account with any Depository Participant in India. Permission is required from RBI to open a demat account.
Nomination can be changed or cancelled at any time. Only first holder in case of joint holders must sign to make the nomination, change it or cancel it.
A Power of Attorney holder can make or change a nomination in an account or folio.
_____ has set out a code of conduct to be followed by all Investment Advisers at all times.
Financial Planning include:
Investment Advice includes:
Investment adviser means _____.
Which of the following people shall not be required to seek registration?
Investment advisors which are body corporate shall have a net worth of not less than _____.
Investment advisors who are individuals or partnership firms shall have net tangible assets of value not less than _____.
Investment advisor is required to obtain a certificate of registration from _____ to continue his activity.
The certificate of registration granted by SEBI is valid for a period of ____ years from the date of its issue.
An investment advisor is required to maintain the records in physical or electronic format for a minimum period of ____ Years.
Which of the following are responsibility of Investment Advisor?
For suitability check, what are the essentials for Investment Advisor?
Essential disclosure required to be made by investment adviser to client:
Which code of conduct it represents required by investment advisor:
1. Shall ensure that its advice is offered after thorough analysis and taking into account available alternatives.
2. Effectively appropriate resources and procedures which are needed for the efficient performance of its business activities.
3. Ensure that appropriate disclosures are made to the clients and that the clients are fairly treated.
4. Requirements applicable to the conduct of its business activities so as to promote the best interests of clients and the integrity of the market.
_____ is responsible to regulate the issue of Bank Notes and keeping reserves with a view to securing monetary stability in India and generally operating the currency and credit system of the country to its advantage.
_____ is the apex regulator of the securities market and also responsible for its orderly growth and protection of the investor’s interests.
RBI’s functions are governed by _____.
Which of the following are function of RBI?
SEBI stands for _____.
SEBI was set up as _____ and under which act?
_____ mission is to regulate, promote and ensure orderly growth of the insurance sector, including the re-insurance business while ensuring the protection of the interests of insurance policy holders.
IRDAI is regulated by _____.
Objective of Pension Fund Regulatory and Development Authority (PFRDA) :
Self-Regulatory Organizations (SRO) in India is governed by:
_____ is an organization of intermediaries which represents a particular segment of the securities market and which is duly recognized by SEBI.
The _____ maintains the KYC records of an investor centrally.
Any person, who has a grievance against a listed company (e.g. non-payment of dividend or issues related to transfer of securities) or against any market intermediary, can file a complaint using _____.
The Insurance Regulatory and Development Authority of India (IRDAI) have launched an online grievance redressal mechanism called _____.
Customers of banks who face a deficiency of service can apply to the banking ombudsman for redressal under the _____.
The following complaints are not addressed in SCORES:
Disqualification for appointment as insurance intermediary when:
_____ is an insurance agent who holds a license to act as an insurance agent for a life insurer and a general insurer.
Which of the following can deal with multiple insurance companies?
Read the following caselet and answer the questions that follow Mr. X is in the business of mutual fund distribution. He wants to become an insurance adviser. Which of the following is applicable for Mr. X?
Mr. X wants to focus on a business where there is no requirement of complying with a code of conduct. He should:
Provided that investment advice given through newspaper, magazines, any electronic or broadcasting or telecommunications medium, which is widely available to the public shall not be considered as investment advice for the purpose of these regulations.
The relationship between the investment adviser and client is that of trust and the investment adviser while performing his role, should act in good faith in the best interests of the client.
Investment advisor is required to obtain a certificate of registration from _____ to continue his activity.
The certificate of registration granted by SEBI is valid for a period of ____ years from the date of its issue.
Advice that is widely available to the public through newspapers or internet or magazines is also considered as investment advice under the regulations.
Investment advisers who are individuals or partnership firms shall have net tangible assets of value not less than _____.
An investment adviser is required to maintain the records in physical or electronic format for a minimum period of ____ Years.
Which code of conduct it represents required by investment advisor:
(i) Shall ensure that its advice is offered after thorough analysis and taking into account available alternatives.
(ii) Effectively appropriate resources and procedures which are needed for the efficient performance of its business activities.
(iii) Ensure that appropriate disclosures are made to the clients and that the clients are fairly treated.
(iv) Requirements applicable to the conduct of its business activities so as to promote the best interests of clients and the integrity of the market.
Which of the following are department of Ministry of Finance:
_____ formulates and monitors India’s macroeconomic policies, covering monetary and fiscal policy as well as the functioning of the Capital Market including stock exchanges.
_____ decides on all matters relating to the disinvestment of Central Government Equity from Central Public Sector undertakings and proceeds of disinvestment.
_____ is mainly concerned with the administration of the Companies Act, 2013 and other allied acts, rules, and regulations pertaining to the corporate sector.
Which of the following professional bodies “The Ministry of Corporate Affairs” supervises?
SEBI was set up as _____ and under which act?
_____ refers to the dealing in securities by persons connected with a company having material information that is not available to the public.
Objective of Pension Fund Regulatory and Development Authority (PFRDA):
Self-Regulatory Organizations (SRO) in India are governed by:
_____ involves disguising financial assets so that they can be used without detection of the illegal activity that produced them.
_____ is an act to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for related matters.
Which of the following are Anti Money Laundering measures?
The _____ maintains the KYC records of an investor centrally, on behalf of the capital market intermediaries registered with SEBI.
Every mutual fund distributor is therefore required to apply for _____ simultaneously along with the application for registration of the ARN code.
An NPS subscriber who is not satisfied with the services offered, or has any other grievance, can lodge his complaint using the _____.
Customers of banks who face a deficiency of service can apply to the banking ombudsman for redressal under the:
Which of the following persons is expected to comply with registration requirement under SEBI (Investment Advisers) Regulations, 2013:
“Who will include in family of an individual investment adviser”
“Family of client” shall include:
“Non-individual” means a body corporate including:
“Persons associated with investment advice” will not include:
“Principal officer” shall mean
On and from the date of commencement of the regulations:
No person shall act as an investment adviser or hold itself out as an investment adviser unless he has obtained a certificate of registration from SEBI under the SEBI (Investment Adviser) Regulations.
For the purpose of the grant of certificate SEBI shall take into account matters excluding:
For the purpose of the grant of certificate SEBI shall take into account matters including:
An individual investment adviser or a principal officer of a non-individual investment adviser shall have minimum qualification under the regulations of
How many years of experience is required in activities relating to advice in financial products or securities or fund or asset or portfolio management for principal officers and individual investment advisers.
Apart from professional qualification persons associated with investment advice shall meet the following minimum experience criteria:
Investment advisers & principal officers registered under these regulations as on the date of commencement of these regulations shall ensure (along with person associated):
Can an individual investment adviser provide distribution services?
Which is not true regarding the services offered by investment adviser?
Investment adviser may provide implementation services to the advisory clients in the securities market. What is not true in regards to this?
Which agency shall be responsible for accounting?
What is the main work of Points of Presence (PoP) in NPS?
“Alternative Investment Fund” are:
“Alternative Investment Fund” which invests in start-up or early-stage ventures or social ventures or SMEs or infrastructure or other sectors are:
Which category AIS employs diverse or complex trading strategies:
Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within:
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