n NISM Certifications
VII NISM Series VII
Medium

Identify the correct statements about settlement of running accounts: A. Settled on first Friday/Saturday of month/quarter, B. Applicable for funds only, C. Actual settlement per client mandate: monthly/quarterly

Practice question from NISM Series VII Mock Test 5 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    Only A and B are correct

  2. B

    Only B and C are correct

  3. C

    Only A and C are correct

  4. All A, B and C are correct

    Correct answer

Why this is the answer

SEBI rules require running account settlements for client funds on first Friday/Saturday monthly or quarterly, per client mandate.

Test yourself for real

Take a full NISM Series VII mock test.

Same duration, same weighting, same difficulty distribution as the real exam — with explanations on every question.