n NISM Certifications
VII NISM Series VII
Medium

Proof of Insurance Cover by stock brokers has to be submitted to the National Exchange by 31st July if the validity ends on May 31st. State True or False.

Practice question from NISM Series VII Mock Test 3 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. True

    Correct answer

  2. B

    False

Why this is the answer

According to the compliance calendar, brokers must submit proof of their insurance cover to NSE by 31st July each year if the policy validity ends on May 31st. For other expiry dates, proof must be submitted within one month of expiry.

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