n NISM Certifications
V-A NISM Series V-A
Medium

Which of these statements are TRUE with respect to time stamping on mutual fund documents? (1) Time stamping is relevant for non-financial mutual fund transactions. (2) The daily time stamping of applications does not start with serial (3) Breakdown of the time stamping process or breaking of the seal is mandated to be duly recorded and reported to the Trustees.

Practice question from NISM Series V A - Short Mock Test 4 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    Statements 1 and 2 are true.

  2. Statements 2 and 3 are true.

    Correct answer

  3. C

    Statements 1 and 3 are true.

  4. D

    Statements 1, 2, and 3 are true.

Why this is the answer

Time stamping is mainly required for financial transactions. The serial numbering of time-stamping machines does not reset daily. Any breakdown or seal break must be recorded and reported to the Trustees for compliance.

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