CBSE Class 12 Question Paper 2025 Solution Financial Market Management

Marking Scheme
Strictly Confidential
(For Internal and Restricted use only)
Senior Secondary School Certificate Examination, 2025
SUBJECT NAME FINANCIAL MARKETS MANAGEMENT (Q.P. CODE 329)

General Instructions: -

1 You are aware that evaluation is the most important process in the actual and correct
assessment of the candidates. A small mistake in evaluation may lead to serious problems
which may affect the future of the candidates, education system and teaching profession.
To avoid mistakes, it is requested that before starting evaluation, you must read and
understand the spot evaluation guidelines carefully.
2 “Evaluation policy is a confidential policy as it is related to the confidentiality of the
examinations conducted, Evaluation done and several other aspects. Its’ leakage to
public in any manner could lead to derailment of the examination system and affect
the life and future of millions of candidates. Sharing this policy/document to
anyone, publishing in any magazine and printing in Newspaper/Website, etc. may
invite action under various rules of the Board and IPC.”
3 Evaluation is to be done as per instructions provided in the Marking Scheme. It should not
be done according to one’s own interpretation or any other consideration. Marking
Scheme should be strictly adhered to and religiously followed. However, while
evaluating, answers which are based on latest information or knowledge and/or are
innovative, they may be assessed for their correctness otherwise and due marks be
awarded to them. In class-XII, while evaluating two competency-based questions,
please try to understand given answer and even if reply is not from marking scheme
but correct competency is enumerated by the candidate, due marks should be
awarded.
4 The Marking scheme carries only suggested value points for the answers
These are in the nature of Guidelines only and do not constitute the complete answer. The
students can have their own expression and if the expression is correct, the due marks
should be awarded accordingly.
5 The Head-Examiner must go through the first five answer books evaluated by each
evaluator on the first day, to ensure that evaluation has been carried out as per the
instructions given in the Marking Scheme. If there is any variation, the same should be
zero after delibration and discussion. The remaining answer books meant for evaluation
shall be given only after ensuring that there is no significant variation in the marking of
individual evaluators.
6 Evaluators will mark( √ ) wherever answer is correct. For wrong answer CROSS ‘X’ be
marked. Evaluators will not put right (✓)while evaluating which gives an impression that
answer is correct and no marks are awarded. This is most common mistake which
evaluators are committing.
7 If a question has parts, please award marks on the right-hand side for each part. Marks
awarded for different parts of the question should then be totaled up and written in the left-
hand margin and encircled. This may be followed strictly.
8 If a question does not have any parts, marks must be awarded in the left-hand margin and
encircled. This may also be followed strictly.
9 If a student has attempted an extra question, answer of the question deserving more

329 1 P.T.O.

marks should be retained and the other answer scored out with a note “Extra Question”.
10 No marks to be deducted for the cumulative effect of an error. It should be penalized only
once.
11 A full scale of marks __________(example 0 to 80/70/60/50/40/30 marks as given in
Question Paper) has to be used. Please do not hesitate to award full marks if the answer
deserves it.
12 Every examiner has to necessarily do evaluation work for full working hours i.e., 8 hours
every day and evaluate 20 answer books per day in main subjects and 25 answer books
per day in other subjects (Details are given in Spot Guidelines).This is in view of the
reduced syllabus and number of questions in question paper.
13 Ensure that you do not make the following common types of errors committed by the
Examiner in the past:-
● Leaving answer or part thereof unassessed in an answer book.
● Giving more marks for an answer than assigned to it.
● Wrong totaling of marks awarded on an answer.
● Wrong transfer of marks from the inside pages of the answer book to the title page.
● Wrong question wise totaling on the title page.
● Wrong totaling of marks of the two columns on the title page.
● Wrong grand total.
● Marks in words and figures not tallying/not same.
● Wrong transfer of marks from the answer book to online award list.
● Answers marked as correct, but marks not awarded. (Ensure that the right tick mark
is correctly and clearly indicated. It should merely be a line. Same is with the X for
incorrect answer.)
● Half or a part of answer marked correct and the rest as wrong, but no marks awarded.
14 While evaluating the answer books if the answer is found to be totally incorrect, it should
be marked as cross (X) and awarded zero (0)Marks.
15 Any unassessed portion, non-carrying over of marks to the title page, or totaling error
detected by the candidate shall damage the prestige of all the personnel engaged in the
evaluation work as also of the Board. Hence, in order to uphold the prestige of all
concerned, it is again reiterated that the instructions be followed meticulously and
judiciously.
16 The Examiners should acquaint themselves with the guidelines given in the “Guidelines
for Spot Evaluation” before starting the actual evaluation.
17 Every Examiner shall also ensure that all the answers are evaluated, marks carried over to
the title page, correctly totaled and written in figures and words.
18 The candidates are entitled to obtain photocopy of the Answer Book on request on
payment of the prescribed processing fee. All Examiners/Additional Head Examiners/Head
Examiners are once again reminded that they must ensure that evaluation is carried out
strictly as per value points for each answer as given in the Marking Scheme.

329 2

Set 4 >

$
MARKING SCHEME
FINANCIAL MARKETS MANAGEMENT

SECTION A
OBJECTIVE TYPE QUESTIONS

1. Answer any 4 out of the given 6 questions on Employability Skills. 41=4
(i) (A) Messages can be easily misunderstood 1
(ii) (A) It leads to excessive rainfall. 1
(iii) (B) Antisocial 1
(iv) (D) Automatic generation of content 1
(v) (C) By achieving goals efficiently 1
(vi) (B) Development of new markets 1

2. Answer any 5 out of the given 7 questions. 51=5
(i) (B) CNX Nifty 1
(ii) (C) Brokers 1
(iii) (D) Commodity 1
(iv) To ensure quality broking services 1
(v) Trading member 1
(vi) (C) Investor Service Cell (ISC) 1
(vii) (C) Index futures 1

3. Answer any 6 out of the given 7 questions. 61=6
(i) (C) Order/Trade Window 1
(ii) (B) Orders with no activity 1
(iii) Buyback information. 1

329 3 P.T.O.

(iv) A trade is generated 1
(v) (B) only during market hours 1
(vi) Immediate or Cancel 1
(vii) (B) SEBI registered members with permission from the
Exchange 1

4. Answer any 5 out of the given 6 questions. 51=5
(i) (D) Settling trades assigned by trading members 1
(ii) (C) By managing counterparty risks 1
(iii) (A) The NSCCL conducts a buying-in auction. 1
(iv) Only physical settlement 1
(v) NSCCL 1
(vi) Replacement cost risk 1

5. Answer any 5 out of the given 6 questions. 51=5
(i) (C) NSDL 1
(ii) (A) ₹ 120 1
(iii) The original amount of money invested or borrowed 1
(iv) (C) Leverage or Capital structure ratios 1
(v) It indicates the profitability attributable to each shareholder 1
(vi) (C) The company’s profitability 1

6. Answer any 5 out of the given 6 questions. 51=5
(i) (B) Chicago Butter and Egg Board 1
(ii) Futures contracts 1
(iii) (C) Contract size 1
(iv) (B) 1 1
(v) (C) Market risk 1
(vi) (B) only on the expiration date itself 1

SECTION B

329 4

SUBJECTIVE TYPE QUESTIONS
Answer any 3 out of the given 5 questions on Employability Skills. Answer
each question in 20 – 30 words.

7. Remove distractions that may hamper listening. 2
Eye contact refers to looking at the speaker while listening
Show that you are listening attentively to the speaker through
gestures.
Pay attention and focus on what the Speaker is saying.

8. Self-awareness about understands one’s own needs desires, habits,
traits, behaviours and feelings. 2

9. Typically, you can access the filter option by selecting the data range
you want to filter and then clicking on the “Filter” button or using a
keyboard shortcut. 2

 4 = 2) 2
1
10. (Any four
2

(a) Initiative : In the world of business, opportunities come and go.
(b) Willingness to take risks
(c) Ability to learn from experience
(d) Motivation : It is necessary for success in every walk of life.
(e) Self-confidence : For achieving success in life, a person needs to
have confidence in oneself.
(f) Hard work
(g) Decision making ability

11. Greenhouse gases contribute to global warming by trapping heat from
the sun in the Earth’s atmosphere. They absorb and emit infrared
radiation, preventing it from escaping into space, which leads to an
overall warming of the planet’s surface temperature. 2

Answer any 3 out of the given 5 questions in 20 – 30 words each. 32=6

12. The Pre-open session lasts for 15 minutes, from 9:00 am to 9:15 am. It
consists of an Order collection period and an order matching period. 2

13. In case of any shortfall in margin : 2

329 5 P.T.O.

(a) The members are not permitted to trade with immediate effect.
(b) Penalty for margin violation

14. The creation of charge refers to the process where the company pledges
or mortgages its assets as security for the secured loan. This ensures
that the lender has a legal claim over the assets if the company fails to
repay the loan. 2

15. Regulatory authorities ensure fair practices and oversee the smooth
functioning of derivative markets. 2

16. Unsystematic risk is indeed synonymous with company-specific risk or
diversifiable risk. It refers to the risk that is specific to an individual
company or industry sector. This type of risk can be mitigated through
diversification because it is unique to particular companies or sectors
rather than affecting the entire market. 2

Answer any 2 out of the given 3 questions in 30 – 50 words each. 23=6

17. (a) Suspension of membership rights 3
(b) Rights of creditors unimpaired
(c) Fulfilment of contracts : The suspended trading members are
bound to fulfil contracts outstanding at the time of its suspension.
(d) Further business prohibited
(e) Trading members not to deal with suspended trading member

18. A Branch Manager oversees a specific trading branch within the firm.
They receive end-of-day reports for all dealers under their branch and
have authority to set user order value limits. They can view and
manage outstanding orders and trades for all users within their
branch, including the ability to cancel or modify orders. Branch
Managers interact closely with Corporate Managers to coordinate
overall operations and ensure compliance with firm-wide policies while
providing support and guidance to Dealers within their branch. 3

19. Direct Payout’ refers to the direct delivery of securities to clients’
accounts in depositories without intermediaries. NSCCL facilitates this
process by collecting beneficiary account details from clearing Members
and issuing payout instructions to depositories. Investors benefit from
quicker access to their securities, eliminating delays associated with
manual transfers and enhancing overall efficiency in receiving payouts. 3

329 6

Answer any 3 out of the given 5 questions in 50 – 80 words each. 34=12
20. Capital Market (CM) Segment : This segment at NSE commenced its
operations in 4
November 1994. It offers a fully automated screen based trading
system, known as the
National Exchange for Automated Trading (NEAT) system. Various
types of securities e.g. equity shares, warrants, debentures etc. are
traded on this system. 2
Futures & Options (F&O) Segment: This segment provides trading in
derivatives instruments like index futures, index options, stock
options, and stock futures, and commenced its operations at NSE in
June 2000. 2
21. An outstanding order is an order that has been entered by the user, 4
but which has not yet been completely traded or cancelled. 1
Special Features of Outstanding Orders
(a) The user can modify orders from the outstanding orders screen. 1
(b) The user can cancel orders from the outstanding orders screen. 1
(c) The user can view status of a particular order from the
outstanding orders screen. 1
22. The core processes involved in the settlement process are : 4
(a) Pay-in of Funds and Securities : The members bring in their
funds/securities to the NSCCL. They make available required
securities in designated accounts with the depositories by the
prescribed pay-in time. The depositories move the securities
available in the accounts of members to the account of the
NSCCL. Likewise members with funds obligations make available
required funds in the designated accounts with clearing banks by
the prescribed pay-in time. The NSCCL sends electronic
instructions to the clearing banks to debit member's accounts to
the extent of payment obligations. 2
The banks process these instructions, debit accounts of members
and credit accounts of the NSCCL.
(b) Pay-out of Funds and Securities : After processing for shortages of
funds/securities and arranging for movement of funds from
surplus banks to deficit banks through RBI clearing, the NSCCL
sends electronic instructions to the depositories/clearing banks to
release pay-out of securities/funds. The depositories and clearing
banks debit accounts of NSCCL and credit settlement accounts of
members. Settlement is complete upon release of pay-out of funds
and securities to custodians/members. 2

329 7 P.T.O.

23. • Interest Rate Swaps : Focus primarily on managing interest rate 4
risk associated with fluctuating borrowing costs or investment
returns. 2
• Currency Swaps : Address both interest rate risk and exchange
rate risk, as participants deal with cash flows denominated in
different currencies. 2

24. A futures contract is an agreement between two parties to buy or sell
an asset at a certain time in the future at a certain price. But unlike
4
forward contracts, the futures contracts are standardized and exchange
traded. To facilitate liquidity in the futures contracts, the exchange
1
1
specifies certain standard features of the contract.
2

The standardized items in a futures contract are :
1
• Quantity of the underlying
2

1
• Quality of the underlying
2

1
• The date and the month of delivery
2

1
• The units of price quotation and minimum price change
2

1
• Location of settlement
2

329 8

खण्ड क $
(वस्तुनिष्ठ प्रकार के प्रश्‍ि) (30 अंक)

1. रोज़गार कौशल पर दिए गए 6 प्रश्‍िों में से दकन्हीं 4 के उत्तर िीनिए । 41=4
(i) (A) संिश
े ों को आसािी से ग़लत समझा िा सकता है 1
(ii) (A) इइइइ इइइइइइइ इइइइइ इइइइ इइइ 1
(iii) (B) असामानिक 1

(iv) (D) सामग्री की स््‍वचानलत पीढी 1

(v) (C) लक्ष्‍यों को कु शलतापूववक प्राप्‍त करके 1

(vi) (B) िए बाज़ारों का नवकास 1

2. दिए गए 7 प्रश्‍िों में से दकन््‍हीं 5 के उत्तर िीनिए । 51=5
(i) (B) सीएिएक्‍स निफ्टी 1

(ii) (C) िलाल 1
(iii) (D) इइइइइइइ 1
(iv) गुणवत्तापूणव ब्रोककं ग सेवाएँ सुनिश्‍च्‍नत करिा 1

(v) ट्रेडडंग सिस््‍य 1

(vi) (C) निवेशक सेवा कक्ष (आईएससी) 1

(vii) (C) सूचकांक वायिा 1

3. दिए गए 7 प्रश्‍िों में से दकन््‍हीं 6 के उत्तर िीनिए । 61=6
(i) (C) ऑडवर/ट्रेड डवंडो 1

(ii) (B) नब िा दकसी गनतनव नि वाले ऑडवर 1

(iii) बायबैक िािकारी 1

(iv) एक व्‍यापार उत्‍पन््‍ि होता है 1

(v) (B) के वल बाज़ार समय के िौराि 1

329 9 P.T.O.

(vi) तत्‍काल या रद्द करें 1

(vii) (B) एक्‍सचेंि की अिुमनत से सेबी पंिीकृ त सिस््‍य 1

4. दिए गए 6 प्रश्‍िों में से दकन््‍हीं 5 के उत्तर िीनिए । 51=5
(i) (D) ट्रेडडंग सिस््‍यों द्वारा सौंपे गए ट्रेडों का निपटाि 1
(ii) (C) प्रनतपक्ष िोख्‍नमों का प्रबंिि करके 1
(iii) (A) एिएससीसीएल खरीि-िीलामी आयोनित करता है 1
(iv) के वल भौनतक निपटाि 1
(v) एिएससीसीएल 1
(vi) प्रनतस््‍थापि लागत िोनखम 1

5. दिए गए 6 प्रश्‍िों में से दकन््‍हीं 5 के उत्तर िीनिए । 51=5
(i) (C) एिएसडीएल 1
(ii) (A) ₹ 120 1
(iii) निवेश या उिार ली गई ििरानश की मूल रानश 1
(iv) (C) उत्तोलि या पूँिी संरचिा अिुपात 1
(v) यह प्रत्‍येक शेयरिारक के नलए लाभप्रिता को इं नगत करता है 1
(vi) (C) कं पिी की लाभप्रिता 1

6. दिए गए 6 प्रश्‍िों में से दकन््‍हीं 5 के उत्तर िीनिए । 51=5
(i) (B) नशकागो बटर एंड एग बोडव 1
(ii) वायिा (future) अिुबंि 1
(iii) (C) अिुबंि का आकार 1
(iv) (B) 1 1
(v) (C) बाज़ार िोख्‍नम 1
(vi) (B) के वल समाप्‍नत नतथ्‍न पर ही 1

खण््‍ड ख $
(नवषयपरक प्रकार के प्रश्‍ि) (30 अंक)
329 10

रोज़गार कौशल पर दिए गए 5 प्रश्‍िों में से दकन््‍हीं 3 के उत्तर िीनिए । प्रत्‍येक प्रश्‍ि
का उत्तर 20 – 30 शब्‍िों में
िीनिए । 32=6

7. उि नवकषवणों को िूर करें िो सुििे में बािा उत्‍पन््‍ि कर सकते हैं । 2
िेत्र संपकव से तात्‍पयव सुिते समय वक्‍ता को िेखिे से है
इशारों के माध्‍यम से दिखाएँ दक आप वक्‍ता की बात ध्‍याि से सुि रहे हैं ।
वक्‍ता क्‍या कह रहा है उस पर ध्‍याि िें और ध्‍याि कें दित करें ।
8. आत्‍म-िागरूकता स््‍वयं को समझिे के बारे में है 2
आवश्‍यकताएँ, इच्‍छाएँ, आितें, लक्षण, व्‍यवहार और भाविाएँ ।
9. आमतौर पर, आप उस डेटा रें ि का चयि करके फ्‍नल्‍टर नवकल्‍प तक
पहँच सकते हैं निसे आप फ्‍नल्‍टर करिा चाहते हैं और दिर “फ्‍नल्‍टर” बटि
पर नकलक करके या कीबोडव शॉटवकट का उपयोग करके । 2

10. (a) पहल : व्‍यापार की िुनिया में, अवसर आते हैं और िाते हैं । 2
(b) िोनखम लेिे की इच्‍छा
(c) अिुभव से सीखिे की क्षमता
(d) प्रेरणा : िीवि के हर क्षेत्र में सिलता के नलए यह आवश्‍यक है ।
(e) आत्‍मनवश्‍वास : िीवि में सिलता प्राप्‍त करिे के नलए व्‍यक्‍त्‍न को
खुि पर नवश्‍वास होिा िरूरी है ।
(f) कडी मेहित
(g) निणवय लेिे की क्षमता
11. ग्रीिहाउस गैसें पृथ्‍वी के वायुमंडल में सूयव की गमी को रोककर ग्‍लोबल
वार्मिंग में योगिाि करती हैं । वे अवरक्‍त नवदकरण को अवशोनषत और
उत्‍सर्िवत करते हैं, इसे अंतररक्ष में िािे से रोकते हैं, निससे ग्रह की सतह
के तापमाि में समग्र वृनि होती है । 2

दिए गए 5 प्रश्‍िों में से दकन््‍हीं 3 के उत्तर 20 – 30 शब्‍िों (प्रत्‍येक) में िीनिए । 32=6

329 11 P.T.O.

12. प्री-ओपि सेशि सुबह 9:00 बिे से 9:15 बिे तक 15 नमिट तक चलता है ।
इसमें एक ऑडवर संग्रह अवनि और एक ऑडवर नमलाि अवनि शानमल है ।
2

13. मार्िवि में दकसी भी कमी के मामले में : 2
(a) सिस््‍यों को तत्‍काल प्रभाव से व्‍यापार करिे की अिुमनत िहीं है ।
(b) मार्िवि उल्‍लंघि के नलए िुमाविा
14. प्रभार का निमावण उस प्रदिया को संिर्भवत करता है िहाँ कं पिी सुरनक्षत
ॠण के नलए सुरक्षा के रूप में अपिी संपत्त्‍न नगरवी रखती है या नगरवी
रखती है । यह सुनिश्‍च्‍नत करता है दक यदि कं पिी ॠण चुकािे में नविल
रहती है तो ॠणिाता का संपनत्त पर कािूिी िावा है । 2

15. नियामक अनिकारी निष्‍पक्ष व्‍यवहार सुनिश्‍च्‍नत करते हैं और डेररवेरटव
बाज़ारों के सुचारू कामकाि की निगरािी करते हैं । 2

16. अव्‍यवनस्थत िोनखम वास््‍तव में कं पिी-नवनशष्‍ट िोनखम या
नवनविीकरणीय िोनखम का पयावय है । यह उस िोनखम को संिर्भवत
करता है िो दकसी व्‍यक्‍त्‍नगत कं पिी या उद्योग क्षेत्र के नलए नवनशष्‍ट है ।
इस प्रकार के िोनखम को नवनविीकरण के माध्‍यम से कम दकया िा
सकता है क्‍योंदक यह पूरे बाज़ार को प्रभानवत करिे के बिाय नवशेष
कं पनियों या क्षेत्रों के नलए अनद्वतीय है । 2

दिए गए 3 प्रश्‍िों में से दकन््‍हीं 2 के उत्तर 30 – 50 शब्‍िों (प्रत्‍येक) में िीनिए । 23=6

17. (a) सिस््‍यता अनिकारों का निलंबि 3
(b) लेििारों के अनिकार अप्रभानवत रहेंगे
(c) अिुबंिों की पूर्तव : निलंनबत व्‍यापाररक सिस््‍य निलंबि के समय
बकाया अिुबंिों को पूरा करिे के नलए बाध्‍य हैं ।
(d) आगे व्‍यापार निनषि है
(e) ट्रेडडंग सिस््‍य निलंनबत ट्रेडडंग सिस््‍य के साथ व्‍यवहार िहीं करें गे
18. एक शाखा प्रबंिक िमव के भीतर एक नवनशष्‍ट व्‍यापाररक शाखा की
िेखरे ख करता है । वे अपिी शाखा के अंतगवत सभी डीलरों के नलए दिि
329 12

के अंत की ररपोटव प्राप्‍त करते हैं और उिके पास उपयोगकताव ऑडवर मूल्‍य
सीमा नििावररत करिे का अनिकार है । वे अपिी शाखा के भीतर सभी
उपयोगकतावओं के नलए बकाया ऑडवर और ट्रेडों को िेख और प्रबंनित कर
सकते हैं, निसमें ऑडवर को रद्द करिे या संशोनित करिे की क्षमता भी
शानमल है । शाखा प्रबंिक समग्र संचालि के समन््‍वय के नलए कॉपोरे ट
प्रबंिकों के साथ निकटता से बातचीत करते हैं और अपिी शाखा के
भीतर डीलरों को समथवि और मागविशवि प्रिाि करते हए िमव-व्‍यापी
िीनतयों का अिुपालि सुनिश्‍च्‍नत करते हैं । 3

19. ‘डायरे क्‍ट पेआउट’ का तात्‍पयव नबचौनलयों के नबिा नडपॉनिटरी में ग्राहकों
के खातों में प्रनतभूनतयों की सीिी नडलीवरी से है । एिएससीसीएल
समाशोिि सिस््‍यों से लाभाथी खाता नववरण एकत्र करके और
नडपॉनिटरी को भुगताि नििेश िारी करके इस प्रदिया को सुनविाििक
बिाता है । निवेशकों को अपिी प्रनतभूनतयों तक त्‍वररत पहँच, मैन््‍युअल
हस््‍तांतरण से िुडी िेरी को खत्‍म करिे और भुगताि प्राप्‍त करिे में समग्र
िक्षता बढािे से लाभ होता है । 3

दिए गए 5 प्रश्‍िों में से दकन््‍हीं 3 के उत्तर 50 – 80 शब्‍िों (प्रत्‍येक) में िीनिए । 34=12

20. पूँिी बाज़ार (सीएम) खंड : एिएसई में इस खंड िे अपिा पररचालि 4
शुरू दकया िवंबर 1994 । यह पूरी तरह से स््‍वचानलत स््‍िीि आिाररत
ट्रेडडंग नसस््‍टम प्रिाि करता है, निसे िेशिल एक्‍सचेंि िॉर ऑटोमेटेड
ट्रेडडंग (NEAT) नसस््‍टम के रूप में िािा िाता है । नवनभन््‍ि प्रकार की
प्रनतभूनतयाँ उिा. इस प्रणाली पर इक्‍व्‍नटी शेयर, वारं ट, नडबेंचर आदि
का कारोबार दकया िाता है । 2
फ्यूचसव एवं नवकल्‍प (एिएंडओ) खंड : यह खंड डेररवेरटव में व्‍यापार
प्रिाि करता है इं डेक्‍स फ्यूचसव, इं डेक्‍स ऑप्‍शंस, स््‍टॉक ऑप्‍शंस और स््‍टॉक
फ्यूचसव िैसे उपकरण, और िूि 2000 में एिएसई में अपिा पररचालि
शुरू दकया । 2

329 13 P.T.O.

21. बकाया ऑडवर वह ऑडवर है िो उपयोगकताव द्वारा ििव दकया गया है, 4
लेदकि निसका अभी तक पूरी तरह से व्‍यापार या रद्द िहीं दकया गया है
। 1
बकाया ऑडवर की नवशेष नवशेषताएँ
(a) उपयोगकताव बकाया ऑडवर स््‍िीि से ऑडवर को संशोनित कर सकता
है । 1
(b) उपयोगकताव बकाया ऑडवर स््‍िीि से ऑडवर रद्द कर सकता है । 1
(c) उपयोगकताव बकाया ऑडवर स््‍िीि से दकसी नवशेष ऑडवर की नस्थनत
िेख सकता है । 1

22. निपटाि प्रदिया में शानमल मुखय ्‍ प्रदियाएँ हैं : 4
(a) निि्‍नयों और प्रनतभूनतयों का भुगताि : सिस््‍य अपिी
निनि/प्रनतभूनतयाँ एिएससीसीएल में लाते हैं । वे नििावररत
भुगताि समय तक नडपॉनिटरी के साथ निर्िवष्‍ट खातों में आवश्‍यक
प्रनतभूनतयाँ उपलब्‍ि कराते हैं । नडपॉनिटरी सिस््‍यों के खातों में
उपलब्‍ि प्रनतभूनतयों को एिएससीसीएल के खाते में स््‍थािांतररत
करती हैं । इसी प्रकार, निनि िानयत्‍व वाले सिस््‍य नििावररत
भुगताि समय तक समाशोिि बैंकों के साथ िानमत खातों में
आवश्‍यक ििरानश उपलब्‍ि कराते हैं । एिएससीसीएल
इलेक्‍ट्रॉनिक नििेश भेिता है समाशोिि बैंकों को भुगताि
िानयत्‍वों की सीमा तक सिस््‍यों के खातों से डेनबट करिे के नलए ।
बैंक इि नििेशों, सिस््‍यों के डेनबट खातों और एिएससीसीएल के
िे नडट खातों को संसानित करते हैं । 2
(b) निनियों और प्रनतभूनतयों का भुगताि : निि्‍नयों/प्रनतभूनतयों की
कमी के नलए प्रसंस्करण
्‍ करिे और RBI नकलयररं ग के माध्‍यम से
अनिशेष बैंकों से घाटे वाले बैंकों में िि की आवािाही की व्‍यवस््‍था
करिे के बाि, एिएससीसीएल भुगताि िारी करिे के नलए
नडपॉनिटरी/समाशोिि बैंकों को इलेक्‍ट्रॉनिक नििेश भेिता है । -
प्रनतभूनतयों/निि्‍नयों से
बाहर । नडपॉनिटरी और समाशोिि बैंक एिएससीसीएल के
डेनबट खाते और सिस््‍यों के िे नडट निपटाि खाते । संरक्षकों/सिस््‍यों
को ििरानश और प्रनतभूनतयों का भुगताि िारी होिे पर निपटाि
पूरा हो िाता है । 2

329 14

23. • ब्‍याि िर स््‍वैप : मुखय ्‍ रूप से उिार लेिे की लागत या निवेश
4
ररटिव में उतार-चढाव से िुडे ब्‍याि िर िोनखम के प्रबंिि पर
ध्‍याि कें दित करें । 2
• मुिा स््‍वैप : ब्‍याि िर िोनखम और नवनिमय िर िोनखम िोिों को
संबोनित करें , क्‍योंदक प्रनतभागी नवनभन््‍ि मुिाओं में िानमत िकिी
प्रवाह से निपटते हैं । 2

24. एक वायिा (futures) अिुबंि िो पक्षों के बीच भनवष्‍य में दकसी निश्‍च्‍नत
समय पर दकसी निश्‍च्‍नत मूल्‍य पर एक पररसंपत्त्‍न को खरीििे या बेचिे 4
के नलए एक समझौता है । लेदकि अनग्रम (forward) अिुबंिों के नवपरीत,
वायिा (future) अिुबंि मािकीकृ त होते हैं और एक्‍सचेंि पर व्‍यापार
दकए िाते हैं । वायिा (future) अिुबंिों में तरलता को सुनविाििक
बिािे के नलए, एक्‍सचेंि अिुबंि की कु छ मािक नवशेषताएँ निर्िवष्‍ट
करता है । 1
1

वायिा (future) अिुबंि में मािकीकृ त आइटम निम्‍िनलनखत हैं :
2

• आिारभूत की मात्रा 1
2

• आिारभूत की गुणवत्ता 1
2

• नवतरण की तारीख और माह 1
2

• मूल्‍य उिरण की इकाइयाँ और न््‍यूितम मूल्‍य पररवतवि 1
2

• समाप्‍त्‍न का स््‍थाि 1
2

329 15 P.T.O.