CBSE Class 12 Derivative Marketing Question Paper 2020

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Code No. 318
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ì`wËnÞ ~mµOma àMmbZ
DERIVATIVE MARKET OPERATIONS

{ZYm©[aV g_` : 3 KÊQ>o A{YH$V_ A§H$ : 60
Time allowed : 3 hours Maximum Marks : 60

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gm_mÝ` {ZX}e :
{ZåZ{b{IV {ZX}em| H$mo ~hþV gmdYmZr go n{‹T>E Am¡a CZH$m g™Vr go nmbZ H$s{OE :
(i) Bg àíZ-nÌ _| 33 àíZ em{_b h¢ {OZ_| go Aä`Wu H$mo {g\©$ 25 àíZ H$aZo H$s µOê$aV
h¡ &
(ii) àíZ-nÌ Xmo IÊS>m| _| {d^m{OV h¡ &
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 ^mJ I ‘| 1 A§H$ à˶oH$ Ho$ 1 go 12 VH$ àíZ h¢ {OZ‘| go {H$Ýht 10 àíZm| Ho$ CÎma
XoZo h¢ &
 ^mJ II ‘| 2 A§H$ à˶oH$ Ho$ 13 go 19 VH$ àíZ h¢ {OZ‘| go {H$Ýht 5 àíZm| Ho$ CÎma
XoZo h¢ &
 ^mJ III ‘| 3 A§H$ à˶oH$ Ho$ 20 go 26 VH$ àíZ h¢ {OZ‘| go {H$Ýht 5 àíZm| Ho$
CÎma XoZo h¢ &
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XoZo h¢ &
(iii) EH$ IÊS> Ho$ g^r àíZm| Ho$ CÎma C{MV H«$‘ ‘| Xr{OE &

IÊS> H$
^mJ I
{H$Ýht 10 àíZm| Ho$ CÎma Xr{OE & àË`oH$ àíZ 1 A§H$ H$m h¡ &
1. Am°ßeZ g§{dXm H$m¡Z {bIVm h¡ ? 1

2. {ZOr ê$n go V` {H$E OmZo dmbo ì`wËnÞ g§{dXmAm| H$m Zm_ ~VmBE & 1

3. EZ.Eg.B©. ì¶wËnÞ ~mµOma _| ì`mnma {H$E OmZo dmbo {H$Ýht Xmo AmYma^yV ànÌm| Ho$ Zm_
~VmBE & 1

4. EZ.Eg.B©. _| {ZâQ>r H$s JUZm Ho$ {bE {H$g {d{Y H$m Cn`moJ {H$`m OmVm h¡ ? 1

5. ‘{ZâQ>r gyMH$m§H$’ H$m AmXe© ~rQ>m Š`m h¡ ? 1

6. H$_ _yë` dmbo dm¶Xm ~mµOma Ho$ Cg ì`wËnÞ ~mµOma à{V^mJr H$m Zm_ ~VmBE Omo
‘dm`Xm H«$` – ñnm°Q> {dH«$`’ H$s aUZr{V ~ZmH$a àdoe H$aVm h¡ & 1
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General Instructions :
Read the following instructions very carefully and strictly follow them :

(i) This question paper contains 33 questions out of which the candidate
needs to attempt only 25 questions.

(ii) The question paper is divided into two sections.

SECTION A
 Part I contains questions 1 to 12 of 1 mark each out of which any
10 questions are to be attempted.
 Part II contains questions 13 to 19 of 2 marks each out of which any
5 questions are to be attempted
 Part III contains questions 20 to 26 of 3 marks each out of which any
5 questions are to be attempted.

SECTION B
 Contains questions 27 to 33 of 5 marks each out of which any
5 questions are to be attempted.

(iii) All questions of a particular section must be placed in the correct order.

SECTION A
Part I
Attempt any 10 questions. Each question is of 1 mark.

1. Who writes an Option Contract ? 1

2. Name the privately negotiated derivative contracts. 1

3. Name any two underlying instruments traded in NSE’s Derivative
Market. 1

4. Which method is used to calculate Nifty in NSE ? 1

5. What is the ideal beta of ‘Nifty Index’ ? 1

6. Name the derivative market participant who enters with the strategy of
‘Buy futures  Sell spot’ in an underpriced futures market. 1

.318 3 P.T.O.

7. ‘Aì`dpñWV Omo{I‘’ H$s n[a^mfm Xr{OE & 1

8. Am§V[aH$ _yë` VWm g_` _yë` _| g§~§Y H$m CëboI H$s{OE & 1

9. Cg Am°ßeZ H$m Zm_ ~VmBE Omo eyÝ` amoH$‹S> àdmh H$s Va\$ bo OmVm h¡ & 1

10. bm^m§e H$m°b VWm nwQ> Am°ßeZ go {H$g àH$ma g§~§{YV h¡ ? 1

11. X¡{ZH$ ì`mnma àUmbr _| à{V^mJr H$m Š`m AW© h¡ ? 1

12. EH$ gXñ` H$s ewÕ gån{Îm H$s JUZm H¡$go H$s OmVr h¡ ? 1

^mJ II

{H$Ýht 5 àíZm| Ho$ CÎma Xr{OE & àË`oH$ àíZ 2 A§H$ H$m h¡ &
13. à{VajH$ VWm _Ü`ñW _| AÝVa ñnîQ> H$s{OE & 2

14. gyMH$m§H$ H$s Mmb Ho$ Am{W©H$ _hÎd Ho$ {H$Ýht Xmo {~ÝXwAm| H$m CëboI H$s{OE & 2

15. qOg VWm à{V^y{V dm`Xm _| H$moB© Xmo AÝVa Xr{OE & 2

16. ‘[adg© H¡$e EÊS> H¡$ar’ H$m Š`m AW© h¡ ? 2

17. ‘ì`dpñWV Omo{I‘’ H$m Š`m AW© h¡ ? Bgo H$_ H¡$go {H$`m Om gH$Vm h¡ ? 2

18. EH$ {ZdoeH$ Zo 12 _mM©, 2019 H$mo Q>mQ>m {b{_Q>oS> Ho$ 2,000 A§em| H$m H«$` < 390 à{V
A§e na {H$`m & nmoQ>©\$mo{b`mo _yë` < 7,80,000 (< 390  2,000) h¡ & {ZdoeH$ H$mo bJVm
h¡ {H$ ~mµOma _| {JamdQ> Am`oJr, AV: Cgo Q>mQ>m dm`Xm (à{V^y{V dm`Xm) H$m Cn`moJ H$a
à{VajU H$s Amdí`H$Vm h¡ & 2
 Q>mQ>m dm`Xm (_mh Ho$ g_rn) < 402 na ì`mnma H$a ahm h¡ &
 à{VajU hoVw {ZdoeH$ H$mo 2,000 Q>mQ>m dm`Xm H$m {dH«$` H$aZm hmoJm &
 dm`Xm {V{W g_m{ßV na Q>mQ>m dm`Xm H$m ñnm°Q> _yë` < 300 h¡ &
{ZdoeH$ H$m ApÝV_ bm^/hm{Z pñW{V kmV H$s{OE &
19. ì`wËnÞm| _| ‘ñQ>m°n hm{Z’ H$m Š`m AW© h¡ ? EH$ CXmhaU Xr{OE & 2

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7. Define ‘unsystematic risk’. 1

8. State the relationship between intrinsic value and time value. 1

9. Name the option which leads to zero cash flow. 1

10. How is dividend related to call and put option ? 1

11. What is meant by participant in the daily trading system ? 1

12. How is a member’s Net Worth calculated ? 1

Part II

Attempt any 5 questions. Each question is of 2 marks.

13. Differentiate between the hedger and arbitrageur. 2

14. State any two points of economic significance of index movement. 2

15. Give any two differences between commodity and stock futures. 2

16. What is meant by ‘Reverse cash and carry’ ? 2

17. What is meant by ‘systematic risk’ ? How can it be minimized ? 2

18. An investor on March 12, 2019 bought 2,000 shares of Tata Ltd. at the
price of < 390 per share. The portfolio value being < 7,80,000
(< 390  2,000). The investor feels that the market will fall and thus
needs to hedge by using Tata Futures (stock futures). 2

 The Tata Futures (near month) trades at < 402.

 To hedge, the investor will have to sell 2,000 Tata Futures.

 On futures expiry day : The Tata Futures spot price is < 300.

Find out the final Profit/Loss position of the investor.

19. What is meant by ‘Stop Loss’ in Derivatives ? Give one example. 2
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^mJ III
{H$Ýht 5 àíZm| Ho$ CÎma Xr{OE & àË`oH$ àíZ 3 A§H$ H$m h¡ &
20. dm`Xm VWm AJ«dVu g§{dXmAm| _| H$moB© VrZ AÝVa Xr{OE & 3

21. dm`Xm _yë`-{ZYm©aU H$m Š`m AW© h¡ ? hm{Oa ~mµOma _| E.~r.gr. < 1,500 na ì¶mnma H$a
ahm h¡ & YZ H$m {Zdoe 10% dm{f©H$ H$s Xa na {H$¶m Om gH$Vm h¡ & E.~r.gr. na VrZ
‘hrZo H$s dm`Xm g§{dXm H$m C{MV ‘yë¶ ³¶m hmoJm ? (_mZ br{OE : e^ ·025 = 1·02) 3

22. gr.EZ.EŠg. {ZâQ>r Am°ßeZ H$s g§{dXm {d{eîQ>VmAm| H$m dU©Z H$s{OE & 3

23. ‘_mH}$Q> dmM {dÊS>mo’ H$mo g_PmBE & 3

24. noeoda g_memoYZ gXñ` H$s `mo½`Vm Amdí`H$VmAm| H$m dU©Z H$s{OE & 3

25. Eg.Q>r.Q>r. H$s JUZm H$s{OE & ‘H$’ Zo < 380 @ 20 Ho$ ñQ´>mBH$ _yë` na Am°ßeZ g§{dXm H$m
{dH«$` {H$`m & g_m{ßV na hm{Oa ~mµOma _yë` < 430 na ~ÝX hmoVm h¡ & bm°Q> H$m AmH$ma
1,000 h¡ & (OyZ, 2016 go Amaå^ hmoH$a Am°ßeZ g§{dXm na Eg.Q>r.Q>r. 0·05% h¡ &) 3

26. ì¶wËnÞ g§{dXmAm| na H$a Xo`Vm H$s JUZm H¡$go H$s OmVr h¡ ? g_PmBE & 3

IÊS> I
Bg IÊS> _| go {H$Ýht 5 àíZm| Ho$ CÎma Xr{OE & àË`oH$ àíZ 5 A§H$m| H$m h¡ &
27. ‘~wb ñà¡S>’ H$mo EH$ {MÌ Ho$ Ûmam g_PmBE & 5

28. Am°ßeZ _yë`-{ZYm©aU H$mo à^m{dV H$aZo dmbo n[adV©Zerb H$maH$m| H$mo g_PmBE &
ãb¡H$-emoëg Am°ßeZ _yë`-{ZYm©aU gyÌ {b{IE & 5

29. EH$ Am°ßeZ _| Omo{I_ Ho$ {d{^Þ nhbwAm| H$mo _mnZo dmbo J«rH$ Ajam| H$mo g_PmBE & 5

30. dm`Xm VWm Am°ßeZ IÊS> _| EZ.Eg.gr.gr.Eb. ì`mnH$ Omo{I‘ amoH$Wm‘ V§Ì H$m dU©Z
H$s{OE & 5

31. ì`mnm[aH$ àUmbr H$s BH$mB`m| H$m dU©Z H$s{OE & 5

32. Am°ßeZ g§{dXmAm| H$s {ZnQ>mZ H$m`©{d{Y g_PmBE & 5

33. ì¶wËnÞm| ‘| ì¶mnma H$aZo Ho$ {bE à{V^y{V VWm gyMH$m§H$ Ho$ `mo½`Vm _mnXÊS>m| H$mo g_PmBE & 5

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Part III

Attempt any 5 questions. Each question is of 3 marks.

20. Give any three differences between futures and forward contracts. 3
21. What is meant by futures pricing ? ABC trades at < 1,500 in the spot
market. Money can be invested at 10% p.a. What is the fair value of a
3 months futures contract on ABC ? (Assume : e^ ·025 = 1·02) 3

22. Describe the contract specification of CNX Nifty Option. 3

23. Explain ‘market watch window’. 3

24. Describe the eligibility requirements of a professional clearing member. 3
25. Calculate STT. ‘A’ sold option contract at strike price < 380 @ 20. At the
expiry the spot market price closes at < 430. Lot size is 1,000. (STT w.e.f.
June, 2016 is 0·05% on sale on an option contract) 3

26. How is tax liability calculated in case of derivative contracts ? Explain. 3

SECTION B
Attempt any 5 questions from this section. Each question is of 5 marks.

27. Diagrammatically explain ‘Bull Spread’. 5

28. Explain the variable factors that affect the option pricing. Write the
Black-Scholes option pricing formula. 5

29. Explain each Greek letter that measures the different dimensions of the
risk in an option. 5

30. Describe NSCCL comprehensive risk containment mechanism for the
Futures and Options segment. 5

31. Describe the entities of a Trading System. 5

32. Explain the settlement procedure of option contracts. 5

33. Explain the eligibility criteria of stock and index for trading in
derivatives. 5

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