CBSE Class 12 Question Paper 2026 Solution FMM

FOR CBSE CLASS 12 EXAM PREPARATION

CBSE Class 12 2026
Question Paper
Solution · FMM
EXAM YEAR TYPE SUBJECT

CBSE Class 12 2026 Question Paper Solution FMM

Notes · Sample Papers · Previous Year Papers · Mock Tests

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Strictly Confidential a
Marking Scheme

(For Internal and Restricted use only)
Senior Secondary School Examination, 2026 (XIIth)
SUBJECT NAME : Financial Markets Management (Q.P. CODE 805/329)

General Instructions: -
1 The CBSE has decided to introduce On Screen Marking (OSM) for the evaluation of
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Class XII answer Book with the 2026 Examination.
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2 You are aware that evaluation is the most important process in the actual and correct

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assessment of the candidates. A small mistake in evaluation may lead to serious

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problems which may affect the future of the candidates, education system and
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teaching profession. To avoid mistakes, it is requested that before starting evaluation,
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a“Evaluation policy is a confidential policy as it is related to the confidentiality
you must read and understand the spot evaluation guidelines carefully.
3
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.”
4 Evaluation is to be done as per instructions provided in the Marking Scheme. It should

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not be done according to one’s own interpretation or any other consideration. Marking

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Scheme should be strictly adhered to and religiously followed. However, while

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evaluating, answers which are based on latest information or knowledge and/or

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are innovative, they may be assessed for their correctness otherwise and due

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marks be awarded to them. In Class-XII, while evaluating two competency-
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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.
5 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.
6 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
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be zero after deliberation and discussion. The remaining answer books meant for

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evaluation shall be given only after ensuring that there is no significant variation in

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the marking of individual evaluators.
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Evaluators will mark ( √ ) wherever answer is correct. For wrong answer CROSS ‘X’
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be marked. Evaluators will not put right (✓) while evaluating which gives an

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impression that answer is correct and no marks are awarded. This is most common
mistake which evaluators are committing.
8 If a question has parts, please award marks on the right-hand side for each part in
the OSM Portal. Marks awarded for different parts of the question will be totaled up
by the OSM System.
9 If a question does not have any parts, marks must be awarded in the left-hand margin
in the OSM Portal. This may also be followed strictly.

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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 :-
● 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 The Examiners should acquaint themselves with the guidelines given in the
“Guidelines for Spot Evaluation” before starting the actual evaluation.
16 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.
17 If a candidate attempts both alternatives/options in a question where only one
option/ alternative is required to be attempted, the Evaluator shall award marks
in both the options. The system will take the higher of two scores and
disregard the other response.
18 In a question having two options/alternatives, if a candidate has attempted only
one, then the evaluator shall mark “NA” (Not attempted) against the option that
has not been attempted by the candidate.

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MARKING SCHEME
Financial Markets Management (Subject Code-805)
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(PAPER CODE : 329) (P3290805)

Q.No. EXPECTED OUTCOMES/VALUE POINTS Marks
SECTION – A
Answer any 4 out of 6 4x1=4 marks
1. (i) (A) listening [Step 1,1 mark] 1
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(C) .deadlines [Step 1,1 mark]
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(ii)
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1
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l asFFM stands for Five Factor Model of individual’s personality [Step ag1
ag 1,1 mark] U-2 Pg 33
(iii)

(iv) (D) cell [Step 1,1 mark] U- 1
3 Pg 41
(v) Ourselves, abilities [Step 1,1 mark] U- 1
4 Pg 93
(vi) Roof top rainwater harvesting refers to the process where 1
rainwater is collected in tanks to be used later. [Step 1,1 mark]
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U-5 Pg 116

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दोोेe उ्ቈर दोहदिए
2. Answer any 5 out of the given 7 questions.
दिए गए 7 ्ቚश्नों में से दि्ቡ ोनोों 5 ्ቚश्नों s
5x1=5 marks

g laand R is the correct explanation of A
(i) (a) Both A and R are true,
[Step 1,1 mark]
a 1

(a) A और R दनों सत्य हैं, और R, A का सही स्प्ቖीकरण है
(ii) (c) Daily [Step 1,1 mark] 1
(सी) दै ननक
(iii) (C) Stock Exchange [Step 1,1 mark] 1
(सी) ्िॉक ए्ቍचेंज
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(iv) (B) August 29, 2008 [Step 1,1 mark]
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m . (बी) 29 अग़्, 2008
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s e (v) (C) Being debarred by SEBI [Step 1,1 mark]
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g l a (सी) सेबी ्ቛारा ्ቚनतबंननत ककया जाना a
a (vi) (C) Brokers [Step 1,1 mark] 1
(सी) दलाल
(vii) (B) Client’s personal bank account details [Step 1,1 mark] 1
(बी) ्ቇाहक का ्ቤननगत बैंक खाता ननन रण
3. Answer any 6 out of the given 7 questions. (6X1=6 marks)
दिए गए 7 ्ቚश्नों में से दि्ቡ ोनोों 6 ्ቚश्नों दोोे उ्ቈर दिदिए
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(i) (C) Based on the time they were entered [Step 1,1 mark] 1
(C) उनके नरेश के समय के न ार पर

(ii) (B) Order-driven [Step 1,1 mark] 1
(बी) दे श-संचानलत

(iii) (C) Corporate Manager [Step 1,1 mark] 1
(सी) कॉपोरे ट रबंन क

(iv) (C) Message Window [Step 1,1 mark] 1
(सी) संदेश न ंडो

(v) (B) Net profit of the company [Step 1,1 mark] 1
(बी) कंपनी का शु द्न लाभ

(vi) (D) The last traded price is ` 500 or more [Step 1,1 mark] 1
(D) अंनतम कारोबार मू्ቡ ` 500 या उससे अननक है

(vii) (B) Ability to trade from any location [Step 1,1 mark] 1
(बी) ककसी भी स्थान से ्ቤापार करने की ्ቌमता

4. Answer any 5 out of the given 6 questions. (5x1=5 marks)
दिए गए 6 ्ቚश्नों में से दि्ቡ ोनोों 5 ्ቚश्नों दोोे उ्ቈर दोहदिए

(i) (C) NSCCL [Step 1,1 mark] 1
(सी) एनएससीसीएल

(ii) (C) Counterparty risk [Step 1,1 mark] 1
(सी) ्ቚनतप्ष जोनखम

(iii) (A) The depository [Step 1,1 mark] 1
(क) नडपॉनजटरी

(iv) (B) 2 days [Step 1,1 mark] 1
(बी) 2 कदन

(v) (C) NSCCL/Clearing Corporation [Step 1,1 mark] 1
(ग) एनएससीसीएल/नक्लयररंग कॉपोरे शन

(vi) (C) Credit rating agencies [Step 1,1 mark] 1
(ग) ्ቅेनडट रेरटंग एजेंनसयां

5. Answer any 5 out of the given 6 questions. (5x1=5 marks)
दिए गए 6 ्ቚश्नों में से दि्ቡ ोनोों 5 ्ቚश्नों दोोे उ्ቈर दोहदिए

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se (i)
(सी) सेबी ननयमों के तहत नोोोखानोड़ी ag
l mark] 1

(ii) (C) It decreases [Step 1,1 mark] 1
(सी) यहा घटता है

(iii) (C) Vacation policy [Step 1,1 mark] 1
(सी) निकाश नीनत
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(iv) (C)
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Company profits [Step 1,1 mark] 1
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(C) .कं पनी का मुनाफ़ा e
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(v)
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ag1
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a (सी) नेट नोथथ
(vi) (B) Gross Block-Depreciation [Step 1,1 mark] 1
(बी) सकल ब्लॉक- मूल्यस्ቩास

Answer any 5 out of the given 6 questions.
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6. (5X1=5 marks)
दिए गए 6 ्ቚश्नों में से दि्ቡ ोनोों 5 ्ቚश्नों दोोे उ्ቈरco
m . दोहदिए

(B) 1972 [Step 1,1 mark] se
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(i) 1
(बी) 1972
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(ii) (C) Counter-party risk [Step 1,1 mark]
1
(सी) ्ቚनतप्ष जोनखम

(iii) (C) Cost of carry [Step 1,1 mark] 1
(सी) ले जाने की लागत (कस्ट-ऑफ-कै री)

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(iv) (C) Financing cost-Dividends [Step 1,1 mark] 1
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(v) (c) Option price or premium [Step 1,1 mark] 1

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a (C) ननकल्प मूल्य या ्ቚीनमयम

(vi) (C) The option premium paid [Step 1,1 mark] 1
(C) भुगतान ककया गया ननकल्प ्ቚीनमयम

SECTION B : SUBJECTIVE TYPE QUESTIONS
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खंड बी : ्ቤननपरक रकार के र्቞

Answer any 3 questions out of given 5 questions on 3x2=6 marks
Employability skills in 20-30 words each.

रदिगर दोो शल पर दिए गए 5 ्ቚश्नों में नक्ቡ ी ं 3 ्ቚश्नों दोोे उ्ቈर 20-30 शब्नों
में दोहदिए

7. Four barriers are: - 2
Physical barrier [Step 1,0.5 mark]
(0.5x4)
Psychological barrier [Step 2,0.5 mark]
U-1 Pg 6
Linguistic and Cultural barrier [Step 3,0.5 mark]
Noise and Visual distractions [Step 4,0.5 mark]
Personal factors (any 4)

8. (i) Personality development is the development of an organised 2 (1+1)
pattern of behaviours and attitudes that makes a person distinctive.
[Step 1,1 mark] U-2 Pg 33

(ii) It occurs by the ongoing interaction of temperament, character
and environment. [Step 2,1 mark]

9. Electronic spreadsheets have many options to make the content look 2
neat and easy to read. This is called formatting. [Step 1,1 mark]
(1+0.5+0.5)
Eg.
(i) Aligning the text U-3 Pg-54
(ii) Highlighting the text [Step 2,0.5 mark]
[Step 3, 0.5 mark] [0.5each]
10. (i) They provide their expertise in services to create a market for 2 (1+1)
technical entrepreneurs. [Step 1,1 mark]
(ii) They are not concerned with the manufacturing process but U-4
have more to do with before and after the manufacturing process.
[Step 2,1 mark] Pg-83

11. Green workers services include :- 2
(i) Electricians – Who install solar panels [Step 1,0.5 mark] (0.5x4)
(ii) Plumbers – Who install solar water heaters [Step 2,0.5 mark] U-5 Pg 112

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(iii) Construction workers – Who build energy-efficient green
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(any other
buildings
[Step 3,0.5 mark]
a relevant point)

(iv) Technicians and workers – Involved in establishing wind
power farms and those working for clean and renewable energy
development. [Step 4,0.5 mark]

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Answer any 3 questions out of given 5 questions in 20-30 words each 3x2=6 marks
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दिए गए 5 ्ቚश्नों में से दि्ቡ ोनोों 3 ्ቚश्नों दोोे उ्ቈर 20-30 शब्नों में दोहदिए
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12.
a mode after 5 minutes of inactivity. [Step 1,1 mark]

 Requiring the user to enter the password to resume use. [Step
2
2,1 mark]
(1+1)
नसस्टम 5 नमनट की नननर्ቅयता के बाद स्नोचानलत रुप से िस्थायी साइन ऑफ मोड को सक्ቅय कर देता है, नजससे
उपयोगकताथ को पुन: उपयोग शुरु करने के नलए पानसडथ दजथ करना पड़ता है।
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13.
s e
NSCCL identifies short deliveries on the securities pay-in day, when

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clearing members are expected to deliver securities as per settlement
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obligations. [Step 1,2 mark]
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एनएससीसीएल ्ቚनतभूनतयों के भुगतान के कदन शॉथट नडलीनोरी की पहचान करता है, जब नक्लयररंग सदस्यों से ननपटान
दानयत्नोोोों के िनुसार ्ቚनतभूनतयों की नडलीनोरी की िपे्षा की जाती है।

14.  Share Capital is the initial fund contributed by shareholders
when a company starts operations. [Step 1,1 mark]
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
s
It can be equity or preference capital. [Step 2,1 mark]
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a शेयर पूंजी शेयररारकों ्ቛारा कं पनी के संचालन शुरु करने पर कदया जाने नोोाला ्ቚारंनभक कोष है। यह इककटी या
नोरीयता पूंजी हो सकती है।

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15.  Speculators take positions based on expected price rises or
falls. [Step 1,1 mark]

 If their market view is correct, they earn profits from price
changes in the underlying asset. [Step 2,1 mark] 2

स्ሾेबाज िपेन्षत मूल्य नोोनन या नगरानोट के न ार पर नस्थनत बनाते हैं। यकद उनका बाजार दन्ቖकोण सही है, तो
नोोे िंतननथनहत पररसंपन्ቈ में मूल्य परररतथन से लाभ कमाते हैं।

16. The maximum loss for an option buyers is limited to the premium
paid at the time of purchase, making options less risky compared to 2
futures. [Step 1,2 mark]

ननकल्प खरीदार के नलए िननकतम हानन खरीद के समय भुगतान ककए गए ्ቚीनमयम तक सीनमत होती है, नजससे
नोोायदा की तुलना में ननकल्प कम जोनखमपूणथ हो जाते हैं।

Answer any 2 questions out of given 3 questions in 30-50 words 3x2=6 marks
each.
दिए गए 3 ्ቚश्नों में से दि्ቡ ोनोों 2 ्ቚश्नों दोोे उ्ቈर 30-50 शब्नों में दोहदिए
17.  The contract note should include the name and addresses of (1.5+1.5)=3
the trading, member (TM), SEBI registration number, trade
details such as order/trade number. [Step 1,1.5 mark]

 Timings, security name, quantity, price, brokerage,
settlement number, and all applicable statutory levies. [Step
2,1.5 mark]

िनुबंनो नोट में ्቏ेवडंग सदस्य (टीएम) का नाम और पता, सेबी पंजीकरण संख्या, ्ቤापार नननोरण जैसे ऑडथर/्቏ेड
संख्या, समय, ्ቚनतभूनत नाम, मा्ቔा, मूल्य, ्ቜोकरेज, ननपटान संख्या और सभी लागू नोोैनोोाननक शुल्क शानमल होने
चानहए।

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18.  The Auction Inquiry window allows users to monitor all (1+1+1)=3

ag day. [Step 1,1
auction activities during the current trading
mark]

 It provides information on both ongoing and completed
auctions for securities. [Step 2,1 mark]

 Users can view auction details and track real-time status.
[Step 3,1 mark]

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नीलामी पूछताछ ववंडो उपयोगकताथओं को नोतथमान कारोबारी कदन के दौरान सभी नीलामी गनतननननयों की ननगरानी करने की
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िनुमनत देती है।
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19. (Any three) (1+1+1)=3
Fraud includes : Each 1 mark
(a) Misrepresentation or concealment of material facts. [Step 1,1 [points (d) to (i)
mark] can also be
considered, any
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(b) False suggestions made without belief in their truth. [Step 2,1
mark]
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(c) Active concealment of known facts. [Step 3,1 mark]

 (d) Promises made without intention of performance.
 (e) Statements made recklessly or carelessly.
 (f) Acts that are fraudulent under any other law.
 (g) Deceptive behavior depriving informed consent.
 (h) Statements made without reasonable grounds for
belief.
 (i) Issuers spreading misinformation affecting prices.
(कोइ तीन)
नोोोखानोड़ी में शानमल हैं:
(ए) तथ्यों को गलत तरीके से ्ቚस्तुत करना या नछपाना। (बी) नबना उनकी स्ሴाई पर
नन्ቫास ककए झूठे सुझानो देना। (सी) ्ञात तथ्यों को सक्ቅय रुप से नछपाना।
(डी) नबना ककसी इरादे के ककए गए नोोादे।
(ई) लापरराही से या लापरराही से कदए गए बयान।
(एफ) ऐसे कायथ जो ककसी िन्य कानून के तहत नोोोखानोड़ी नोोाले हैं। (जी) सूनचत सहमनत से
नोोंनचत करने नोोाला भामक न्ቤहार। (एच) नन्ቫास के नलए उनचत न ार के नबना कदए गए बयान।
(i) कीमतों को ्ቚभाबननत करने नोोाली गलत सूचना फै लाने नोोाले जारीकताथ।

Answer any 3 questions out of given 5 questions in 50-80 words 4x3=12 marks
each.

दिए गए 5 ्ቚश्नों में से दि्ቡ ोनोों 3 ्ቚश्नों दोोे उ्ቈर 50-80 शब्नों में दोहदिए
(4x3=12 अोनोोंदो)

 NSE’s four segments – WDM, CM, F&O, and CDS –
20. collectively ensure a diverse, liquid and efficient market 1+1+1+1=4
structure. [Step 1,1 mark]
 The WDM Segment caters to debt markets; the CM Segment
supports equity trading. [Step 2,1 mark]
 The F&O Segment aids in risk management through
derivatives; and the CDS Segment helps manage currency
and interest rate risks. [Step 3,1 mark]
 Together, they support investor needs, promote price
discovery, transparency and risk management, making the
Indian financial market robust and globally competitive.
[Step 4,1 mark]

MS-Financial Markets Mng./805/329 10 P3290805

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एनएसई के चार खंड-डब्ल्यूडीएम, सीएम, एफएंडओ और सीडीएम-सामूनहक रूप से एक नननननो, तरल और
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कु शल बाजार संरचना सुननननत करते हैं। डब्ल्यूडीएम खंड ऋण बाजारों की जरूरतो को पूरा करता है; सीएम खंड
इककटी ्቏ेवडंग का समथथन करता है; एफएंडओ खंड डेरररेररट के माध्यम से जोनखम ्ቚबंनोन में सहायता करता
है; और सीडीएस खंड मु✐ोा और ब्याज दर जोनखमों का ्ቚबंनोन करने में मदद करता है। साथ में, नोोे नननेशकों
की जरूरतों का समथथन करते हैं, मूल्य खोज, पारदशनथता और जोनखम ्ቚबंनोन को बढ़ानोोा देते हैं, नजससे
भारतीय नन्ቈीय बाजार मजबूत और नोोैन्ቫक रूप से ्ቚनतनस्पी बनता है।

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The Capital Market trading day includes multiple phases :
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21. Opening, pre-open Normal Market, Market Close, Post- (2+1+1)4

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Close and SURCON. [Step 1,2 mark]
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la  The ag
ag Pre-open session (9:00–9:15 AM) includes order
collection and matching, where the equilibrium price – the
price at which the maximum shares can be traded – is
determined. [Step 2,1 mark]

 If multiple prices qualify, the price with the least unmatched
quantity or closest to the previous close is chosen. This
equilibrium price becomes the opening price of the normal
market session. [Step 3,1 mark]
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कै नपटल माके ट ्቏ेवडंग ककदस में कई चरण शानमल
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हैं: ओपवनंग, ्ቚी-ओपन, नॉमथल माके ट, माके ट क्लोज,
पोस्ट-क्लोज और सक̆ोोन। a
्ቚी-ओपन सेशन (सुबह 9:00 – 9:15 बजे) में ॲाडथर कलेक्शन और मैवचंग शानमल है, जहॉं
संतुलन-मूल्य-नोह मूल्य नजस पर िननकतम शेयरों का कारोबार ककया जा सकता है- नननाथररत ककया जाता है।
यकद कई मूल्य योग्य हैं, तो सबसे कम बेमेल मा्ቔा नोोाला या नपछले क्लोज के सबसे करीब का मूल्य चुना जाता
है। यह संतुलन मूल्य सामान्य बाजार स्ቔ के नलए शुरु ती मूल्य बन जाता है।

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The ISIN consists of 12 alphanumeric characters. [Step
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Country Code : The first 2 letters represent the country (e.g., ‘IN’
for – India). 1Security Identifier. [Step 2,1 mark]

The next 9 characters (numbers and letters) uniquely) identify the
security. 1 Check Digit : The last character is a check digit used to
validate the ISIN for errors. [Step 3,2 mark]
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MS-Financial Markets Mng./805/329 11 P3290805
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ISIN में 12 िल्फ़ान्यूमेररक (ि्षर और सख्या नमननत) नोणथ होते हैं।
1

दे श कोड : पहले 2 ि्षर उस देश का ्ቚनतननननत्नो करते हैं (जैसे भारत के नलए‘IN‘)।1

सुर्ቌा-पहचानकताथ : िगले 9 नोणथ (संख्या और ि्षर) ककसी ्ቚनतभूनत
(Security) को नननश्ቖ रूप से पहचानते हैं।
1

जांच अंक : िंनतम नोणथ एक जांच िंक (Check Digital) होता है, नजसका उपयोग ISIN में ्ቔुरटयों
की जांच और उसे मान्य करने के नलए ककया जाता है।1

(1.5+1.5+1)4
23. Forward contracts are private agreements to buy or sell an asset at
a future date for a predetermined price. They are over-the counter
(OTC), customizable and carry counterparty risk. [Step 1, 1.5mark]

In contrast, futures contracts are standardized, exchange-traded
agreements with the exchange acting as a guarantor, thereby
eliminating counterparty risk. [Step 2,1.5 mark]

While both aim to hedge or speculate on price movements, futures
are considered safer due to regulatory oversight and daily settlement
(mark-to-market). [Step 3,1 mark]

फॉररडथ अनुबंन ननजी समझौते होते हैं नजनके तहत ककसी पररसंपन्ቈ (एसेट)
को भननरय की ककसी नतनथ पर पूनोथ नननाथररत मूल्य पर खरीदने या बेचने का
नोोादा ककया जाता है। ये निर-द-काउं टर होते हैं, यानी इन्हें एक्सचेंज के बाहर ननजी रूप से ककया
जाता है, ये िनुकूलन योग्य होते हैं और इनमें काउं टरपाटी जोनखम (सामने नोोाले प्ष ्ቛारा
िनुबंनो पूरा न करने का खतरा) होता है।

(11/2 अंक)

इसके ननपरीत, ्ቚूचसथ अनुबंन मानकीकत होते हैं और एक्सचेंज में ्቏ेड ककए जाते हैं। इन
िनुबंनोोोों में एक्सचेंज स्नोयं गारंटर के रूप में कायथ करता है, नजससे काउं टरपाटी जोनखम
समा्቎ हो जाता है।

(1)

हालााािकक दोनों का उ्ቌेश्य मूल्य में उतार-चढ़ानो से बचानो या उस पर स्ሾा लगाना होता है, कफर भी ्ቚूचसथ को
अननक सुरन्ቌत माना जाता है क्योंकक ये ननननयनमत होते हैं और इनमें रोज़ाना मू्ቡ
समायोजन ककया जाता है।

(1 अंक)

MS-Financial Markets Mng./805/329 12 P3290805

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Unsystematic risk, also called company-specific orladiversifiable risk, (2+2)4

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affects individual stocks due to factors like changes in government
policy. This risk can be reduced through diversification across
industries. [Step1,2 mark]
Systematic, risk or market risk, impacts the entire market and cannot
be diversified away, as it reflects broad market movements.
[Step 2,2 mark]

अ्ि्ቤनस्थत जोनखम नजसे कंपनी-नननश्ቖ जोनखम या ननभा्ቋ जोनखम भी कहा जाता है,
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ककसी ननशेष स्टॉक को ्ቚभाननत करता है। यह जोनखम सरकारकी नीनत में बदलानो जैसे कारणों से उत्प्ቐ होता है। इस ्ቚकार

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के जोनखम को नननभ्ቐ उ्ቕोगों में नननेश करके ननननन ीकरण के माध्यम से कम ककया जा सकता है।
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(2 अं क)
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l ्ि्ቤनस्थत जोनखम- नजसे बाजार जोनखम भी कहा जाता है, पूरे बाजार को ्ቚभाननत करता है और ag
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a इसे नननननोोीकरण से समा्቎ नहीं ककया जा सकता, क्योंकक यह ्ቤापक बाजार की गनतननननयों को दशाथता है।
(2 अंक)

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MS-Financial Markets Mng./805/329 13 P3290805
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