IEEE 754: Underflow: is inexact flag required to be raised?

IEEE 754-2008, 7.5 Underflow:

The underflow exception shall be signaled ...

... the underflow flag shall be raised and the inexact (see 7.6) exception shall be signaled.

Here we see that:

• the underflow flag is required to be raised AND the underflow exception is required to be signaled
• the inexact flag is required to be signaled

Simple question: is inexact flag required to be raised?

Reason of the question: as I understand: flag is raised != exception is signaled. Is that correct?

Yes.

7.6 Inexact (emphaisis added):

When all of these exceptions are handled by default, the inexact flag is always raised when either the overflow or underflow flag is raised.