It is given that, 
A class consists of 32 students. Each student secured different marks as well as different ranks.
From statement I alone: 
Only seven students secured more marks than U.
7 persons > U > 24 students 
Four students secured different marks between S and Y.
So, no definite arrangement can be established. 
So, statement I alone is not sufficient to answer the question. 
From statement II alone: 
R secured 17th rank. Only five students secured less marks than S.
16 students > R > 9 students > S > 5 students 
So, no definite arrangement can be established. 
So, statement II alone is not sufficient to answer the question. 
From statement I and II together: 
16 students > R > 9 students > S > 5 students 
7 students > U > 8 students > R > 9 students > S > 5 students 
Four students secured different marks between S and Y.
Therefore, 
Case 1: 7 students > U > 8 students > R > 9 students > S > 4 students > Y
Case 2: 7 students > U > 8 students > R > 4 students > Y > 4 students > S > 5 students 
So, no definite arrangement can be established. 
Thus, statement I and II together are not sufficient to answer the question.