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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Clearing and Settlement	- Settlement systems 1. Margining and risk adjustments 2. T+1/T+2 settlement cycles - Clearing mechanisms 1. Clearing corporations and counterparties 2. Netting and settlement obligations
Topic 2: Risk Management in Securities Markets	- Market and operational risk 1. Types of financial risks 2. Operational risk controls - Risk mitigation systems 1. Surveillance and compliance mechanisms 2. Margins and collateral systems
Topic 3: Depository Operations	- Demat account framework 1. Account opening and maintenance 2. NSDL and CDSL roles - Corporate actions 1. Record dates and entitlement processing 2. Dividends, bonuses, splits
Topic 4: Securities Market Operations	- Trading process 1. Order execution and trade lifecycle 2. Trade confirmation and reporting - Market participants and structure 1. Roles of brokers, exchanges, and investors 2. Order types and trading mechanism basics

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q325-Q330):

NEW QUESTION # 325
A claim against a defaulter trading member is received by the Stock Exchange after three years from the date of expiry of the specified period for lodging claims. How is such a claim categorized under the IPF guidelines?

A. It may be dealt with as a civil dispute.
B. It is automatically rejected and cannot be pursued in any forum.
C. It is treated as a priority claim but paid only after all timely claims are settled.
D. It is eligible for 50% of the compensation limit applicable to timely claims.
E. It is referred to the SEBI Complaints Redressal System (SCORES) for arbitration.

Answer: A

Explanation:
The text states: 'Any claim received after three years from the date of expiry of the specified period may be dealt with as a civil dispute.'

NEW QUESTION # 326
When a stock broker's collateral utilization breaches the specific percentage (currently 90%), the 'Risk Reduction Mode' is triggered. Which of the following operational restrictions and conditions apply during this mode? (Select all that apply)

A. Non-margined orders are accepted without restriction to maintain liquidity.
B. All unexecuted orders shall be cancelled immediately.
C. Fresh orders placed by the member to reduce the open position will be accepted.
D. Client and Custodial Participant code modification is permitted to rectify errors.
E. Only orders with 'Immediate or Cancel' (IOC) attribute are permitted.

Answer: B,C,E

Explanation:
In Risk Reduction Mode: 1) All unexecuted orders shall be cancelled. 2) Only orders with Immediate or Cancel attribute shall be permitted. 3) Fresh order placed by member to reduce the open position will be accepted. Option D is incorrect because non-margined orders shall *not* be accepted. Option E is incorrect because Client and Custodial Participant code modification shall *not* be permitted.

NEW QUESTION # 327
A Trading Member executes the following trades in a specific scrip on a given day:
* Buy 500 shares @ Rs. 100
* Sell 300 shares @ Rs. 105
* Buy 200 shares @ Rs. 95
What are the final Net Quantity and Net Fund obligations for the member to be settled with the Clearing Corporation?

A. Net Qty: 400 (Receive); Net Funds: Pay Rs. 37,500
B. Net Qty: 400 (Receive); Net Funds: Pay Rs. 69,000
C. Net Qty: 0; Net Funds: Receive Rs. 1,500
D. Net Qty: 400 (Deliver); Net Funds: Receive Rs. 37,500
E. Net Qty: 1000 (Receive); Net Funds: Pay Rs. 100,500

Answer: A

Explanation:
Net Quantity:
Total Buy = 500 + 200 = 700.
Total Sell = 300.
Net Qty = 700 - 300 = 400 (Buy/Receive).
Net Funds:
Outflow (Buy) = + (200*95) = 50,000 + 19,000 = Rs. 69,000.
Inflow (Sell) = 300*105 = Rs. 31 ,500.
Net Funds = Inflow - Outflow = 31 ,500 - 69,000 = -37,500.
Negative implies Pay Rs. 37,500.

NEW QUESTION # 328
Identify the category of Clearing Member that possesses both trading and clearing rights and is authorized to clear and settle trades for themselves, other trading members, and custodial participants.

A. Professional Clearing Member (PCM)
B. Authorized Person
C. Custodian
D. Trading Member-cum-Clearing Member (TCM)
E. Trading cum Self-Clearing Member (SCM)

Answer: D

Explanation:
A Trading Member.cum.Clearing Member (TCM) has trading as well as clearing rights. They can clear and settle their own trades as well as trades of other trading members and custodial participants. SCMs can only clear their own/client trades but not for custodian participants. PCMs do not have trading rights.

NEW QUESTION # 329
Which of the following statements accurately reflect the operational requirements and functions of Clearing Members and Custodians in the Clearing Process? (Select all that apply)

A. It is mandatory for clearing members to open demat accounts with both depositories (CDSL and NSDL) known as clearing member settlement pool accounts.
B. Clearing Members must maintain a separate and distinct clearing bank account with a designated clearing bank.
C. Clearing Members can withdraw funds from their designated clearing bank account in favor of third-party vendors for operational expenses.
D. Clearing Members act as the legal counterparty to all trades through the process of novation, replacing the Clearing Corporation.
E. Custodians are required to confirm whether they will settle a trade assigned to them; if they fail to confirm, the onus of settlement falls on the executing trading member.

Answer: A,B,E

Explanation:
Statement A is correct ('mandatory for clearing members to open demat accounts with both the depositories'). Statement B is correct ('The custodian is required to confirm... In case the custodian fails to confirm then the onus of settling the trade falls on the trading member'). Statement E is correct ('mandatory for clearing member to open separate and distinct clearing bank account'). Statement C is incorrect because withdrawals are only allowed in 'self-name'. Statement D is incorrect because the *Clearing Corporation* acts as the legal counterparty through novation, not the Clearing Member.

NEW QUESTION # 330
......

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