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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Risk Management	- Risk management in a securities broking firm 1. Identifying and mitigating risks 2. Compliance and control measures
Securities Broking Operations	- Front Office, Middle Office and Back Office functions in a Securities Broking Firm 1. Settlement processing 2. Risk management 3. Trade execution
Indian Securities Market	- Overview of the Indian securities market 1. Different products traded 2. Various market participants and their roles
Investor Grievance Redressal	- Process of investor grievances redressal 1. Procedures for handling complaints 2. Regulatory requirements
Trade Life Cycle	- Steps and participants involved in the trade life cycle 1. Role of the back office in a securities broking firm 2. Clearing and settlement process
Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Regulatory oversight 2. Investor protection

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q172-Q177):

NEW QUESTION # 172
When the Clearing Corporation conducts an auction for a short delivery but fails to find any sellers for the specific security, a 'Close Out' is initiated. According to the settlement process guidelines, how is the compensation value determined for the buyer in this specific scenario?

A. At the weighted average price of the security on the trading day plus the standard deviation margin.
B. At the highest price recorded for the security during the last 52 weeks.
C. At the closing price of the security on the day of the auction plus a fixed penalty of 10%.
D. At the valuation price used for the initial valuation debit plus a 5% close-out charge.
E. At the highest price prevailing across the stock exchange from the day of trading till the auction/close out day OR 20% above the official closing price on the auction day, whichever is higher.

Answer: E

Explanation:
If on the auction day, there are no sellers for a particular short delivery, the Clearing Corporation carries out a 'Close out'. The buyer is compensated by paying the value of the short delivered security at the highest price prevailing across the stock exchange from the day of trading till the auction/close out day OR 20% above the official closing price on the auction day, whichever is higher.

NEW QUESTION # 173
Stock Exchanges are required to maintain Investor Service Centres (ISCs) to assist investors. Which of the following facilities is mandatorily required to be provided at all ISCS according to SEBI guidelines?

A. A banking counter for immediate disbursement of Investor Protection Fund claims.
B. Arbitration and appellate arbitration facility including video-calling facility.
C. A direct hotline to the Ministry of Finance.
D. A dedicated legal aid clinic with free lawyers for filing civil suits.
E. A library containing all annual reports of listed companies for the last 10 years.

Answer: B

Explanation:
SEBI has advised Exchanges to provide certain minimum facilities in ISCs, which includes arbitration and appellate arbitration facility at all ISCS including video-calling facility to investors for attending their online arbitration or Grievance Redressal meetings.

NEW QUESTION # 174
In the General Clearing Process for the Cash Segment under the T+1 rolling settlement cycle, by what specific time must the custodial confirmation of trades be completed on the T+1 day?

A. By 1:30 PM on T+1 Day
B. By 7:30 AM on T+1 Day
C. By 11:00 AM on T+1 Day
D. By 9:00 AM on T+1 Day
E. By 4:15 PM on T Day

Answer: B

Explanation:
According to the General Clearing process in Cash Segment for T+1 rolling settlement, the clearing members/custodians must confirm back institutional/Custodian Participant trades by 7:30 a.m. on T+1 day. Subsequently, the final obligations are downloaded by 9:00 a.m.

NEW QUESTION # 175
Direct Market Access (DMA) allows specific clients to access the exchange trading system through the broker's infrastructure. Which of the following is a specific characteristic or requirement of the DMA facility as per SEBI guidelines?

A. It is available to all retail investors without specific authorization.
B. Brokers provide DMA to clients using the broker's proprietary trading codes instead of client codes.
C. Investment managers acting on behalf of institutional clients are prohibited from using DMA.
D. It requires manual intervention by the broker for every order to ensure risk compliance.
E. It allows execution of client orders without manual intervention by the broker, offering advantages like faster execution and reduced risk of errors.

Answer: E

Explanation:
Direct Market Access (DMA) is a facility which allows brokers to offer clients direct access to the exchange trading system through the broker's infrastructure 'without manual intervention by the broker'. Advantages include 'faster execution of client orders, reduced risk of errors associated with manual order entry'. Brokers must specifically authorize clients or investment managers after fulfilling KYC and due diligence.

NEW QUESTION # 176
With the validation of instructions for Pay-In of securities from Client demat account to Member Pool Account, what action do Depositories take if the quantity in the transfer instruction is more than the obligation provided by the Clearing Corporation (CC)?

A. The instruction is held in pending status until the Member confirms the additional quantity.
B. The instruction is completely rejected.
C. The instruction is processed only if the client provides a specific indemnity bond.
D. The instruction is partially processed by the depositories up to the matching obligation quantity.
E. The instruction is processed for the full quantity, and excess is returned by the Member.

Answer: D

Explanation:
If the quantity in instruction is more than the obligation provided by CC, then the instruction will be partially processed by the depositories (i.e., upto the matching obligation quantity).

NEW QUESTION # 177
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