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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Risk Management	- Risk management in a securities broking firm 1. Identifying and mitigating risks 2. Compliance and control measures
Topic 2: Investor Grievance Redressal	- Process of investor grievances redressal 1. Procedures for handling complaints 2. Regulatory requirements
Topic 3: Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Regulatory oversight 2. Investor protection
Topic 4: Indian Securities Market	- Overview of the Indian securities market 1. Various market participants and their roles 2. Different products traded
Topic 5: 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
Topic 6: Securities Broking Operations	- Front Office, Middle Office and Back Office functions in a Securities Broking Firm 1. Risk management 2. Trade execution 3. Settlement processing

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Types Of NISM NISM-Series-VII Exam Practice Test Questions

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q247-Q252):

NEW QUESTION # 247
In the event of a failure by a selling broker to deliver securities in the normal T+1 rolling settlement, the Clearing Corporation initiates a
'Close Out' procedure if the auction fails or is not applicable. Consider a scenario where a trade was executed on Monday (T) at Rs. 500.
The auction was scheduled for Tuesday (T+1 ) but no shares were offered. The highest price prevailing across the Exchange from Monday to Tuesday was Rs. 540. The official closing price on Tuesday (Close-out day) was Rs. 550. At what price will the transaction be closed out?

A. Rs. 540 (Highest price from T to Close-out day)
B. Rs. 648 (20% above the highest prevailing price)
C. Rs. 600 (Highest price + 20% penalty)
D. Rs. 660 (20% above the official closing price on the close out day)
E. Rs. 550 (Official closing price on Close-out day)

Answer: D

Explanation:
According to the Close Out Procedure, the deal will be closed out at the highest price prevailing across the Exchange from the day on which the trade was originally executed till the day of closing out OR 20 percent over the official closing price on the close out day, whichever is HIGHER. Calculation: Highest Price = Rs. 540.20% over Closing Price on Close out day = 550 + (20% of 550) = 550 + 110 = Rs. 660. Since 660 > 540, the close out price is Rs. 660.

NEW QUESTION # 248
For stock brokers providing Algorithmic Trading facilities, SEBI has mandated specific controls and audit requirements. Which of the following combinations correctly specifies the server location requirement and the frequency of system audits?

A. Server Location: India; Audit Frequency: Once at the time of approval
B. Server Location: India; Audit Frequency: Every six months
C. Server Location: Co-location facility only; Audit Frequency: Quarterly
D. Server Location: Broker's registered office only; Audit Frequency: Every two years
E. Server Location: Any global location; Audit Frequency: Annually

Answer: B

Explanation:
SEBI has advised stock exchanges to ensure that 'all algorithmic orders are necessarily routed through broker servers located in India'. Furthermore, 'The stock brokers that provide the facility of algorithmic trading shall subject their algorithmic trading system to a system audit every six months'.

NEW QUESTION # 249
Regarding the calculation of the settlement date in a T+1 rolling settlement environment, which of the following days are explicitly excluded when determining the T+1 day?

A. Only days when the Reserve Bank of India (RBI) is closed.
B. Only Exchange trading holidays.
C. Bank holidays, Exchange/Clearing Corporation holidays, Saturdays, and Sundays.
D. Only Saturdays and Sundays.
E. Public holidays declared under the Negotiable Instruments Act only.

Answer: C

NEW QUESTION # 250
Regarding the operational obligations of a Portfolio Manager, which of the following statements regarding the maintenance of books, audit, and reporting to clients is legally accurate?

A. Books of account must be preserved for 3 years, and reports furnished to clients annually.
B. Audit of books is optional for non-discretionary portfolio managers.
C. Books of account must be audited yearly, and a report furnished to the client not exceeding a period of three months.
D. Books of account must be audited every quarter, and reports furnished to clients every month.
E. The portfolio manager is not required to appoint a custodian if they provide discretionary services.

Answer: C

Explanation:
The portfolio manager shall furnish periodically a report to the client, as agreed in the contract, but not exceeding a period of three months. The books of account will be audited yearly by a qualified auditor. Books must be maintained for 5 years.

NEW QUESTION # 251
Regarding the operational parameters for the beta version of the T+0 rolling settlement cycle, how is the price band determined and re-calibrated during the trading session?

A. It mirrors the price band of the T+1 market exactly, including any circuit breaker halts.
B. It is dynamically linked to the futures market price with a variance of 0.5%.
C. It operates with a price band of +100 basis points from the price in the regular T+1 market, re-calibrated after every 50 basis points movement in the underlying T+1 market.
D. It is set at +1- 10% of the opening price of the T+0 market and remains static throughout the continuous trading session.
E. It is fixed at +1-5% of the previous day's closing price without any intraday recalibration.

Answer: C

Explanation:
According to the source, the price in the T+0 segment will operate with a price band of +100 basis points from the price in the regular T+1 market. This band will be re-calibrated after every 50 basis points movement in the underlying T+1 market.

NEW QUESTION # 252
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