NISM-Series-VII Practice Tests | Exam NISM-Series-VII Introduction

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NISM NISM-Series-VII Exam Syllabus Topics:

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

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Free PDF 2026 NISM-Series-VII: NISM Series VII - Securities Operations and Risk Management Certification –High Pass-Rate Practice Tests

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q39-Q44):

NEW QUESTION # 39
SEBI has introduced the mechanism of Net Settlement of cash segment and F&O segment upon expiry of stock derivatives. Under which of the following conditions is this benefit of netting (merged settlements) specifically available to an investor?

A. When the investor uses different Clearing Members for Cash and F&O segments but they are interoperable.
B. When the investor is a Portfolio Manager (PMS) directed to enter into delivery backed transactions only.
C. When the investor trades and clears through the same Trading Member (TM) - Clearing Member (CM) combination in both Cash and F&O segments.
D. When the investor trades in highly correlated indices across different exchanges.
E. When the investor is an Institutional Investor (including FPIs) whose transactions are backed by delivery.

Answer: C

Explanation:
The benefit of netting (merged settlements) shall be available to investors whose trading member (TM) clears trades in F&O segment and cash segment through the same clearing member (CM). It is not available for institutional investors or PMS directed to do delivery backed transactions.

NEW QUESTION # 40
Under the SCORES 2.0 framework, if a complainant is dissatisfied with the resolution provided by the entity and requests a first review, the Designated Body (DB) may seek clarification from the entity. What is the specific timeline mandated for the Designated Body to submit the revised Action Taken Report (ATR) to the complainant after seeking such clarification?

A. Within 10 calendar days of the review sought
B. Within 7 calendar days of the review sought
C. Within 30 calendar days of the review sought
D. Within 21 calendar days of the review sought
E. Within 15 calendar days of the review sought

Answer: A

Explanation:
According to the SCORES 2.0 framework, the Designated Body shall stipulate the timeline in such a manner to ensure that the Designated Body submits the revised ATR to the complainant on SCORES within 10 calendar days of the review sought.

NEW QUESTION # 41
Regarding the 'Default Waterfall' in the context of the Net Settlement mechanism for Cash and F&O segments, which of the following statements is correct?

A. Default losses are covered solely by the Investor Protection Fund (IPF) in the case of net settlement defaults.
B. The Core Settlement Guarantee Fund (SGF) of the F&O segment is utilized first for any default arising from the net settlement obligation.
C. Clearing Corporations continue to maintain segment-wise default waterfalls, and losses are computed on the basis of segment-wise obligations on a pro-rata basis.
D. Clearing Corporations create a unified single default waterfall covering both segments to match the merged settlement.
E. The default waterfall is triggered only after liquidating the defaulting member's proprietary assets across all exchanges.

Answer: C

Explanation:
Clearing Corporations (CCs) shall continue to settle obligations on a net basis at the CM level. Further, CCs shall continue to maintain segment-wise default waterfalls, regardless of a single settlement across segments. The losses, if any, in case of default of a CM to CC shall be computed on the basis of the segment-wise obligation of CM to CC, on a pro-rata basis.

NEW QUESTION # 42
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. Investment managers acting on behalf of institutional clients are prohibited from using DMA.
B. It is available to all retail investors without specific authorization.
C. Brokers provide DMA to clients using the broker's proprietary trading codes instead of client codes.
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 # 43
SEBI introduced the 'Demat Debit and Pledge Instruction' (DDPI) to replace the Power of Attorney (POA) for certain functions. For which of the following specific purposes does the DDPI authorize the stock broker/stock broker and depository participant to access the client's beneficial owner (BO) account?

A. Updating the client's address and contact details in the KRA system.
B. Meeting pay-in obligations for the settlement of trades executed by the client.
C. Executing off-market trades between parties other than related parties.
D. Opening a new demat account with another depository participant on behalf of the client.
E. Transferring funds from the client's bank account to the broker's proprietary account.

Answer: B

Explanation:
Under DDPI, the clients shall explicitly agree to authorize the stock broker/stock broker and depository participant to access their BO account for the limited purpose of meeting pay-in obligations for settlement of trades executed by them. The DDPI shall serve the same purpose of POA and significantly mitigate the misuse of POA.

NEW QUESTION # 44
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