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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q212-Q217):

NEW QUESTION # 212
Regarding the issuance of Contract Notes by stock brokers, which of the following statements are legally and operationally correct as per regulations? (Select all that apply)

A. A contract note is valid even if it does not explicitly state the brokerage and statutory levies separately.
B. Electronic Contract Notes (ECNs) sent via email must be digitally signed, encrypted, and non-tamperable.
C. If an ECN bounces, the broker is not required to take further action if the client has opted for electronic delivery.
D. Contract notes should have a unique running serial number starting from the beginning of the financial year.
E. Contract notes must be issued within 24 hours of the execution of the trade.

Answer: B,D,E

Explanation:
Option A is correct: 'Contract note should be issued within 24 hours of execution'. Option C is correct: 'All ECNs sent through the e-mail shall be digitally signed, encrypted, non-tamperable'. Option D is correct: 'The contract notes should be unique running serially numbered starting from the beginning of the financial year.' Option B is incorrect because a contract note without consideration is null and void and charges must be mentioned. Option E is incorrect because if an ECN bounces, the member 'should send the physical copy of the contract note'.

NEW QUESTION # 213
The relationship between a Depository Participant (DP) and a Depository is governed by an agreement. According to the regulatory norms, where is the form of this agreement specified?

A. In the Articles of Association of the Depository Participant
B. In the Securities Contracts (Regulation) Rules, 1957
C. In the Master Circular for Depositories issued by RBI
D. In the bye-laws of the Depository
E. In the SEBI (Stock Brokers) Regulations, 1992

Answer: D

Explanation:
The relationship between the DPs and the depositories is governed by an agreement made between the two under the Depositories Act. The form of the agreement is specified in the bye-laws of the depository.

NEW QUESTION # 214
A securities broking firm configures its Compliance Management System (CMS) to manage data retention policies in accordance with the Prevention of Money-Laundering Act (PMLA), 2002.
Review the JSON configuration snippet below regarding record retention timelines:

Based on the SEBI directives and PMLA provisions, which setting in the configuration is legally NON-COMPLIANT?

A. transaction_records: 5_years_from_transaction_date
B. All settings are compliant
C. client_identity_documents: 3_years_from_account_closure
D. Both transaction_records and suspicious_transaction_reports
E. suspicious_transaction_reports: 5_years_from_reporting_date

Answer: C

Explanation:
According to Section 12 of the PMLA, 2002, reporting entities must maintain records of documents evidencing the identity of clients and beneficial owners (e.g., account files, business correspondence) for a period of five years after the business relationship has ended or the account has been closed, whichever is later. The configuration setting of '3 years' is non-compliant.

NEW QUESTION # 215
Regarding Indian Depository Receipts (IDRs) and the regulatory framework for their conversion or redemption into underlying equity shares, which of the following statements accurately reflects the permissible conditions?

A. Two-way fungibility is strictly prohibited; investors can only convert underlying shares into IDRs but cannot redeem IDRs into shares.
B. Redemption is permitted immediately upon listing, provided the fungibility is restricted to one-way conversion from IDRs to shares only.
C. The headroom for conversion is calculated based on the total paid-up capital of the issuing company rather than the specific number of IDRs issued.
D. Investors can request redemption into underlying shares at any time, but the underlying shares must be held by a domestic custodian registered with SEBI.
E. Redemption is permitted after 1 year from the date of listing, subject to available headroom calculated as originally issued IDRs minus outstanding IDRs adjusted for redemptions.

Answer: E

Explanation:
The regulations for IDRs state that 'Redemption/Conversion is permitted after 1 year from the date of listing of the IDRs.' Furthermore, 'Two way fungibility of IDRs is permitted... However, the number of shares that can be converted into depository receipt should be within the headroom available.' The headroom is defined as 'the number of IDRs originally issued minus the number of IDRs outstanding, which is further adjusted for IDRs redeemed into underlying equity shares.'

NEW QUESTION # 216
Under the SEBI guidelines regarding the monitoring of unauthenticated news by market intermediaries, what is the mandatory protocol for an employee who receives market-related news via their personal mail or blog?

A. The employee should forward the news to clients immediately with a disclaimer stating it is unverified.
B. The employee must report the sender of the news to the Financial Intelligence Unit (FIIJ) within 24 hours.
C. The employee must verify the accuracy of the news with at least two independent sources before forwarding.
D. The employee is strictly prohibited from accessing personal mail or blogs on office premises.
E. The news should be forwarded only after the same has been seen and approved by the Compliance Officer.

Answer: E

Explanation:
The guidelines state: 'Employees should be directed that any market related news received by them either in their official mail/personal mail/blog or in any other manner, should be forwarded only after the same has been seen and approved by the Compliance Officer of the concerned Intermediaries.'

NEW QUESTION # 217
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