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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q85-Q90):

NEW QUESTION # 85
In the context of the SEBI Complaints Redress System (SCORES), certain types of complaints are explicitly excluded from its purview Which of the following scenarios represents a complaint that is NOT dealt with through SCORES?

A. Complaint regarding unauthorized trading by a registered stock broker
B. Complaint regarding non-receipt of dividend from a listed company
C. Complaint against a company where a moratorium order is passed in insolvency proceedings
D. Complaint regarding discrepancy in the demat account holding statement
E. Complaint regarding non-receipt of refund in an Initial Public Offer (IPO)

Answer: C

Explanation:
Complaints against a sick company or a company where a moratorium order is passed in winding up / insolvency proceedings are not dealt through SCORES. The other options represent valid grievances against active intermediaries or listed companies.

NEW QUESTION # 86
When a short delivery is identified, the Clearing Corporation debits the member by an amount equivalent to the securities not delivered valued at a specific price. What is this specific debit termed as?

A. Close-out Debit
B. Valuation Debit
C. Shortage Penalty
D. Auction Pre-payment
E. Provisional Margin Debit

Answer: B

Explanation:
Once shortages are identified, the members are debited by an amount equivalent to the securities not delivered and valued at a valuation price. This is known as valuation debit. (Section 6.5)

NEW QUESTION # 87
When a stock broker undertakes 'Video In-Person Verification' (VIPV) for client on-boarding through a digital medium, which of the following operational conditions must be strictly ensured?

A. The VIPV must be conducted offline and the recording uploaded to the KRA system later.
B. The VIPV recording is optional if the client provides a digitally signed self-declaration.
C. The client is not required to display the officially valid document in the video if Aadhaar e-KYC is used.
D. The intermediary shall ensure that the photograph downloaded through the Aadhaar authentication process matches with the investor in the VIPV.
E. The VIPV process can be fully automated using Artificial Intelligence without the need for any authorized official's interaction.

Answer: D

Explanation:
The source states that for VIPV: 'The intermediary shall ensure that photograph of the client downloaded through the Aadhaar authentication / verification process matches with the investor in the VIPV.' Also, the VIPV must be in a live environment, and include random questions/responses.

NEW QUESTION # 88
Under the framework for 'Segregation and Monitoring of Collateral at Client Level', when the Clearing Corporation (CC) receives a trade from a client account, what is the specific sequential order in which the margin is blocked if the primary source is insufficient?

A. TM Proprietary Collateral -> Client Collateral -> CM Proprietary Collateral
B. Client Collateral -> CM Proprietary Collateral -> TM Proprietary Collateral
C. Client Collateral -> TM Proprietary Collateral -> CM Proprietary Collateral
D. Client Collateral Excess Collateral of other Clients CM Proprietary Collateral
E. CM Proprietary Collateral TM Proprietary Collateral -> Client Collateral

Answer: C

Explanation:
According to the margin payment and collateral segregation guidelines, on receipt of a trade from a client account by the CC, the margin shall first be blocked from the value of the client collateral. If the client collateral is not sufficient, the residual margin shall be blocked from the TM proprietary collateral. If the TM proprietary collateral is also not sufficient, then the residual margin shall be blocked from the CM proprietary collateral.

NEW QUESTION # 89
Which of the following statements correctly describe the logic for blocking margins from collateral for different types of trades under the client collateral segregation framework? (Select all that apply)

A. For a client trade, if TM proprietary collateral is insufficient, the residual margin is blocked from the collateral of other clients of the same TM.
B. Margins based on trades from the proprietary account of the CM are blocked from the proprietary collateral of the CM only.
C. If a CM'S proprietary collateral is insufficient for a TM's proprietary trade, the CC utilizes the Core SGF immediately.
D. For a trade from a client account, if client collateral is insufficient, the residual margin is blocked from the TM proprietary collateral.
E. For a trade from the proprietary account of a TM, margin is first blocked from the TM proprietary collateral, and if insufficient, from the CM proprietary collateral.

Answer: B,D,E

Explanation:
Statement A is correct: Client trade margin logic is Client Collateral -> TM Prop -> CM Prop. Statement B is correct: TM Prop trade margin logic is TM Prop CM Prop. Statement C is correct: CM Prop trade margin logic is CM Prop only. Statement D is incorrect because client collateral is segregated and cannot be used for other clients or prop trades. Statement E is incorrect as it refers to the default waterfall, not the initial blocking logic.

NEW QUESTION # 90
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