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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Indian Securities Market	- Overview of the Indian securities market 1. Various market participants and their roles 2. Different products traded
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. Clearing and settlement process 2. Role of the back office in a securities broking firm
Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Investor protection 2. Regulatory oversight
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. Trade execution 2. Risk management 3. Settlement processing

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q216-Q221):

NEW QUESTION # 216
Why are Institutional Investors (including Foreign Portfolio Investors) explicitly excluded from the mechanism of Net Settlement of cash segment and physical settlement of F&O segment upon expiry?

A. Because they trade through Custodians who do not have clearing rights in the F&O segment.
B. Because the extant regulatory framework specifies that all transactions by institutional investors in the cash market should be backed by delivery.
C. Because they are subject to different tax treaties which prevent segment-wise netting.
D. Because they are not required to pay margins in the F&O segment.
E. Because their trading volumes are too high to be accommodated in a net settlement process.

Answer: B

Explanation:
Netting of settlement obligations of cash segment and physical settlement of F&O segment shall not be available for the institutional investors (including all categories of FPIs) since the extant regulatory framework specifies that all transactions by the institutional investors (including all categories of Foreign Portfolio Investors) in cash market should be backed by delivery.

NEW QUESTION # 217
In the context of Market Participants, which of the following statements accurately characterizes the regulatory status and operational scope of a 'Custodian' in the securities market?

A. Custodians are primarily responsible for executing trades on the exchange floor.
B. Custodians are registered as Trading Members but outsource clearing to PCMs.
C. Custodians are exempt from registration with SEBI if they are registered banks.
D. Custodians are Clearing Members (like PCMs) but do not possess trading rights.
E. Custodians automatically act as the counterparty for all institutional trades.

Answer: D

Explanation:
Custodians are defined as entities that settle trades on behalf of the clients of trading members. They are classified as Clearing Members (similar to Professional Clearing Members) but they do not have trading rights. They require specific registration with SEBI to provide custodial services.

NEW QUESTION # 218
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. The Core Settlement Guarantee Fund (SGF) of the F&O segment is utilized first for any default arising from the net settlement obligation.
B. 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.
C. The default waterfall is triggered only after liquidating the defaulting member's proprietary assets across all exchanges.
D. Clearing Corporations create a unified single default waterfall covering both segments to match the merged settlement.
E. Default losses are covered solely by the Investor Protection Fund (IPF) in the case of net settlement defaults.

Answer: B

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 # 219
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. Bank holidays, Exchange/Clearing Corporation holidays, Saturdays, and Sundays.
B. Public holidays declared under the Negotiable Instruments Act only.
C. Only Saturdays and Sundays.
D. Only Exchange trading holidays.
E. Only days when the Reserve Bank of India (RBI) is closed.

Answer: A

NEW QUESTION # 220
A stock broker intends to expand their business scope by offering Portfolio Management Services (PMS) and functioning as a Depository Participant. According to the regulatory framework for 'Other Services Provided by Brokers', which of the following statements accurately reflects the registration requirement for these additional services?

A. These services can be offered under a general 'Investment Advisory' license without specific product registration.
B. The existing stock broker registration with SEBI is comprehensive and covers all financial services including PMS and Depository services.
C. The broker needs to convert into a Non-Banking Financial Company (NBFC) to offer these services, but no separate SEBI registration is needed.
D. The broker must obtain separate registration/licenses from SEBI for each of the specific services like PMS and Depository services.
E. Registration is only required with the Stock Exchange for PMS, while Depository services require SEBI registration.

Answer: D

Explanation:
According to the Introduction section of 'Other Services Provided by Brokers', while brokers provide services like PMS, IPO applications, etc., 'for all the other services, the brokers need to be separately registered with SEBI.' Licenses and certifications have to be obtained for each of the services offered.

NEW QUESTION # 221
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