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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Investor Grievance Redressal	- Process of investor grievances redressal 1. Regulatory requirements 2. Procedures for handling complaints
Topic 2: Risk Management	- Risk management in a securities broking firm 1. Compliance and control measures 2. Identifying and mitigating risks
Topic 3: Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Regulatory oversight 2. Investor protection
Topic 4: 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
Topic 5: Indian Securities Market	- Overview of the Indian securities market 1. Different products traded 2. Various market participants and their roles
Topic 6: 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 (Q266-Q271):

NEW QUESTION # 266
Under what specific circumstance is a broker or client strictly **prohibited** from unblocking securities that have been blocked in favour of the Clearing Corporation?

A. If the block was created using a physical Delivery Instruction Slip (DIS) instead of eDlS.
B. If the Early Pay-In (EPI) benefit has already been provided by the Clearing Corporation to the client for those securities.
C. If the Trading Member has not yet transferred the securities to the Clearing Member's pool account.
D. If the market price of the security increases by more than 5% during the trading day.
E. If the client has an outstanding margin obligation in the derivatives segment.

Answer: B

Explanation:
The regulations stipulate that the Broker or client shall not be allowed to unblock securities if the Early Pay-In (EPI) benefit is provided by the Clearing Corporation to the client for the same.

NEW QUESTION # 267
Regarding 'Two-factor authentication' for login sessions in Internet Based Trading (IBT), which of the following implementation details is explicitly advisable/required?

A. It should be implemented using only SMS-based OTP without any other factor.
B. The two factors should be identical (e.g., two different passwords).
C. The second factor must always be biometric verification.
D. Public Key Infrastructure (PKI) based implementation using digital signatures is advisable, and the two factors should not be the same.
E. Two-factor authentication is optional and can be replaced by a static high-complexity password.

Answer: D

Explanation:
The text states: 'Two-factor authentication for login session may be implemented for all orders emanating using Internet Protocol. Public Key Infrastructure (PKI) based implementation using digital signatures, supported by one of the agencies certified by the government of India, is advisable. Further the two factors in the Two-factor authentication framework should not be same.'

NEW QUESTION # 268
Which of the following scenarios is explicitly EXEMPT from the mandatory periodic settlement of running accounts for funds?

A. Clients who have a credit balance of less than Rs. 1 lakh.
B. Institutional clients settling trades through custodians.
C. Clients trading in the derivatives segment only.
D. Clients who have logged into their trading account at least once in the last 30 days.
E. High Net Worth Individuals (HNls) who have provided a written waiver.

Answer: B

Explanation:
Periodic settlement of running accounts may not be necessary in specific cases, including: 'In case of institutional clients settling trades through custodians'. Other exceptions include clients availing margin trading facility (to the extent of funds relating to MTF) and funds received as BG/FDR collaterals.

NEW QUESTION # 269
Identify the correct expiry and settlement logic for Currency Derivative contracts (USD-INR) traded on Indian stock exchanges.

A. Contracts expire on the last Thursday of the month; Settlement is physical delivery of the foreign currency.
B. Contracts expire two working days prior to the last business day of the month; Final Settlement Price is the average spot rate of the last 30 minutes.
C. Contracts expire on the last working day of the month; Final Settlement Price is the RBI Reference Rate.
D. Contracts expire on the 1 5th of every month; Settlement is cash settled based on the crossing of FCY-INR rates.
E. Contracts expire two working days prior to the last business day of the expiry month at 12:30 pm; Final Settlement Price is the FBIL reference rate.

Answer: E

Explanation:
For Currency Derivatives (USD-INR), the source states: 'The expiry day/ last day for the trading of the monthly contract shall be two working days prior to the last business day of the expiry month at 12.30 pm.' and 'The final settlement price for USDINR... is the FBIL (Financial Benchmarks India Pvt. Ltd.) reference rate.'

NEW QUESTION # 270
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 automatically act as the counterparty for all institutional trades.
B. Custodians are Clearing Members (like PCMs) but do not possess trading rights.
C. Custodians are exempt from registration with SEBI if they are registered banks.
D. Custodians are primarily responsible for executing trades on the exchange floor.
E. Custodians are registered as Trading Members but outsource clearing to PCMs.

Answer: B

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 # 271
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