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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Risk Management	- Risk management in a securities broking firm 1. Compliance and control measures 2. Identifying and mitigating risks
Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Investor protection 2. Regulatory oversight
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
Securities Broking Operations	- Front Office, Middle Office and Back Office functions in a Securities Broking Firm 1. Trade execution 2. Settlement processing 3. Risk management
Investor Grievance Redressal	- Process of investor grievances redressal 1. Regulatory requirements 2. Procedures for handling complaints
Indian Securities Market	- Overview of the Indian securities market 1. Various market participants and their roles 2. Different products traded

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q61-Q66):

NEW QUESTION # 61
Under Section 12 of the Prevention of Money Laundering Act (PMLA), 2002, what is the mandatory retention period for documents evidencing the identity of clients and beneficial owners?

A. Two years from the date of the last transaction in the account.
B. Five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later.
C. Seven years from the date of the suspicious transaction report filing.
D. Ten years from the date of account opening.
E. Five years from the date of the specific transaction.

Answer: B

Explanation:
The PMLA stipulates two different retention periods. Records of transactions must be maintained for five years from the date of transaction. However, records of documents evidencing identity of clients and beneficial owners must be maintained for five years after the business relationship has ended or the account has been closed, whichever is later.

NEW QUESTION # 62
Clearing Members are required to provide an irrevocable authorization to their Clearing Bank regarding the operation of their clearing accounts. What constitutes the specific scope of this authorization concerning the Clearing Corporation's access?

A. To transfer funds between the Cash and Derivatives segments without specific instructions from the Clearing Corporation.
B. To automatically convert funds into approved securities if the balance exceeds a specified threshold.
C. To audit the member's proprietary trading books and freeze accounts in case of high volatility.
D. To debit and credit the clearing accounts as per instructions and report balances/information to the Clearing Corporation.
E. To allow the Clearing Bank to use the idle funds in the clearing account for its own treasury operations.

Answer: D

Explanation:
Clearing members must irrevocably authorize the Clearing Bank to allow the Clearing Corporation to access their clearing accounts for debiting and crediting as per instructions, and for reporting of balances and other information as required by the Clearing Corporation.

NEW QUESTION # 63
Which of the following scenarios is explicitly EXEMPT from the mandatory periodic settlement of running accounts for funds?

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

Answer: E

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 # 64
Stock brokers are required to report specific transactions to the Financial Intelligence Unit - India (FIU-IND) under the Prevention of Money Laundering Act. Which of the following combinations correctly specifies the submission timelines for the Cash Transaction Report (CTR), Suspicious Transaction Report (STR), and Non-Profit Organization Transaction Report (NTR)?

A. CTR: By end of the quarter; STR: Within 15 days of conclusion; NTR: By end of the quarter.
B. CTR: By 10th of succeeding month; STR: Within 7 days of occurrence; NTR: By 10th of succeeding month.
C. CTR: By 7th of succeeding month; STR: Within 3 days of conclusion; NTR: By 7th of succeeding month.
D. CTR: By 15th of succeeding month; STR: Within 7 days of arriving at a conclusion; NTR: By 15th of succeeding month.
E. CTR: By 1 5th of succeeding month; STR: Within 24 hours of conclusion; NTR: By 30th of succeeding month.

Answer: D

Explanation:
The Cash Transaction Report (CTR) for each month shall be submitted to FIU-IND by the 15th of the succeeding month. The Suspicious Transaction Report (STR) shall be submitted within 7 days of arriving at a conclusion that any transaction is of suspicious nature. The Non-Profit Organization Transaction Reports (NTRs) for each month shall be submitted to FIU-IND by the 15th of the succeeding month.

NEW QUESTION # 65
Consider the following trading data for Broker 'Y' in Security ABC on a specific trading day:
1. Sold 200 shares @ Rs. 10 to Broker X
2. Bought 50 shares @ Rs. 10.50 from Broker Z
3. Bought 300 shares @ Rs. 11 from Broker X
Calculate the Net Fund Obligation for Broker 'Y' to be settled with the Clearing Corporation.

A. Receive Rs. 2,000
B. Pay Rs. 1,200
C. Receive Rs. 1,575
D. Pay Rs. 3,825
E. Pay Rs. 1,825

Answer: E

Explanation:
Calculations based on the source example for Broker Y:
Sell Value: 200 * 10 = Rs. 2,000 (Inflow)
Buy Value: (50 10.50) + (300 * 11) = 525 + 3,300 = Rs. 3,825 (Outflow)
Net Fund Obligation = Inflow - Outflow = 2,000 - 3,825 = -1 ,825.
Since the value is negative, Broker Y has to Pay Rs. 1,825.

NEW QUESTION # 66
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