Free PDF Quiz 2026 NISM NISM-Series-VII: Marvelous Test NISM Series VII - Securities Operations and Risk Management Certification Collection

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Investor Protection	7%	- Investor education and awareness initiatives - Mechanisms for dispute resolution - Investor rights and grievances redressal
Topic 2: Risk Management and Margining	18%	- Margining systems and methodologies - Types of risks in securities operations - Risk monitoring and control measures
Topic 3: Clearing and Settlement	15%	- Delivery versus payment and settlement guarantee - Clearing process and roles of clearing corporations - Settlement cycle and mechanisms
Topic 4: Market Microstructure	12%	- Market indices and their calculation - Trading mechanisms and order types - Price discovery and market efficiency
Topic 5: Regulatory Framework	15%	- Code of conduct and ethical practices - Compliance requirements for intermediaries - SEBI Act, Rules and Regulations
Topic 6: Securities Market Overview	10%	- Market participants and their roles - Types of securities and products - Structure and segments of Indian securities market
Topic 7: Trading Operations	15%	- Front office functions and processes - Client onboarding and KYC norms - Order management and trade execution
Topic 8: Technology in Securities Markets	8%	- Data security and business continuity - Systems for trading, clearing and settlement - Emerging technologies and their impact

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100% Pass Quiz NISM - NISM-Series-VII –Valid Test Collection

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q206-Q211):

NEW QUESTION # 206
Regarding the operation of the 'Clearing Bank Account' maintained by a Clearing Member, which of the following operational restrictions is explicitly mandated to ensure the account is used exclusively for clearing and settlement operations?

A. Clearing members can deposit funds in any form but can withdraw funds from these accounts only in self-name.
B. Funds can be deposited only via Demand Drafts and withdrawn only via electronic transfer.
C. The account must maintain a minimum balance equal to the Base Minimum Capital (BMC) at all times.
D. Withdrawals are permitted only after obtaining a 'No Objection Certificate' from the Clearing Corporation for each transaction.
E. Clearing members are prohibited from depositing proprietary funds into this account; only client funds are permitted.

Answer: A

Explanation:
The source states: 'Clearing member can deposit fund in these accounts in any form but withdraw funds from these accounts only in self-name.' This ensures the account is used for its intended purpose of clearing and settlement.

NEW QUESTION # 207
Clearing Members are required to open specific demat accounts known as 'Clearing Member Settlement Pool Accounts' with depositories. Which of the following statements is legally and operationally ** TRUE** regarding these accounts?

A. These accounts are strictly used for holding the member's long-term proprietary investments to separate them from client assets.
B. The clearing member does not get any ownership or beneficiary rights over the shares held in these accounts.
C. The clearing member acquires full beneficiary ownership rights over the securities transferred into this account.
D. Clients are prohibited from transferring shares directly into the member's pool account; all transfers must route through the Exchange.
E. Credits to this account are not permitted; it is used solely for delivering securities to the Clearing Corporation.

Answer: B

Explanation:
It should be noted that unlike the usual demat accounts, the clearing member does not get any ownership or beneficiary rights over the shares held in these accounts (Clearing member settlement pool accounts). A pool account is a settlement account from where broker deliver securities to exchange's clearing corporation against pay-in obligation.

NEW QUESTION # 208
Regarding the execution of a 'Delivery Instruction Slip' (DIS) for debiting a beneficiary account in a depository, which of the following conditions is **MANDATORY** for the instruction to be processed?

A. The DIS must be signed only by the primary holder in case of joint accounts.
B. The DIS must be counter-signed by a SEBI registered official.
C. The execution date on the DIS cannot be a future date; it must be the same as the submission date.
D. The DIS must clearly indicate whether the trade is an 'off-market' trade or a 'market' trade.
E. The DIS must be physically submitted even if the client has enabled electronic DIS facilities.

Answer: D

Explanation:
A beneficiary account can be debited only if the beneficial owner has given 'Delivery Instruction Slip' (DIS) in the prescribed form. The DIS for an off-market trade or for a market trade has to be clearly indicated in the form by marking appropriately.

NEW QUESTION # 209
SEBI has issued guidelines regarding the discontinuation of usage of pool accounts for transactions in units of Mutual Funds on Stock Exchange Platforms. Under this framework, which of the following practices is explicitly **PERMITTED** as an exception to the general rule against routing units through pool accounts?

A. Pooling of redemption proceeds in the broker's settlement account for deduction of statutory levies before payout to the client.
B. Crediting subscription units to the broker's pool account for reconciliation before transferring to the client.
C. Issuance of Delivery Instruction Slip (DIS) to the Depository Participant to debit units held in dematerialized mode for delivery to the Clearing Corporation during redemption.
D. Routing funds for subscription through the broker's clearing bank account for clients availing margin trading facilities.
E. Holding non-demat units in a 'Client Unpaid Securities Account' if the client defaults on the subscription payment.

Answer: C

Explanation:
SEBI has advised that pooling of funds/units by stock brokers shall be discontinued. However, for redemption of units held in dematerialized mode, the practice of issuance of Delivery Instruction Slip ('DIS') (physical or electronic) to the Depository Participant to debit the units for delivery to clearing corporation may continue.

NEW QUESTION # 210
A Trading Member executes sell orders in the T+0 settlement cycle. What is the mandatory mechanism required to fulfill the pay-in of securities for these sell obligations?

A. Inter-depository transfer to the settlement account of the Clearing Corporation post-trading hours.
B. Standard pay-in instruction via physical DIS submitted to the Depository Participant.
C. Only by way of early pay-in (EPI) using the block mechanism.
D. Transfer to the Member Pool Account by 10:30 AM on T day.
E. Auto-pledge of securities in favor of the Clearing Corporation.

Answer: C

Explanation:
The regulations specify that pay-in for T+0 sell obligations shall be allowed only by way of early pay-in using block mechanism.

NEW QUESTION # 211
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