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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q219-Q224):

NEW QUESTION # 219
Which of the following statements accurately reflect the regulatory requirements regarding the 'Statement of Accounts' and dispute resolution related to the settlement of funds? (Select all that apply)

A. If a client requests a return of funds lying with the Clearing Corporation, the broker must transfer them within 7 working days.
B. The actual settlement of funds must be done by the broker at least once in a calendar quarter or month, depending on the client's preference.
C. Brokers are permitted to perform inter-client adjustments for the purpose of settlement if the total fund balance at the broker level is sufficient.
D. The Statement of Accounts must contain an extract from the client ledger for funds and the register of securities.
E. Clients must bring any dispute arising from the statement of running account to the notice of the broker within 30 working days from the date of the statement.

Answer: B,D,E

Explanation:
Statement A is correct (Statement must contain extracts). Statement B is correct (Dispute notice within 30 working days). Statement D is correct (Settlement frequency is monthly/quarterly). Statement C is incorrect because 'There is no inter-client adjustment for the purpose of settlement'. Statement E is incorrect because funds lying with the Clearing Member/Clearing Corporation must be transferred within 'three working days' from the request, not 7.

NEW QUESTION # 220
Regarding 'Internal Shortages' within a broker's firm (where a selling client fails to deliver, but the broker has no net obligation to the Clearing Corporation due to an offsetting buy by another client), what is the specific regulatory advice concerning the handling of charges under the 'Direct Pay-out' of securities framework?

A. The broker is mandated to close out the internal shortage at the highest price of the settlement cycle plus a 5% penalty credited to the Investor Protection Fund.
B. The broker should handle such shortages through the process of auction as specified by CCs and is advised not to levy any charges on the client over and above the charges levied by the CCs.
C. The broker must conduct a private auction among its own clients and can charge a facilitation fee not exceeding 1% of the trade value.
D. Internal shortages must be reported to the Exchange, and the trade should be annulled with mutual consent of both clients.
E. The broker must buy the shares from the open market on T+2 and can pass on the purchase cost plus a standard brokerage fee to the defaulting client.

Answer: B

Explanation:
To handle shortages arising due to inter se netting of positions between clients with introduction of Direct Pay-out of securities in client account, SEBI has advised TM/CM to handle such shortages through the process of auction as specified by CCs. Further, SEBI advised TMICM in such cases not to levy any charges on the client over and above the charges levied by the CCs.

NEW QUESTION # 221
Which of the following statements correctly differentiates the operational and regulatory features of 'Triparty Repo' (TREPS) and 'Repo in Corporate Bonds' in the Indian Debt Market?

A. Triparty Repo on corporate bonds uses the NDS-OM platform, while Government Securities use the RFQ platform.
B. Settlement for Corporate Bond Repo is guaranteed by the RBI directly, while TREPS is settled bilaterally without a central counterparty.
C. Corporate Bond Repo allows participants to borrow funds against the collateral of their own securities, whereas TREPS prohibits this.
D. In TREPS, the seller cannot substitute the security during the repo period, whereas in Corporate Bond Repo, substitution is mandatory.
E. In TREPS, the seller of the security has a right to substitute the security, and funds borrowed are exempted from CRR/SLR computation.

Answer: E

Explanation:
The source specifies regarding TREPS: 'Unlike Repo, TREPS facilitate the trading of Repo and the seller of the security has a right to substitute the security.' Also, 'funds borrowed on TREPS are exempted from RBI's CRR/SLR computation.' In contrast, for Repo in Corporate Bonds, the source notes: 'participants cannot borrow against the collateral of their own securities or those of related entities'.

NEW QUESTION # 222
Regarding the limitation period for filing complaints, what is the maximum time period from the 'date of cause of action' within which an investor must lodge a complaint on SCORES, provided they have first approached the concerned entity and are unsatisfied with the response?

A. Six months
B. Five years
C. One year
D. Three years
E. Two years

Answer: C

Explanation:
In line with enhancing ease, speed, and accuracy, the investor may lodge a complaint on SCORES within one year from the date of cause of action, provided specific conditions (like rejection by the entity or non-receipt of communication) are met.

NEW QUESTION # 223
Based on the 'Cyber Security and Cyber Resilience Framework (CSCRF)' for Stock Brokers, which of the following correctly match the 'Cyber Resiliency Goals' with their definitions? (Select all that apply)

A. Anticipate: Maintain a state of informed preparedness from adversary attacks.
B. Evolve: To change business functions and its supporting cyber capabilities to minimize adverse impacts of adversary attacks.
C. Recover: Continue essential business functions at times of adversary attacks.
D. Withstand: Restore business functions to the maximum extent subsequent to adversary attacks.
E. Contain: Localise containment of crisis and isolate trusted functions from untrusted ones to continue business operations.

Answer: A,B,E

Explanation:
The CSCRF defines the goals as follows: 'Anticipate' is maintaining informed preparedness. 'Withstand' is continuing essential business functions during attacks (Option B is incorrect as it describes Recover). 'Contain' is localizing the crisis. 'Recover' is restoring business functions (Option D is incorrect as it describes Withstand). 'Evolve' is changing functions to minimize adverse impacts.

NEW QUESTION # 224
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