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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q283-Q288):

NEW QUESTION # 283
Under Section 18A of the Securities Contracts (Regulation) Act, 1956, contracts in derivatives are considered legal and valid only if they satisfy specific conditions. Which of the following is a mandatory condition for such validity?

A. The contract must be traded Over-the-Counter (OTC) between two financial institutions.
B. The contract must be settled bilaterally between the buyer and the seller without an intermediary.
C. The contract must be validated by the Reserve Bank of India (RBI) prior to execution.
D. The contract must be traded on a recognized stock exchange and settled on the clearing house of the recognized stock exchange.
E. The contract must involve physical delivery of the underlying asset upon expiry.

Answer: D

Explanation:
Section 18A of the SCRA provides that contracts in derivatives shall be legal and valid if they are traded on a recognized stock exchange and settled on the clearing house of the recognized stock exchange, in accordance with the rules and bye-laws of such stock exchanges.

NEW QUESTION # 284
When a corporate action adjustment (such as a bonus ratio of 3:7) results in fractions, a specific methodology is adopted to minimize fraction settlements. How are the Strike Price and Market Lot rounded off in this process?

A. Strike Price: Nearest integer; Market Lot: Nearest tick size
B. Strike Price: Nearest tick size; Market Lot: Nearest integer
C. Strike Price: Rounded up to nearest integer; Market Lot: Rounded down to nearest 100
D. Strike Price: Rounded down to nearest tick; Market Lot: Rounded up to nearest integer
E. Strike Price: Exact value up to 2 decimal places; Market Lot: Exact value

Answer: B

Explanation:
With a view to minimizing fraction settlements, the methodology adopted includes carrying out rounding off for the Strike Price to the nearest tick size and Market Lot to the nearest integer.

NEW QUESTION # 285
According to the SEBI circular dated April 05, 2022, regarding the use of Unified Payment Interface (UPI) in public issues of equity shares, which specific category of investors is mandated to use UPI and provide their UPI ID in the bid-cum-application form?

A. Anchor Investors applying during the anchor book period.
B. All Retail Individual Investors applying for any amount.
C. All Individual Investors applying in Public issues where the application amount is up to 5 Lakhs.
D. Qualified Institutional Buyers (QIBs) applying up to Rs. 2 Lakhs.
E. Non-lnstitutional Investors (NIIs) applying above Rs. 2 Lakhs.

Answer: C

Explanation:
SEBI vide circular dated April 05, 2022, decided that 'all Individual Investors applying in Public issues where the application amount is upto 5 Lakhs shall use UPI and shall also provide their UPI ID in the bid-cum-application form'.

NEW QUESTION # 286
Under the revised framework for redressal of investor grievances through SCORES 2.0, which of the following statements accurately describe the timelines and process flows? (Select all that apply)

A. The first level of review is conducted by SEBI officials immediately upon request by the investor.
B. Entities shall resolve the complaint and upload the Action Taken Report (ATR) on SCORES within 21 calendar days of receipt of the complaint.
C. Complaints are automatically forwarded to the Securities Appellate Tribunal if not resolved within 7 days.
D. The Designated Body must submit the revised ATR to the complainant on SCORES within 10 calendar days of the review sought.
E. If the complainant is not satisfied with the ATR, they may request a review within 15 calendar days from the date of the ATR.

Answer: B,D,E

Explanation:
Entities must resolve complaints within 21 calendar days,. Complainants can request a review within 15 calendar days of the ATR. The Designated Body must submit the revised ATR within 10 calendar days of the review sought. Option D is incorrect as auto-escalation is to the next level (Designated Body/SEBI), not SAT. Option E is incorrect as the first review is by the Designated Body.

NEW QUESTION # 287
If a clearing member fails to fulfill the margin obligations, the clearing agency has the authority to initiate disciplinary actions without further notice. Which of the following is explicitly listed as a potential action in such a scenario?

A. Permanent cancellation of the certificate of registration.
B. Withdrawal of trading facilities and/or clearing facility and close out of outstanding positions.
C. Seizure of the member's personal assets outside the clearing system.
D. Mandatory conversion of the clearing member to a trading-only member.
E. Transfer of client positions to the Investor Protection Fund.

Answer: B

Explanation:
Non-fulfilment of margin obligations allows the clearing agency to, at its discretion and without further notice, initiate disciplinary action inter-alia including withdrawal of trading facilities and/or clearing facility, close out of outstanding positions, imposing penalties, collecting appropriate deposits, and invoking bank guarantees/fixed deposit receipts.

NEW QUESTION # 288
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