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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q85-Q90):

NEW QUESTION # 85
Regarding 'Two-factor authentication' for login sessions in Internet Based Trading (IBT), which of the following implementation details is explicitly advisable/required?

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

Answer: A

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 # 86
A stock broker intends to provide an Internet Based Trading (IBT) facility to clients using their own infrastructure. According to the regulatory framework, what is the specific Net Worth requirement for the broker, and what is the timeline within which the Stock Exchange must communicate its decision on the application?

A. Minimum Net Worth: Rs. 1 Crore; Decision Timeline: 15 calendar days.
B. Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 15 working days.
C. Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 7 calendar days.
D. Minimum Net Worth: Rs. 25 Lakhs; Decision Timeline: 30 working days.
E. Minimum Net Worth: Rs. 10 Lakhs; Decision Timeline: 7 working days.

Answer: C

Explanation:
The broker must have a minimum net worth of Rs.50 lacs if the broker is providing the Internet based facility on his own. The stock exchange should grant approval or reject the application as the case may be and communicate its decision to the member within 7 calendar days of the date of completed application submitted to the exchange.

NEW QUESTION # 87
Regarding the utilization of interest or income received out of investments made from the Investor Protection Fund (IPF), which of the following statements accurately reflects the regulatory mandate for ploughing back funds into the corpus?

A. At least 70% of interest or income from IPF received every year shall be ploughed back to IPF.
B. 100% of the interest or income received every year must be strictly used for settling claims and cannot be reinvested.
C. Only the interest earned on the security deposit of the issuer companies is ploughed back; other income is free for use.
D. At least 50% of the interest or income must be ploughed back, while the remaining 50% can be used for administrative expenses.
E. The entire interest income must be transferred to the Investor Services Fund (ISF) annually.

Answer: A

Explanation:
The guidelines state: 'At least 70% of interest or income from IPF received every year shall be ploughed back to IPF; 25% can be utilised for promotion of investor education and investor awareness.'

NEW QUESTION # 88
Select the correct statements regarding the regulations and procedures governing the auction of securities and handling of proceeds by the Clearing Corporation. (Select all that apply)

A. The members participating in the auction session as sellers are required to deliver the shares to the Clearing Corporation on or before the auction pay-in day, which is the subsequent day.
B. Any amount remaining from the proceeds of an Auction or Close-out, after settling the aggrieved party's claim, is credited to the Core Settlement Guarantee Fund (Core SGF).
C. In no case shall the auction be held beyond a period of one week from the pay-in day of the settlement in which the contract was entered into.
D. If the auction seller fails to deliver on the auction pay-in day, the deal is closed out at the standard valuation price of the T+1 day.
E. The auction for undelivered quantities can be held multiple times for the same settlement until the full quantity is procured.

Answer: A,B,C

Explanation:
Option B is correct: 'In no case the auction shall be held beyond a period of one week from the pay-in day'. Option D is correct: 'Any amount remaining thereof should be credited to the Core Settlement Guarantee Fund... instead of crediting it to the defaulting party's account'. Option E is correct: 'Members participating in the auction... are required to deliver the shares... on or before the auction pay-in day, i.e., subsequent day'. Option A is incorrect as auctions are generally held once unless specially approved. Option C is incorrect because auction seller defaults are closed out at the highest price or 20% over the closing price, not the valuation price.

NEW QUESTION # 89
In the General Clearing Process for the Cash Segment under the T+1 rolling settlement cycle, by what specific time must the custodial confirmation of trades be completed on the T+1 day?

A. By 11:00 AM on T+1 Day
B. By 4:15 PM on T Day
C. By 1:30 PM on T+1 Day
D. By 7:30 AM on T+1 Day
E. By 9:00 AM on T+1 Day

Answer: D

Explanation:
According to the General Clearing process in Cash Segment for T+1 rolling settlement, the clearing members/custodians must confirm back institutional/Custodian Participant trades by 7:30 a.m. on T+1 day. Subsequently, the final obligations are downloaded by 9:00 a.m.

NEW QUESTION # 90
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