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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q201-Q206):

NEW QUESTION # 201
Every clearing member is required to maintain a separate primary clearing account with a designated clearing bank. Which of the following operational restrictions applies to this account regarding withdrawals?

A. Funds can be withdrawn directly to third-party vendor accounts for operational expenses.
B. Funds can be withdrawn only after obtaining a No Objection Certificate (NOC) from the Stock Exchange.
C. Withdrawals are strictly prohibited; funds must only be used for settlement obligations.
D. Withdrawals are limited to 50% of the account balance on any given day.
E. Funds can be withdrawn only in the self-name of the clearing member.

Answer: E

Explanation:
According to the source, 'Clearing members can deposit funds into these accounts in any form and can withdraw funds from these accounts only in self-name'. This account is to be used exclusively for clearing and settlement operations.

NEW QUESTION # 202
Stock brokers are required to maintain evidence of clients placing orders to prevent unauthorized trades. Which of the following statements accurately describes the regulatory requirements regarding the forms of evidence and the retention period?

A. Evidence can be physical records, telephone recordings, emails, or SMS logs, and must be retained for a minimum of 3 years.
B. Evidence must be physical records only, retained for 5 years.
C. In case of a dispute, records can be disposed of immediately after the broker files a response.
D. Evidence is optional for internet-based transactions and must be retained for 1 year.
E. Telephone recordings are mandatory only for institutional clients and must be kept for 2 years.

Answer: A

Explanation:
The source states that brokers shall execute trades only after keeping evidence in forms such as 'Physical record written & signed by client, Telephone recording, Email from authorized email id, Log for internet transactions, Record of SMS messages'. Regarding retention: 'The Brokers are required to maintain the records for a minimum period for which the arbitration accepts investors' complaints as notified from time to time (which is currently three years).'

NEW QUESTION # 203
A clearing member fails to discharge their funds obligations at the notified time. According to the NISM workbook, this failure renders the member liable for specific consequences regarding their operations. Which of the following is explicitly mentioned as a potential liability/action?

A. Immediate transfer of the clearing member's proprietary trades to the Investor Protection Fund.
B. Withdrawal of trading facility.
C. Mandatory liquidation of all client assets held in the pool account.
D. Automatic cancellation of the certificate of registration by SEBI.
E. Suspension of the clearing bank's license.

Answer: B

Explanation:
The text states: 'A clearing member, failing to discharge his funds obligations relating to settlement dues, margin money or non- settlement dues at the notified time, shall render him liable for withdrawal of trading facility or such other actions including disciplinary actions, as may be decided by the Relevant Authority.'

NEW QUESTION # 204
Clearing Members perform three core functions: Clearing, Settlement, and Risk Management. Which of the following activities correctly falls under the 'Risk Management' function of a Clearing Member?

A. Performing the actual transfer of funds and securities to the Clearing Corporation.
B. Opening demat accounts for retail clients.
C. Setting limits based on upfront deposits/margins for each trading member/client and monitoring positions on a continuous basis.
D. Confirming the genuineness of transaction details provided by the Clearing Corporation.
E. Computing obligations of all trading members to determine positions to settle.

Answer: C

Explanation:
The source explicitly lists the functions of Clearing Members. Under Risk Management, it lists: 'Setting limits based on upfront deposits / margins for each trading member/client and monitoring positions on a continuous basis.' Option A is the 'Clearing' function. Option B isthe 'Settlement' function.

NEW QUESTION # 205
According to the Securities Contract (Regulation) Rules, 1957, and Exchange norms, which of the following conditions render an entity or person ineligible to be admitted as a member of a Stock Exchange? (Select all that apply)

A. The person has been adjudged bankrupt or a receiver order in bankruptcy has been made against them.
B. The person is a Limited Liability Partnership registered under the Limited Liability Partnership Act, 2008.
C. The person has been convicted of an offence involving fraud or dishonesty.
D. The person has compounded with their creditors for less than full discharge of debts.
E. The person is engaged in any business other than Securities involving personal financial liability, without undertaking to sever connections.

Answer: A,C,D,E

Explanation:
Options A, B, C, and D are explicit disqualifications for membership under the regulations. An entity is ineligible if adjudged bankrupt, compounded with creditors for less than full discharge, convicted of fraud/dishonesty, or engaged in other business involving personal financial liability (unless they undertake to sever connections). Option E is incorrect as an LLP is eligible to be admitted as a member provided it meets the financial requirements and norms specified by SEBI.

NEW QUESTION # 206
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