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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Investor protection 2. Regulatory oversight
Indian Securities Market	- Overview of the Indian securities market 1. Various market participants and their roles 2. Different products traded
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
Investor Grievance Redressal	- Process of investor grievances redressal 1. Regulatory requirements 2. Procedures for handling complaints
Risk Management	- Risk management in a securities broking firm 1. Identifying and mitigating risks 2. Compliance and control measures
Securities Broking Operations	- Front Office, Middle Office and Back Office functions in a Securities Broking Firm 1. Settlement processing 2. Risk management 3. Trade execution

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q327-Q332):

NEW QUESTION # 327
In the process of Auction of Securities, if the auction or close-out results in proceeds that exceed the claim of the aggrieved party (buyer), how is the remaining amount treated?

A. It is transferred to the Investor Protection Fund (IPF) of the Exchange.
B. It is retained by the Clearing Corporation as administrative charges.
C. It is shared equally between the Clearing Corporation and the aggrieved party.
D. It is credited to the Core Settlement Guarantee Fund (Core SGF).
E. It is refunded to the defaulting selling member.

Answer: D

Explanation:
The Proceeds from Auction or Close-out should be used to settle the claim of the aggrieved party. Any amount remaining thereof should be credited to the Core Settlement Guarantee Fund ('Core SGF') instead of crediting it to the defaulting party's account.

NEW QUESTION # 328
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. Withdrawals are permitted only after obtaining a 'No Objection Certificate' from the Clearing Corporation for each transaction.
B. Clearing members are prohibited from depositing proprietary funds into this account; only client funds are permitted.
C. The account must maintain a minimum balance equal to the Base Minimum Capital (BMC) at all times.
D. Clearing members can deposit funds in any form but can withdraw funds from these accounts only in self-name.
E. Funds can be deposited only via Demand Drafts and withdrawn only via electronic transfer.

Answer: D

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 # 329
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. In TREPS, the seller cannot substitute the security during the repo period, whereas in Corporate Bond Repo, substitution is mandatory.
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. Triparty Repo on corporate bonds uses the NDS-OM platform, while Government Securities use the RFQ platform.
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 # 330
Which of the following statements accurately reflect the operational requirements and functions of Clearing Members and Custodians in the Clearing Process? (Select all that apply)

A. It is mandatory for clearing members to open demat accounts with both depositories (CDSL and NSDL) known as clearing member settlement pool accounts.
B. Custodians are required to confirm whether they will settle a trade assigned to them; if they fail to confirm, the onus of settlement falls on the executing trading member.
C. Clearing Members act as the legal counterparty to all trades through the process of novation, replacing the Clearing Corporation.
D. Clearing Members must maintain a separate and distinct clearing bank account with a designated clearing bank.
E. Clearing Members can withdraw funds from their designated clearing bank account in favor of third-party vendors for operational expenses.

Answer: A,B,D

Explanation:
Statement A is correct ('mandatory for clearing members to open demat accounts with both the depositories'). Statement B is correct ('The custodian is required to confirm... In case the custodian fails to confirm then the onus of settling the trade falls on the trading member'). Statement E is correct ('mandatory for clearing member to open separate and distinct clearing bank account'). Statement C is incorrect because withdrawals are only allowed in 'self-name'. Statement D is incorrect because the *Clearing Corporation* acts as the legal counterparty through novation, not the Clearing Member.

NEW QUESTION # 331
An investor wishes to lodge a complaint against a registered intermediary on the SCORES platform. Under the current limitation period guidelines, which of the following scenarios would likely lead to SEBI reserving the right to reject the complaint?

A. The investor has already initiated arbitration proceedings for the same matter.
B. The complaint is lodged within 6 months from the date the intermediary rejected the initial grievance.
C. The complaint is lodged immediately after the intermediary provided an unsatisfactory reply.
D. The investor has approached the intermediary, but received no communication, and the cause of action is 8 months old.
E. The date of the cause of action is more than one year old.

Answer: E

Explanation:
According to the guidelines for SCORES, the investor may lodge a complaint within one year from the date of cause of action. SEBI reserves its right to reject a complaint lodged on SCORES if the date of cause of action is more than one-year-old and/or the complainant has not taken up the complaint with the concerned entity prior to the said date.,

NEW QUESTION # 332
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