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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q65-Q70):

NEW QUESTION # 65
A securities broking firm configures its Compliance Management System (CMS) to manage data retention policies in accordance with the Prevention of Money-Laundering Act (PMLA), 2002.
Review the JSON configuration snippet below regarding record retention timelines:

Based on the SEBI directives and PMLA provisions, which setting in the configuration is legally NON-COMPLIANT?

A. suspicious_transaction_reports: 5_years_from_reporting_date
B. All settings are compliant
C. Both transaction_records and suspicious_transaction_reports
D. client_identity_documents: 3_years_from_account_closure
E. transaction_records: 5_years_from_transaction_date

Answer: D

Explanation:
According to Section 12 of the PMLA, 2002, reporting entities must maintain records of documents evidencing the identity of clients and beneficial owners (e.g., account files, business correspondence) for a period of five years after the business relationship has ended or the account has been closed, whichever is later. The configuration setting of '3 years' is non-compliant.

NEW QUESTION # 66
Under the SCORES 2.0 mechanism, complaints are monitored by a 'Designated Body' to ensure timely redressal. Who acts as the Designated Body for complaints lodged against a Stock Broker?

A. The Depository (NSDL or CDSL)
B. The Investor Protection Fund Trust
C. The Stock Exchange
D. Securities and Exchange Board of India (SEBI)
E. The Association of Mutual Funds in India (AMFI)

Answer: C

Explanation:
For a Stock Broker, the Stock Exchange is the Designated Body. The Designated Body ensures that the concerned Entity submits the Action Taken Reports (ATRs) within the stipulated time.

NEW QUESTION # 67
SEBI designates certain stock brokers as 'Qualified Stock Brokers' (QSBs) based on specific parameters to ensure appropriate governance and risk management. Which of the following parameters are explicitly considered for designating a stock broker as a QSB?
(Select all that apply)

A. The proprietary trading volumes of the stock broker.
B. The number of sub-broker offices managed by the stock broker.
C. The total number of active clients of the stock broker.
D. The available total assets of clients with the stock broker.
E. The net worth of the stock broker's promoter group.

Answer: A,C,D

Explanation:
The parameters considered for designating a stock broker as a QSB include: (a) the total number of active clients; (b) the available total assets of clients; (c) trading volumes (excluding proprietary); (d) end of day margin obligations; (e) proprietary trading volumes; (f) compliance score; and (g) grievance redressal score. Promoter net worth and number of sub-broker offices are not listed parameters.

NEW QUESTION # 68
SEBI introduced the 'Demat Debit and Pledge Instruction' (DDPI) to replace the Power of Attorney (POA) for certain functions. For which of the following specific purposes does the DDPI authorize the stock broker/stock broker and depository participant to access the client's beneficial owner (BO) account?

A. Executing off-market trades between parties other than related parties.
B. Transferring funds from the client's bank account to the broker's proprietary account.
C. Opening a new demat account with another depository participant on behalf of the client.
D. Updating the client's address and contact details in the KRA system.
E. Meeting pay-in obligations for the settlement of trades executed by the client.

Answer: E

Explanation:
Under DDPI, the clients shall explicitly agree to authorize the stock broker/stock broker and depository participant to access their BO account for the limited purpose of meeting pay-in obligations for settlement of trades executed by them. The DDPI shall serve the same purpose of POA and significantly mitigate the misuse of POA.

NEW QUESTION # 69
Apart from the primary clearing account, a Clearing Member is permitted to maintain an 'additional clearing account' with a designated clearing bank. For what specific operational purposes is this additional account utilized?

A. For collecting brokerage and statutory levies from clients.
B. For the purpose of enhancement of collateral in the form of cash and providing early pay-in of funds.
C. For settlement of commodities derivatives trades only.
D. For separating proprietary trading funds from client funds.
E. For receiving dividend payments from listed companies on behalf of clients.

Answer: B

Explanation:
The regulations specify that a Clearing Member can maintain and operate an additional clearing account with a designated clearing bank specifically for the purpose of enhancement of collateral in the form of cash and providing early pay-in of funds.

NEW QUESTION # 70
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