NISM NISM-Series-VII Review Guide & NISM-Series-VII Test Duration

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Investor Grievance Redressal	- Process of investor grievances redressal 1. Procedures for handling complaints 2. Regulatory requirements
Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Regulatory oversight 2. Investor protection
Securities Broking Operations	- Front Office, Middle Office and Back Office functions in a Securities Broking Firm 1. Settlement processing 2. Trade execution 3. Risk management
Risk Management	- Risk management in a securities broking firm 1. Identifying and mitigating risks 2. Compliance and control measures
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. Clearing and settlement process 2. Role of the back office in a securities broking firm

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q18-Q23):

NEW QUESTION # 18
Under the SCORES 2.0 framework, if a complainant is dissatisfied with the resolution provided by the entity and requests a first review, the Designated Body (DB) may seek clarification from the entity. What is the specific timeline mandated for the Designated Body to submit the revised Action Taken Report (ATR) to the complainant after seeking such clarification?

A. Within 30 calendar days of the review sought
B. Within 10 calendar days of the review sought
C. Within 15 calendar days of the review sought
D. Within 21 calendar days of the review sought
E. Within 7 calendar days of the review sought

Answer: B

Explanation:
According to the SCORES 2.0 framework, the Designated Body shall stipulate the timeline in such a manner to ensure that the Designated Body submits the revised ATR to the complainant on SCORES within 10 calendar days of the review sought.

NEW QUESTION # 19
In the Capital Market / Equity Segment, how is the **Mark to Market (MTM)** margin collected from a clearing member regarding their proprietary and client positions?

A. Netted at the security level across all clients and proprietary account combined.
B. Gross of all net positions across all clients; no set-off of loss of one client with the profit of another client.
C. Collected only if the MTM loss exceeds 10% of the VaR margin collected.
D. Netted across all clients; if the Broker has a net profit across all clients, no margin is collected.
E. Gross of all open positions; however, proprietary positions can be netted against client positions.

Answer: B

Explanation:
MTM margin is collected on the * *gross open position* * of the member. The gross open position means the gross of all net positions across all the clients of a member including his proprietary position. For this purpose, the position of a client would be netted for each of its various securities, but * *the positions of all the clients of a broker would be grossed* * (i.e., only losses are added up, no setoff of loss of one client with profit of another).

NEW QUESTION # 20
A registered Trading Member desires to clear and settle trades executed by them on their own account as well as for their clients. However, they specifically do not intend to clear trades for 'Custodial Participants'. Which category of membership on the Clearing Corporation corresponds strictly to these operational rights and limitations?

A. Trading cum Self-Clearing Member (SCM)
B. Professional Clearing Member (PCM)
C. Custodian
D. Trading Member-cum-Clearing Member (TCM)
E. Authorized Person

Answer: A

Explanation:
A Trading cum Self-Clearing Member (SCM) has trading as well as clearing rights. They are permitted to clear and settle trades executed by them only, either on their own account or on account of their clients, but not for custodian participants. In contrast, a TCM can clear for custodian participants.

NEW QUESTION # 21
If a client submits a transfer instruction where the quantity is *less* than the net delivery obligation provided by the Clearing Corporation, what is the outcome of the validation process by the Depositories?

A. The instruction is processed, but a penalty is automatically levied on the client for short delivery.
B. The instruction is rejected because it does not fully meet the obligation.
C. The instruction is carried out by the depositories.
D. The instruction is routed to the Clearing Member for manual approval before processing.
E. The instruction is held in abeyance until a supplementary instruction for the balance quantity is received.

Answer: C

Explanation:
As per the validation logic: 'If the quantity in instruction is less than the obligation provided by CC, then the instruction will be carried out by the depositories.'

NEW QUESTION # 22
According to the SEBI (Portfolio Managers) Regulations, 2020, which of the following entities is defined as a 'Co-investment Portfolio Manager' and what is the specific restriction on their investment activities?

A. A Manager of a Mutual Fund who invests only in listed securities of investee companies where the Mutual Fund makes investments.
B. A discretionary portfolio manager who leverages client funds for derivative trading up to 50% of the portfolio value.
C. A Manager of a Category I or II AIF who provides services only to investors of such AIFs and makes investments only in unlisted securities of investee companies where such AIFs make investments.
D. A non-discretionary portfolio manager who invests only in government securities and money market instruments.
E. A Portfolio Manager providing services to accredited investors only and investing up to 100% in unlisted securities.

Answer: C

Explanation:
A 'Co-investment Portfolio Manager' is defined as a Portfolio Manager who is a Manager of a Category I or Category II Alternative Investment Fund(s); and provides services only to the investors of such AIFs; and makes investment only in unlisted securities of investee companies where such Category I or Category II Alternative Investment Fund(s) make investments.

NEW QUESTION # 23
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