New NISM-Series-VII Exam Objectives | Online NISM-Series-VII Bootcamps

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
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
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
Indian Securities Market	- Overview of the Indian securities market 1. Different products traded 2. Various market participants and their roles
Risk Management	- Risk management in a securities broking firm 1. Identifying and mitigating risks 2. Compliance and control measures
Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Regulatory oversight 2. Investor protection

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q123-Q128):

NEW QUESTION # 123
Which of the following statements accurately describes the currency and jurisdictional nature of an International Financial Services Centre (IFSC) in India?

A. It operates in Indian Rupee (INR) but is exempt from RBI regulations.
B. It is a deemed domestic territory for FEMA purposes but deals in foreign currency.
C. It is a jurisdiction providing financial services to non-residents and residents (to the extent permissible) in a currency other than the domestic currency (Indian Rupee).
D. It operates under the jurisdiction of the state government where it is located, dealing in dual currencies.
E. It caters to domestic customers only, offering products in foreign currency.

Answer: C

Explanation:
An IFSC is defined as a jurisdiction that provides world-class financial services to non-residents and residents (to the extent permissible under current regulations) in a currency other than the domestic currency (Indian rupee) of the location where the IFSC is located.

NEW QUESTION # 124
Regarding the maintenance and preservation of books of account and other records by stock brokers, which of the following statements accurately reflects the regulatory requirements under the Securities Contracts (Regulation) Rules, 1957 (SCRR) and SEBI Regulations?

A. Books must be maintained in physical form only for a minimum of 5 years; electronic records are optional.
B. Books must be preserved for 5 years; if originals are seized by an enforcement agency, they must be preserved (originals or copies) until the trial is completed.
C. Books must be preserved for 3 years; seized originals need not be tracked once handed over to agencies.
D. Books must be preserved for 8 years in alignment with the Companies Act, regardless of SEBI regulations.
E. Books must be preserved for 10 years if the broker is involved in algorithmic trading.

Answer: B

Explanation:
As per Regulation 18 of the Stock Brokers Regulations 1992 and SCRR 1957, every stock broker shall preserve the specified books of account for a minimum period of five years. Furthermore, it is advised to preserve the originals (or copies if originals are taken) of documents taken by enforcement agencies during an investigation till the trial is completed.

NEW QUESTION # 125
Entities operating in the IFSC at GIFT City are recognized as non-resident entities under FEMA regulations. Which combination of fiscal incentives is explicitly available to these entities?

A. Exemption from GST only.
B. Exemption from Security Transaction Tax (STT), Commodity Transaction Tax (CT T), Dividend Distribution Tax (DDT), and Capital Gains waiver.
C. Rebate on Corporate Tax for the first 2 years only.
D. Waiver of Import Duty on Gold and Silver only.
E. Exemption from Stamp Duty and Registration Fees only.

Answer: B

Explanation:
The IFSC at GIFT, Gandhinagar is a deemed foreign territory where entities are recognized as non-resident entities under FEMA regulations. The benefits provided include exemptions from security transaction tax (STT), commodity transaction tax, dividend distribution tax, capital gains waiver, and no income tax.

NEW QUESTION # 126
Regarding the methodology for adjusting Rights Issues in the Equity F&O segment, how are the Market Lot and Position of the existing contracts modified using the Adjustment Factor?

A. The new market lot and position remain unchanged; only the strike price is adjusted.
B. The new market lot is multiplied, while the position is divided by the adjustment factor.
C. The new market lot and position are arrived at by multiplying the old market lot and position by the adjustment factor.
D. The new market lot is arrived at by adding the Rights Entitlement ratio to the old lot.
E. The new market lot and position are arrived at by dividing the old market lot and position by the adjustment factor.

Answer: E

Explanation:
For Rights Issues, the new market lot/multiplier is arrived at by dividing the old market lot by the adjustment faction Similarly, the new position is arrived at by dividing the old position by the adjustment factor. Note that for Rights, the adjustment factor is typically less than 1, resulting in an increase in lot size and position.

NEW QUESTION # 127
In the case of a declaration of 'extra-ordinary' dividend by a company, how is the adjustment applied to the Futures contracts on that stock?

A. The market lot of the futures contract is increased in proportion to the dividend yield.
B. The futures contract is compulsorily closed out and a new contract is introduced at the ex-dividend price.
C. The total dividend amount is added to the Daily Settlement Price.
D. All open positions shall be carried forward at the daily settlement price less the dividend amount.
E. No adjustment is made to futures contracts; adjustments are applicable only to option strike prices.

Answer: D

Explanation:
For extra-ordinary dividends, the regulation states that 'All open positions shall be carried forward at the daily settlement price less dividend amount for the respective futures contract.'

NEW QUESTION # 128
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