NISM-Series-VII Online Training Materials | Cert NISM-Series-VII Guide

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Regulatory oversight 2. Investor protection
Topic 2: 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
Topic 3: Risk Management	- Risk management in a securities broking firm 1. Compliance and control measures 2. Identifying and mitigating risks
Topic 4: Indian Securities Market	- Overview of the Indian securities market 1. Different products traded 2. Various market participants and their roles
Topic 5: Investor Grievance Redressal	- Process of investor grievances redressal 1. Procedures for handling complaints 2. Regulatory requirements
Topic 6: 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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q87-Q92):

NEW QUESTION # 87
Regarding the 'Direct Pay-out' of securities mandated by SEBI vide circular dated June 05, 2024, which of the following operational changes has been implemented concerning the credit of securities and the settlement timing?

A. Securities are credited to the Broker's Pool Account by 1 PM, and the broker must transfer them to the client by 3:30 PM on the same day.
B. Securities are credited directly to the client's demat account by the Clearing Corporation, and the pay-out timing is revised from 1 PM to 3:30 PM.
C. Securities are credited to a temporary 'Client Unpaid Securities Account' maintained by the Clearing Corporation until funds are cleared.
D. Direct pay-out is applicable only for Institutional Clients, while Retail Clients continue to receive shares via the Broker's Pool Account.
E. The pay-out timing remains 1 PM, but the securities are credited to the client's account on T+2 day instead of T+1.

Answer: B

Explanation:
As a consequence of the mandate for securities for pay-out to be credited directly to the respective client's demat account by the Clearing Corporations, the timing of the payout of securities shall be revised from 1 PM to 3:30 PM. As a result, securities shall be credited to the clients' demat account on the same settlement day.

NEW QUESTION # 88
Which of the following statements accurately describe the rules and procedures for **Dividend Adjustment** in the Equity F&O segment?
(Select all that apply)

A. Dividends below 2% of the market value of the underlying stock are deemed ordinary dividends and no adjustment is made.
B. Adjustment for extra-ordinary dividend is carried out only on futures contracts, not options.
C. The revised strike prices due to extra-ordinary dividend are applicable from the record date.
D. If shareholders in the AGM change the rate declared by the Board, the market price reference changes to the closing price on the day previous to the AGM.
E. In case of extra-ordinary dividend, the total dividend amount is reduced from all strike prices of option contracts.

Answer: A,D,E

Explanation:
StatementA is correct: Dividends below 2% are ordinary and not adjusted. Statement B is correct: Total dividend amount is reduced from strike prices. Statement D is correct: If AGM changes the rate, the reference is the closing price previous to the date of the AGM. Statement C is incorrect because revised prices are applicable from the ex.dividend date. Statement E is incorrect as adjustments apply to strike prices of options as well.

NEW QUESTION # 89
Under Section 12 of the Prevention of Money Laundering Act (PMLA), 2002, what is the mandatory retention period for documents evidencing the identity of clients and beneficial owners?

A. Five years from the date of the specific transaction.
B. Two years from the date of the last transaction in the account.
C. Ten years from the date of account opening.
D. Seven years from the date of the suspicious transaction report filing.
E. Five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later.

Answer: E

Explanation:
The PMLA stipulates two different retention periods. Records of transactions must be maintained for five years from the date of transaction. However, records of documents evidencing identity of clients and beneficial owners must be maintained for five years after the business relationship has ended or the account has been closed, whichever is later.

NEW QUESTION # 90
If the Core SGF is utilized during a calendar month due to a default, specific rules apply to the replenishment of contributions by members. Which of the following is the correct restriction on such replenishment?

A. Members are liable to replenish the fund only if the default amount exceeds Rs. 100 Crore.
B. Replenishment is deferred to the next financial quarter to avoid liquidity stress on members.
C. Contribution towards replenishment by members is restricted to only once during a period of 30 calendar days, regardless of the number of defaults during the period.
D. Members must replenish the fund immediately after every default without any limit on the number of times in a month.
E. Replenishment is voluntary and depends on the profitability of the non-defaulting members.

Answer: C

Explanation:
The source states: 'However, such contribution towards replenishment of Core SGF by the members would be restricted to only once during a period of 30 calendar days regardless of the number of defaults during the period. The period of 30 calendar days shall commence from the date of notice of default...'

NEW QUESTION # 91
Once a conciliator is appointed by the ODR Institution, what is the prescribed timeline for the disputing parties to reach an amicable resolution, and under what condition can this period be extended?

A. 10 calendar days, extendable by 10 calendar days upon payment of late fees.
B. 45 calendar days, with no provision for extension to ensure speedy disposal.
C. 15 calendar days, extendable by 7 days if the conciliator deems it necessary.
D. 21 calendar days, extendable for a maximum period of 10 calendar days by consent of the disputing parties.
E. 30 calendar days, extendable by 15 days upon approval by the MI.

Answer: D

Explanation:
The source states: 'Such conciliator shall conduct one or more meeting/s for the disputing parties to reach an amicable and consensual resolution within 21 calendar days (unless extended for a maximum period of 10 calendar days by consent of the disputing parties to be recorded in writing/electronically)'.

NEW QUESTION # 92
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