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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Depository Operations	- Demat account framework 1. NSDL and CDSL roles 2. Account opening and maintenance - Corporate actions 1. Record dates and entitlement processing 2. Dividends, bonuses, splits
Topic 2: Risk Management in Securities Markets	- Risk mitigation systems 1. Surveillance and compliance mechanisms 2. Margins and collateral systems - Market and operational risk 1. Types of financial risks 2. Operational risk controls
Topic 3: Securities Market Operations	- Market participants and structure 1. Order types and trading mechanism basics 2. Roles of brokers, exchanges, and investors - Trading process 1. Order execution and trade lifecycle 2. Trade confirmation and reporting
Topic 4: Clearing and Settlement	- Settlement systems 1. T+1/T+2 settlement cycles 2. Margining and risk adjustments - Clearing mechanisms 1. Netting and settlement obligations 2. Clearing corporations and counterparties

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q118-Q123):

NEW QUESTION # 118
For un-expired illiquid futures contracts on an individual security, how is the Daily Settlement Price determined by the Clearing Corporation?

A. It is determined by the FIMMDA / FBIL reference rate.
B. It is fixed at the previous day's settlement price adjusted for the risk-free interest rate.
C. It is based on the closing price of the underlying security in the Capital Market Segment.
D.
E. It is the weighted average price of the contract during the last half an hour of trading.

Answer: D

Explanation:

NEW QUESTION # 119
In the context of the Block Mechanism for sale transactions, which of the following statements accurately describes the permissible flow of securities for **matched orders** up to the pay-in day?

A. Securities remain in the Client's demat account until the pay-out day, after which they are directly transferred to the buyer's account.
B. Securities are transferred from the Client's account to the Trading Member's (TM) Pool account, and the TM can further transfer them to any other TM's pool account.
C. Securities are debited from the Client's demat account and credited to the linked TM Pool account; the TM shall further transfer such securities only to the CM Pool account.
D. Securities are debited from the Client's demat account and credited directly to the Clearing Corporation's settlement account, bypassing the Trading Member.
E. Securities are transferred to a temporary 'Client IJnpaid Securities Account' before being moved to the Clearing Member's pool account.

Answer: C

Explanation:
For matched orders, blocked securities are debited from the Client's demat account and credited to the linked TM Pool account up to the pay-in day. The TM shall further transfer such securities to the CM Pool account. Crucially, pool-to-pool transfers except from TM pool to CM pool are not permitted.

NEW QUESTION # 120
Regarding the usage of the 'INST' code in the Custodial Participant field during order entry for Foreign Portfolio Investors (FPIs), which of the following statements accurately reflects the restrictions placed on FPIs that are corporate bodies, individuals, or family offices?

A. They can use the 'INST' code without restriction, provided the allocation is completed by 4:15 PM on T day.
B. They are strictly prohibited from using the 'INST' code and must provide the specific CP code at the time of order entry.
C. They must use a special 'CORP' code instead of 'INST' to differentiate themselves from non-corporate institutional investors.
D. The 'INST' code can be used only if the trade value exceeds INR 10 Crores.
E. The 'INST' facility is available, but allocation for such trades is allowed only to related FPIs.

Answer: E

Explanation:
For FPIs that are corporate bodies, individuals, or family, the 'INST' facility is not available in the similar manner as of non-institutional CP codes. For these FPIs, allocation for 'INST' trades is allowed only to related FPIs.

NEW QUESTION # 121
A claim against a defaulter trading member is received by the Stock Exchange after three years from the date of expiry of the specified period for lodging claims. How is such a claim categorized under the IPF guidelines?

A. It may be dealt with as a civil dispute.
B. It is automatically rejected and cannot be pursued in any forum.
C. It is referred to the SEBI Complaints Redressal System (SCORES) for arbitration.
D. It is treated as a priority claim but paid only after all timely claims are settled.
E. It is eligible for 50% of the compensation limit applicable to timely claims.

Answer: A

Explanation:
The text states: 'Any claim received after three years from the date of expiry of the specified period may be dealt with as a civil dispute.'

NEW QUESTION # 122
Large stock brokers have evolved from pure trading intermediaries into comprehensive 'Financial Services Companies'. In this capacity, which specific service is highlighted as being offered primarily to High Net Worth Individuals (HNIs)?

A. Wealth management services
B. Public Provident Fund (PPF) management
C. Direct Benefit Transfer (DBT) facilitation
D. Micro-credit facilities
E. Basic savings bank account services

Answer: A

Explanation:
The text states: 'They also offer wealth management services for high net worth individuals (HNIs).' This is a distinct service offered by big stock brokers who have converted into financial services companies.

NEW QUESTION # 123
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