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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q240-Q245):

NEW QUESTION # 240
Under the SEBI (Prohibition of Insider Trading) Regulations, 2015, which of the following parties is deemed to be a 'Connected Person' unless the contrary is established?

A. An individual who has never held a position in the company.
B. A vendor supplying office stationery on a one-off basis.
C. A shareholder holding 5% interest in the company.
D. A former employee who left the company 12 months prior to the act.
E. A banker of the company.

Answer: E

Explanation:
The regulations list categories of persons deemed to be 'Connected Persons'. This list includes a banker of the company. A former employee is a connected person if associated within 6 months prior to the act. A holding of more than 10% interest is required to be deemed connected. Therefore, a banker is the correct deemed connected person.

NEW QUESTION # 241
An investor wishes to lodge a complaint against a registered intermediary on the SCORES platform. Under the current limitation period guidelines, which of the following scenarios would likely lead to SEBI reserving the right to reject the complaint?

A. The complaint is lodged within 6 months from the date the intermediary rejected the initial grievance.
B. The investor has already initiated arbitration proceedings for the same matter.
C. The date of the cause of action is more than one year old.
D. The complaint is lodged immediately after the intermediary provided an unsatisfactory reply.
E. The investor has approached the intermediary, but received no communication, and the cause of action is 8 months old.

Answer: C

Explanation:
According to the guidelines for SCORES, the investor may lodge a complaint within one year from the date of cause of action. SEBI reserves its right to reject a complaint lodged on SCORES if the date of cause of action is more than one-year-old and/or the complainant has not taken up the complaint with the concerned entity prior to the said date.,

NEW QUESTION # 242
When a corporate action adjustment (such as a bonus ratio of 3:7) results in fractions, a specific methodology is adopted to minimize fraction settlements. How are the Strike Price and Market Lot rounded off in this process?

A. Strike Price: Rounded up to nearest integer; Market Lot: Rounded down to nearest 100
B. Strike Price: Rounded down to nearest tick; Market Lot: Rounded up to nearest integer
C. Strike Price: Nearest tick size; Market Lot: Nearest integer
D. Strike Price: Exact value up to 2 decimal places; Market Lot: Exact value
E. Strike Price: Nearest integer; Market Lot: Nearest tick size

Answer: C

Explanation:
With a view to minimizing fraction settlements, the methodology adopted includes carrying out rounding off for the Strike Price to the nearest tick size and Market Lot to the nearest integer.

NEW QUESTION # 243
Direct Market Access (DMA) allows specific clients to access the exchange trading system through the broker's infrastructure. Which of the following is a specific characteristic or requirement of the DMA facility as per SEBI guidelines?

A. It is available to all retail investors without specific authorization.
B. It allows execution of client orders without manual intervention by the broker, offering advantages like faster execution and reduced risk of errors.
C. Investment managers acting on behalf of institutional clients are prohibited from using DMA.
D. It requires manual intervention by the broker for every order to ensure risk compliance.
E. Brokers provide DMA to clients using the broker's proprietary trading codes instead of client codes.

Answer: B

Explanation:
Direct Market Access (DMA) is a facility which allows brokers to offer clients direct access to the exchange trading system through the broker's infrastructure 'without manual intervention by the broker'. Advantages include 'faster execution of client orders, reduced risk of errors associated with manual order entry'. Brokers must specifically authorize clients or investment managers after fulfilling KYC and due diligence.

NEW QUESTION # 244
Clearing Corporations are required to conduct various tests to ensure the adequacy of the Core SGF. What is the specific purpose of the 'Reverse Stress Test' as defined in the risk management framework?

A. To validate the accuracy of the software used for margin calculation.
B. To determine the daily settlement price of illiquid futures contracts.
C. To calculate the historical volatility of the most liquid securities over the past 5 years.
D. To test the operational capability of the backup disaster recovery site.
E. To identify under which market conditions and scenarios the combination of margins, Core SGF, and other financial resources would prove insufficient.

Answer: E

Explanation:
The source defines Reverse stress test as: 'CC shall periodically carry out reverse stress tests designed to identify under which market conditions and under what scenarios the combination of its margins, Core SGF and other financial resources prove insufficient to meet its obligations'.

NEW QUESTION # 245
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