NISM-Series-VII Practice Online & NISM-Series-VII Training Solutions

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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q111-Q116):

NEW QUESTION # 111
In the context of determining the 'venue and seat' of online proceedings for a dispute between an individual investor and a listed company/intermediary, which location is deemed to be the venue and seat?

A. The location of the SEBI Regional Office nearest to the investor.
B. The registered office of the ODR Institution administering the dispute.
C. The High Court jurisdiction where the listed company is registered.
D. The location where the Market Infrastructure Institution (Mll) is headquartered.
E. The place where the investor resides permanently.

Answer: E

Explanation:
The venue and seat of the online proceedings shall be deemed to be the place: 'In case of disputes between investor/client and listed companies... where the investor resides permanently',.

NEW QUESTION # 112
To participate in the trading of mutual fund units through the stock exchange trading platform, a trading member must fulfill specific criteri a. Which of the following combinations accurately represents the mandatory requirements for a trading member to place orders for a specific Mutual Fund Company?

A. Obtain a specific 'MF-Trading' license from the Stock Exchange, maintain a minimum net worth of Rs. 50 Lakhs, and hold a valid ARN.
B. Be a registered Depository Participant, hold a valid ARN, and have a dedicated Mutual Fund desk with at least two certified employees.
C. Hold a valid SEBI Registration as a Portfolio Manager, pass the NISM Series-V-A examination, and register with the Association of Mutual Funds in India (AMFI).
D. Hold an AMFI Registration Number (ARN), pass the relevant NISM certification examination, and register as a distributor with the specific Mutual Fund Company.
E. Register directly with SEBI as an Investment Adviser, hold a valid ARN, and execute a Service Level Agreement with the Clearing Corporation.

Answer: D

Explanation:
The trading members who are AMFI Registration Number (ARN) holders and have passed the NISM certification examination are permitted to participate in the trading of the mutual funds units through the exchange trading platform. Further, eligible members would have to register as distributor with the mutual fund company. Hence, eligible members would be able to place orders only in respect of Mutual Fund Companies where they have registered as distributor.

NEW QUESTION # 113
In the context of the settlement process, specifically regarding 'Settlement Dues', which of the following statements accurately describes the payment flow and the basis for such payments between the Clearing Agency and its members?

A. Clearing members and custodians pay the Clearing Agency whatever is due for settlement, and in turn, the Clearing Agency pays them moneys payable for every settlement, based on information provided by the Exchange or Clearing Agency.
B. The Clearing Agency collects settlement dues from Clearing Banks and distributes them to Clearing Members after deducting a statutory fee.
C. Clearing members pay the Clearing Agency based on data from the Depository, while the Clearing Agency pays Custodians based on Exchange data.
D. Settlement dues are legally payable only by Trading Members to the Stock Exchange, while the Clearing Agency manages only the securities settlement.
E. The Clearing Agency pays all dues to clients directly, bypassing the Clearing Members and Custodians, based on the obligation report.

Answer: A

Explanation:
According to the section on Settlement dues, 'The clearing members and custodians shall pay to the clearing agency whatever is due to them for settlement of their transactions / positions. In turn, the clearing agency shall pay to the clearing members and custodians moneys payable to them for every settlement for their transactions / positions. This is based on the information provided by the Exchange or Clearing Agency.'

NEW QUESTION # 114
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 preserved for 8 years in alignment with the Companies Act, regardless of SEBI regulations.
B. Books must be maintained in physical form only for a minimum of 5 years; electronic records are optional.
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 5 years; if originals are seized by an enforcement agency, they must be preserved (originals or copies) until the trial is completed.
E. Books must be preserved for 10 years if the broker is involved in algorithmic trading.

Answer: D

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 # 115
In the context of Settlement Dues, the clearing agency pays moneys payable to clearing members and custodians for every settlement. What is the specific basis for determining these payable amounts?

A. The bank statement of the Clearing Bank
B. The contract notes issued by the broker to the client
C. The daily margin statement generated by the Clearing Member
D. Information provided by the Exchange or Clearing Agency
E. The net worth certificate submitted by the member

Answer: D

Explanation:
The text mentions: 'In turn, the clearing agency shall pay to the clearing members and custodians moneys payable to them for every settlement for their transactions / positions. This is based on the information provided by the Exchange or Clearing Agency.'

NEW QUESTION # 116
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