2026 Reliable NISM Reliable NISM-Series-VII Test Book

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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q316-Q321):

NEW QUESTION # 316
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. The Clearing Agency collects settlement dues from Clearing Banks and distributes them to Clearing Members after deducting a statutory fee.
B. 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.
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: B

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 # 317
In the context of the SEBI Complaints Redress System (SCORES), certain types of complaints are explicitly excluded from its purview Which of the following scenarios represents a complaint that is NOT dealt with through SCORES?

A. Complaint regarding non-receipt of dividend from a listed company
B. Complaint against a company where a moratorium order is passed in insolvency proceedings
C. Complaint regarding discrepancy in the demat account holding statement
D. Complaint regarding unauthorized trading by a registered stock broker
E. Complaint regarding non-receipt of refund in an Initial Public Offer (IPO)

Answer: B

Explanation:
Complaints against a sick company or a company where a moratorium order is passed in winding up / insolvency proceedings are not dealt through SCORES. The other options represent valid grievances against active intermediaries or listed companies.

NEW QUESTION # 318
Under the revised framework for redressal of investor grievances through SCORES 2.0, which of the following statements accurately describe the timelines and process flows? (Select all that apply)

A. The Designated Body must submit the revised ATR to the complainant on SCORES within 10 calendar days of the review sought.
B. Complaints are automatically forwarded to the Securities Appellate Tribunal if not resolved within 7 days.
C. Entities shall resolve the complaint and upload the Action Taken Report (ATR) on SCORES within 21 calendar days of receipt of the complaint.
D. If the complainant is not satisfied with the ATR, they may request a review within 15 calendar days from the date of the ATR.
E. The first level of review is conducted by SEBI officials immediately upon request by the investor.

Answer: A,C,D

Explanation:
Entities must resolve complaints within 21 calendar days,. Complainants can request a review within 15 calendar days of the ATR. The Designated Body must submit the revised ATR within 10 calendar days of the review sought. Option D is incorrect as auto-escalation is to the next level (Designated Body/SEBI), not SAT. Option E is incorrect as the first review is by the Designated Body.

NEW QUESTION # 319
A registered Trading Member desires to clear and settle trades executed by them on their own account as well as for their clients. However, they specifically do not intend to clear trades for 'Custodial Participants'. Which category of membership on the Clearing Corporation corresponds strictly to these operational rights and limitations?

A. Authorized Person
B. Professional Clearing Member (PCM)
C. Trading cum Self-Clearing Member (SCM)
D. Trading Member-cum-Clearing Member (TCM)
E. Custodian

Answer: C

Explanation:
A Trading cum Self-Clearing Member (SCM) has trading as well as clearing rights. They are permitted to clear and settle trades executed by them only, either on their own account or on account of their clients, but not for custodian participants. In contrast, a TCM can clear for custodian participants.

NEW QUESTION # 320
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 must replenish the fund immediately after every default without any limit on the number of times in a month.
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. Replenishment is voluntary and depends on the profitability of the non-defaulting members.
E. Members are liable to replenish the fund only if the default amount exceeds Rs. 100 Crore.

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 # 321
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