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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q157-Q162):

NEW QUESTION # 157
To ensure a smooth settlement process in case of holidays, Clearing Corporations (CCs) are required to follow a specific operational sequence. Which of the following statements accurately describes this sequence regarding multiple settlements scheduled for the same day?

A. The pay-in and pay-out of the first settlement shall be completed before the commencement of the pay-in and pay-out of the subsequent settlement(s).
B. Settlements are aggregated into a single net obligation for the entire holiday period to avoid sequential processing.
C. The pay-out of the subsequent settlement must be completed before the pay-in of the first settlement to ensure liquidity.
D. CCs shall prioritize the settlement with the highest volume, regardless of the chronological order of trade dates.
E. CCs shall process all pay-ins for all scheduled settlements simultaneously before initiating any pay-outs.

Answer: A

Explanation:
According to the guidelines for settlement in case of holidays, 'The CCs shall clear and settle the trades on a sequential basis i.e., the pay-in and the pay-out of the first settlement shall be completed before the commencement of the pay-in and pay-out of the subsequent settlement(s).'

NEW QUESTION # 158
Regarding the 'Block Mechanism in demat account of clients undertaking sale transactions', what happens if the sale transaction is not executed or is unmatched?

A. The shares are transferred to the Clearing Member's pool account and then returned to the client.
B. The client must manually submit an unblocking request to the Depository Participant on T+1 day.
C. The shares are auctioned by the Clearing Corporation to recover the blockage fees.
D. The shares remain blocked until the payout date of the next settlement cycle.
E. The Clearing Corporation uploads cancellation of Block instruction on T day, and securities are unblocked and become free in the client's demat account on T day itself.

Answer: E

Explanation:
In case of unmatched orders, CCs shall upload cancellation of Block instruction on T day so that securities are unblocked and become free in client's demat account on T day itself. If the sale is not executed, shares shall continue to remain in the client's demat account and will be unblocked at the end of the T day.

NEW QUESTION # 159
Under Section 18A of the Securities Contracts (Regulation) Act, 1956, contracts in derivatives are considered legal and valid only if they satisfy specific conditions. Which of the following is a mandatory condition for such validity?

A. The contract must be settled bilaterally between the buyer and the seller without an intermediary.
B. The contract must be validated by the Reserve Bank of India (RBI) prior to execution.
C. The contract must be traded on a recognized stock exchange and settled on the clearing house of the recognized stock exchange.
D. The contract must be traded Over-the-Counter (OTC) between two financial institutions.
E. The contract must involve physical delivery of the underlying asset upon expiry.

Answer: C

Explanation:
Section 18A of the SCRA provides that contracts in derivatives shall be legal and valid if they are traded on a recognized stock exchange and settled on the clearing house of the recognized stock exchange, in accordance with the rules and bye-laws of such stock exchanges.

NEW QUESTION # 160
A stock broker intends to provide an Internet Based Trading (IBT) facility to clients using their own infrastructure. According to the regulatory framework, what is the specific Net Worth requirement for the broker, and what is the timeline within which the Stock Exchange must communicate its decision on the application?

A. Minimum Net Worth: Rs. 25 Lakhs; Decision Timeline: 30 working days.
B. Minimum Net Worth: Rs. 10 Lakhs; Decision Timeline: 7 working days.
C. Minimum Net Worth: Rs. 1 Crore; Decision Timeline: 15 calendar days.
D. Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 15 working days.
E. Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 7 calendar days.

Answer: E

Explanation:
The broker must have a minimum net worth of Rs.50 lacs if the broker is providing the Internet based facility on his own. The stock exchange should grant approval or reject the application as the case may be and communicate its decision to the member within 7 calendar days of the date of completed application submitted to the exchange.

NEW QUESTION # 161
In the context of facilitating Initial Public Offerings (IPO), how does the electronic trading infrastructure of broking firms specifically assist investors and the process?

A. Brokers physically collect all applications and manually courier them to the Registrar, bypassing the electronic system.
B. Brokers fund the entire IPO application amount for the investor interest-free.
C. Brokers determine the IPO issue price through an internal book-building process independent of the exchange.
D. Brokers provide a guarantee of allotment to their registered clients for every IPO application.
E. Brokers' systems are connected with the Stock Exchanges' main IPO system, allowing for the online uploading of application forms.

Answer: E

Explanation:
The text explains that 'The IPO process is facilitated by brokers as their system is connected with the stock Exchanges main IPO system and online uploading of forms is carried out. Thus, at any given time, the online status is available on the stock Exchanges.'

NEW QUESTION # 162
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