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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q36-Q41):

NEW QUESTION # 36
In the T+1 rolling settlement process for the Cash Market, how is the 'Pay-in of Funds' executed between the Clearing Member and the Clearing Corporation?

A. The Clearing Bank automatically debits the member's account based on the trade data received directly from the Stock Exchange.
B. The Clearing Member issues a physical cheque to the Clearing Corporation by 11 AM.
C. The Clearing Corporation advises the Clearing Bank to debit the Clearing Member's account and credit the Clearing Corporation's account.
D. The Clearing Corporation pulls funds directly from the client's bank account via the UPI block mechanism.
E. The Clearing Member transfers funds via RTGS to the Exchange's Investor Protection Fund.

Answer: C

Explanation:
During the pay-in of funds, the Clearing Corporation advises the Clearing Banks to debit the account of Custodians/Clearing members and credit its (Clearing Corporation's) account. The Clearing Bank executes this based on the instruction.

NEW QUESTION # 37
For which specific category of clients is the 'Block Mechanism' in the demat account for sale transactions explicitly applicable?

A. Non-Resident Indians (NRIs) dealing through a Portfolio Investment Scheme (PIS).
B. Clients having arrangements with custodians registered with SEBI for clearing and settlement of trades.
C. Corporate clients trading through a proprietary account of the Trading Member.
D. Retail investors using the Application Supported by Blocked Amount (ASBA) facility.
E. High Net Worth Individuals (HNIs) trading in the F&O segment.

Answer: B

Explanation:
The source explicitly states that the block mechanism shall not be applicable to clients having arrangements with custodians registered with SEBI for clearing and settlement of trades.

NEW QUESTION # 38
Under the 'Segregation and Monitoring of Collateral at Client Level' norms, how is the collateral allocated to a client utilized by the Clearing Corporation?

A. It is primarily used for the client but can be used for the TM's proprietary obligations in case of a shortfall.
B. It is used to cover the margin obligation of that specific client only.
C. It is pooled with other clients' collateral to cover the aggregate margin requirement of the Trading Member.
D. It is transferred to the Core Settlement Guarantee Fund immediately upon receipt.
E. It is used to provide exposure limits to the Clearing Member's other Trading Members.

Answer: B

Explanation:
The CCs provide a facility for upfront segment-wise allocation of collateral. The CCs use such collateral allocation information to ensure that the collateral allocated to a client is used towards the margin obligation of that client only.

NEW QUESTION # 39
Identify the category of Clearing Member that possesses both trading and clearing rights and is authorized to clear and settle trades for themselves, other trading members, and custodial participants.

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

Answer: E

Explanation:
A Trading Member.cum.Clearing Member (TCM) has trading as well as clearing rights. They can clear and settle their own trades as well as trades of other trading members and custodial participants. SCMs can only clear their own/client trades but not for custodian participants. PCMs do not have trading rights.

NEW QUESTION # 40
Regarding the 'Direct Pay-out' of securities mandated by SEBI vide circular dated June 05, 2024, which of the following operational changes has been implemented concerning the credit of securities and the settlement timing?

A. Securities are credited to the Broker's Pool Account by 1 PM, and the broker must transfer them to the client by 3:30 PM on the same day.
B. Direct pay-out is applicable only for Institutional Clients, while Retail Clients continue to receive shares via the Broker's Pool Account.
C. Securities are credited directly to the client's demat account by the Clearing Corporation, and the pay-out timing is revised from 1 PM to 3:30 PM.
D. The pay-out timing remains 1 PM, but the securities are credited to the client's account on T+2 day instead of T+1.
E. Securities are credited to a temporary 'Client Unpaid Securities Account' maintained by the Clearing Corporation until funds are cleared.

Answer: C

Explanation:
As a consequence of the mandate for securities for pay-out to be credited directly to the respective client's demat account by the Clearing Corporations, the timing of the payout of securities shall be revised from 1 PM to 3:30 PM. As a result, securities shall be credited to the clients' demat account on the same settlement day.

NEW QUESTION # 41
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