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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Weight	Objectives
Risk Management and Margining	18%	- Margining systems and methodologies - Types of risks in securities operations - Risk monitoring and control measures
Regulatory Framework	15%	- Code of conduct and ethical practices - SEBI Act, Rules and Regulations - Compliance requirements for intermediaries
Securities Market Overview	10%	- Structure and segments of Indian securities market - Market participants and their roles - Types of securities and products
Investor Protection	7%	- Investor rights and grievances redressal - Investor education and awareness initiatives - Mechanisms for dispute resolution
Technology in Securities Markets	8%	- Systems for trading, clearing and settlement - Emerging technologies and their impact - Data security and business continuity
Trading Operations	15%	- Client onboarding and KYC norms - Order management and trade execution - Front office functions and processes
Market Microstructure	12%	- Price discovery and market efficiency - Market indices and their calculation - Trading mechanisms and order types
Clearing and Settlement	15%	- Settlement cycle and mechanisms - Delivery versus payment and settlement guarantee - Clearing process and roles of clearing corporations

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q313-Q318):

NEW QUESTION # 313
Regarding 'Internal Shortages' within a broker's firm (where a selling client fails to deliver, but the broker has no net obligation to the Clearing Corporation due to an offsetting buy by another client), what is the specific regulatory advice concerning the handling of charges under the 'Direct Pay-out' of securities framework?

A. The broker must conduct a private auction among its own clients and can charge a facilitation fee not exceeding 1% of the trade value.
B. The broker must buy the shares from the open market on T+2 and can pass on the purchase cost plus a standard brokerage fee to the defaulting client.
C. The broker should handle such shortages through the process of auction as specified by CCs and is advised not to levy any charges on the client over and above the charges levied by the CCs.
D. Internal shortages must be reported to the Exchange, and the trade should be annulled with mutual consent of both clients.
E. The broker is mandated to close out the internal shortage at the highest price of the settlement cycle plus a 5% penalty credited to the Investor Protection Fund.

Answer: C

Explanation:
To handle shortages arising due to inter se netting of positions between clients with introduction of Direct Pay-out of securities in client account, SEBI has advised TM/CM to handle such shortages through the process of auction as specified by CCs. Further, SEBI advised TMICM in such cases not to levy any charges on the client over and above the charges levied by the CCs.

NEW QUESTION # 314
Regarding the modernization of broker services, what specific technological facility allows brokers to offer clients direct control over orders, faster execution, and reduced risk of manual errors?

A. Direct Market Access (DMA)
B. Manual Order Routing (MOR)
C. Contract Note Digitization (CND)
D. Physical Delivery Instruction Slip (PDIS)
E. Offline Trading System (OTS)

Answer: A

Explanation:
Direct Market Access (DMA) is listed as a facility offered by a stock broker's outlet. While the definition is in later sections, the introduction lists it as a key facility provided by brokers.

NEW QUESTION # 315
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 provide a guarantee of allotment to their registered clients for every IPO application.
B. Brokers determine the IPO issue price through an internal book-building process independent of the exchange.
C. Brokers fund the entire IPO application amount for the investor interest-free.
D. Brokers' systems are connected with the Stock Exchanges' main IPO system, allowing for the online uploading of application forms.
E. Brokers physically collect all applications and manually courier them to the Registrar, bypassing the electronic system.

Answer: D

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 # 316
Which of the following guidelines are mandated to enable smooth settlement processes and help Clearing Corporations meet obligations in case of holidays? (Select all that apply)

A. Members are prohibited from using the pay-out of the first settlement for the subsequent settlement's pay-in.
B. CCs shall clear and settle trades on a sequential basis.
C. Settlements for all trade dates falling on holidays must be deferred to the next working week.
D. Pay-in and pay-out of the first settlement must be completed before the commencement of the subsequent settlement.
E. Depositories shall facilitate inter-depository transfers within one hour and before pay-in for the subsequent settlement begins.

Answer: B,D,E

Explanation:
The guidelines include: 1. 'The CCs shall clear and settle the trades on a sequential basis'; 2. 'pay-in and the pay-out of the first settlement shall be completed before the commencement... of the subsequent settlement(s)'; 3. 'depositories shall... facilitate the inter-depository transfers within one hour and before pay-in for the subsequent settlement begins.' Option D is incorrect as settlements are completed on the same day. Option E is incorrect as the pay-out is specifically made available for the subsequent pay-in.

NEW QUESTION # 317
Which of the following statements accurately reflect the roles and functions of a Clearing Corporation as a central counterparty (COP)?
(Select all that apply)

A. It calculates and controls the margining mechanism.
B. It provides independent legal enforcement of contracts, reducing the need for buyers and sellers to take legal action against one another.
C. It guarantees settlement of trades through the process of novation.
D. It executes client orders on the stock exchange platform on behalf of the trading members.
E. It reduces the number of payments due by netting transactions.

Answer: A,B,C,E

Explanation:
The Clearing Corporation guarantees settlement (novation), reduces payments via netting, provides dispute resolution/legal enforcement (buyers/sellers don't sue each other), and calculates/controls margining. Option D is incorrect because the Clearing Corporation does not execute orders; execution is the function of the Stock Exchange/Trading Members.

NEW QUESTION # 318
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