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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Securities Market Overview	10%	- Types of securities and products - Market participants and their roles - Structure and segments of Indian securities market
Topic 2: Trading Operations	15%	- Front office functions and processes - Order management and trade execution - Client onboarding and KYC norms
Topic 3: Risk Management and Margining	18%	- Margining systems and methodologies - Types of risks in securities operations - Risk monitoring and control measures
Topic 4: Technology in Securities Markets	8%	- Data security and business continuity - Systems for trading, clearing and settlement - Emerging technologies and their impact
Topic 5: Market Microstructure	12%	- Market indices and their calculation - Trading mechanisms and order types - Price discovery and market efficiency
Topic 6: Investor Protection	7%	- Investor education and awareness initiatives - Mechanisms for dispute resolution - Investor rights and grievances redressal
Topic 7: Clearing and Settlement	15%	- Clearing process and roles of clearing corporations - Settlement cycle and mechanisms - Delivery versus payment and settlement guarantee
Topic 8: Regulatory Framework	15%	- SEBI Act, Rules and Regulations - Code of conduct and ethical practices - Compliance requirements for intermediaries

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q110-Q115):

NEW QUESTION # 110
The secondary market operates through different mediums with distinct settlement mechanisms. Which of the following statements accurately differentiates the Over-The-Counter (OTC) market from the Exchange Traded Market?

A. OTC markets consist of standardized contracts traded on a screen-based system.
B. OTC markets use a centralized Clearing Corporation to guarantee all trades.
C. Exchange Traded Markets allow buyers and sellers to know each other's identity directly.
D. OTC markets are informal markets where trades are negotiated and settled bilaterally.
E. Exchange Traded Markets do not adhere to a fixed time schedule for settlement.

Answer: D

Explanation:
The source states that OTC markets are informal markets where trades are negotiated, traded over the counter, and settled bilaterally. In contrast, the Exchange Traded Market uses a Clearing Corporation which acts as a counterparty and guarantees settlement, and buyers and sellers do not know each other.

NEW QUESTION # 111
Under the framework for validation of instructions for Pay-In of securities, which of the following scenarios results in the immediate rejection of the transfer instruction by the Depositories?

A. When the quantity in the instruction is less than the obligation provided by the Clearing Corporation.
B. When the quantity in the instruction is exactly equal to the obligation provided by the Clearing Corporation.
C. When the instruction is received on T+1 day instead of T day.
D. When the instruction is initiated by a Power of Attorney (POA) holder instead of the client directly.
E. When there are discrepancies in details like UCC, TM ID, CM ID, or ISIN between the instruction and the obligation data.

Answer: E

Explanation:
The source states that under 'Unmatched Instruction': 'In case of discrepancies in details like UCC, TM ID, CM ID, ISIN etc., between instruction and obligation, such transfer instructions will be rejected by the depositories.'

NEW QUESTION # 112
In the context of a stock broker's Middle Office operations, which of the following scenarios best illustrates the manifestation of Credit Risk as defined in the risk management framework?

A. Risk arising from loans extended to group companies or debit balances of clients.
B. Loss arising from the concentration of client collateral in a specific sector that experiences a sharp price decline.
C. Loss resulting from the breakdown of internal controls leading to unauthorized trading.
D. Disruption in settlement systems causing a crisis of confidence among investors.
E. The possibility that a counterparty contract cannot be enforced due to lack of proper authority.

Answer: A

Explanation:
According to the source, Credit risk is the risk of default on a debt. For a broker, credit risk can arise on account of 'Loans to Group Companies/ Related Parties, debit balance of clients, funding of clients, short collection of margins, Non-confirmation of DVP trade by custodian etc.' Option A describes Operational Risk. Option B describes Market Risk. Option D describes Legal Risk. Option E describes Systemic Risk.

NEW QUESTION # 113
Which of the following statements accurately reflect the operational requirements and functions of Clearing Members and Custodians in the Clearing Process? (Select all that apply)

A. It is mandatory for clearing members to open demat accounts with both depositories (CDSL and NSDL) known as clearing member settlement pool accounts.
B. Custodians are required to confirm whether they will settle a trade assigned to them; if they fail to confirm, the onus of settlement falls on the executing trading member.
C. Clearing Members act as the legal counterparty to all trades through the process of novation, replacing the Clearing Corporation.
D. Clearing Members must maintain a separate and distinct clearing bank account with a designated clearing bank.
E. Clearing Members can withdraw funds from their designated clearing bank account in favor of third-party vendors for operational expenses.

Answer: A,B,D

Explanation:
Statement A is correct ('mandatory for clearing members to open demat accounts with both the depositories'). Statement B is correct ('The custodian is required to confirm... In case the custodian fails to confirm then the onus of settling the trade falls on the trading member'). Statement E is correct ('mandatory for clearing member to open separate and distinct clearing bank account'). Statement C is incorrect because withdrawals are only allowed in 'self-name'. Statement D is incorrect because the *Clearing Corporation* acts as the legal counterparty through novation, not the Clearing Member.

NEW QUESTION # 114
In the context of Interest Rate Derivatives traded on Indian exchanges, specifically for single bond futures on Government of India (GOI) securities, how is the final settlement price determined if the liquidity criteria in the underlying bond are not met during the last two hours of trading?

A. If less than 5 trades are executed in the underlying bond during the last two hours, the FIMMDA/FBIL price shall be used.
B. It is calculated based on the Value Weighted Average Price (VWAP) of the underlying bond executed during the last 30 minutes of trading on the NDS-OM platform.
C. It is the simple average of the best bid and ask prices available on the NDS-OM platform at 5:00 PM.
D. It is based on the polling of prices from the top 5 Primary Dealers if less than 10 trades are executed on the exchange.
E. It is derived from the theoretical price formula: Cash Price + Financing Cost - Income on cash position.

Answer: A

Explanation:
According to the product specifications for Interest Rate Derivatives, the final settlement price for single bond futures is the value weighted average price of the underlying bond based on prices during the last two hours of trading on NDS-OM. However, a specific fallback exists: 'If less than 5 trades are executed in the underlying bond during the last two hours of trading, then FIMMDA/FBIL price shall be used for final settlement.'

NEW QUESTION # 115
......

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