Visual NISM-Series-VII Cert Exam & Valid NISM-Series-VII Test Online

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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q181-Q186):

NEW QUESTION # 181
If a selling broker fails to deliver securities, the Clearing Corporation conducts an auction. If this auction remains unresolved because there are no sellers (Auction Fail), the transaction is subject to a 'Close out'. How is the close-out price calculated to compensate the buyer in such a scenario?

A. At the closing price of the securities on the auction day plus a fixed penalty of 5%.
B. At the standard valuation price determined by the Clearing Corporation on the T+1 pay-in day.
C. At the highest price recorded on the exchange on the trade day only, irrespective of subsequent price movements.
D. At the average weighted trade price of the security during the last 5 trading sessions plus brokerage and statutory levies.
E. At the highest price prevailing across the exchange from the day of trading up to the auction day OR 20% above the official closing price on the auction day, whichever is higher.

Answer: E

Explanation:
According to the close-out procedure, if on the auction day there are no sellers, the Clearing Corporation carries out a 'Close out'. In this process, the buyer is compensated by paying the value of the short delivered security at the 'highest price prevailing across the stock exchange from the day of trading till the auction/close out day or 20% above the official closing price on the auction day, whichever is higher'.

NEW QUESTION # 182
In the Capital Market / Equity Segment, how is the **Mark to Market (MTM)** margin collected from a clearing member regarding their proprietary and client positions?

A. Gross of all open positions; however, proprietary positions can be netted against client positions.
B. Netted at the security level across all clients and proprietary account combined.
C. Netted across all clients; if the Broker has a net profit across all clients, no margin is collected.
D. Collected only if the MTM loss exceeds 10% of the VaR margin collected.
E. Gross of all net positions across all clients; no set-off of loss of one client with the profit of another client.

Answer: E

Explanation:
MTM margin is collected on the * *gross open position* * of the member. The gross open position means the gross of all net positions across all the clients of a member including his proprietary position. For this purpose, the position of a client would be netted for each of its various securities, but * *the positions of all the clients of a broker would be grossed* * (i.e., only losses are added up, no setoff of loss of one client with profit of another).

NEW QUESTION # 183
A securities broking firm configures its Compliance Management System (CMS) to manage data retention policies in accordance with the Prevention of Money-Laundering Act (PMLA), 2002.
Review the JSON configuration snippet below regarding record retention timelines:

Based on the SEBI directives and PMLA provisions, which setting in the configuration is legally NON-COMPLIANT?

A. transaction_records: 5_years_from_transaction_date
B. All settings are compliant
C. Both transaction_records and suspicious_transaction_reports
D. suspicious_transaction_reports: 5_years_from_reporting_date
E. client_identity_documents: 3_years_from_account_closure

Answer: E

Explanation:
According to Section 12 of the PMLA, 2002, reporting entities must maintain records of documents evidencing the identity of clients and beneficial owners (e.g., account files, business correspondence) for a period of five years after the business relationship has ended or the account has been closed, whichever is later. The configuration setting of '3 years' is non-compliant.

NEW QUESTION # 184
In certain market segments or scenarios, the Clearing Corporation bypasses the auction mechanism and directly initiates a 'Close Out' for delivery shortages. Which of the following is a specific case where this direct close-out procedure is mandated?

A. Shortages where the value is less than Rs. 1 Lakh.
B. Shortages arising from institutional trades not confirmed by the Custodian.
C. Shortages in liquid securities (Group l) where the impact cost is less than 1%.
D. Internal shortages within a broker's firm that could not be resolved via self-auction.
E. Trades executed in the Block Deal window.

Answer: E

Explanation:
The source specifies that in certain delivery shortages, the clearing corporation directly does the close-out without conducting an auction. Examples provided include 'Securities under trade for trade category, securities under corporate action, trades done on block deal window etc.'

NEW QUESTION # 185
Stock brokers are permitted to borrow funds for providing Margin Trading Facility (MTF) from specific sources. Which of the following sources is explicitly prohibited for raising funds for MTF?

A. Issuance of Commercial Paper (CP) subject to RBI guidelines.
B. Unsecured long-term loans from promoters and directors.
C. Borrowing from Non-Banking Financial Companies (NBFCs) regulated by RBI.
D. Borrowing from Scheduled Commercial Banks.
E. Using surplus funds of one client to provide margin trading facility to another client.

Answer: E

Explanation:
The stock broker shall not use the funds of any client for providing the margin trading facility to another client, even if the same is authorized by the first client. Permitted sources include own funds, banks, NBFCs, CPs, and loans from promoters/directors.

NEW QUESTION # 186
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