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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Securities Market Operations	- Market participants and structure 1. Roles of brokers, exchanges, and investors 2. Order types and trading mechanism basics - Trading process 1. Order execution and trade lifecycle 2. Trade confirmation and reporting
Risk Management in Securities Markets	- Market and operational risk 1. Types of financial risks 2. Operational risk controls - Risk mitigation systems 1. Margins and collateral systems 2. Surveillance and compliance mechanisms
Depository Operations	- Demat account framework 1. Account opening and maintenance 2. NSDL and CDSL roles - Corporate actions 1. Record dates and entitlement processing 2. Dividends, bonuses, splits
Clearing and Settlement	- Settlement systems 1. Margining and risk adjustments 2. T+1/T+2 settlement cycles - Clearing mechanisms 1. Netting and settlement obligations 2. Clearing corporations and counterparties

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q17-Q22):

NEW QUESTION # 17
Regarding the operation of the 'Clearing Bank Account' maintained by a Clearing Member, which of the following operational restrictions is explicitly mandated to ensure the account is used exclusively for clearing and settlement operations?

A. Clearing members are prohibited from depositing proprietary funds into this account; only client funds are permitted.
B. Funds can be deposited only via Demand Drafts and withdrawn only via electronic transfer.
C. Clearing members can deposit funds in any form but can withdraw funds from these accounts only in self-name.
D. The account must maintain a minimum balance equal to the Base Minimum Capital (BMC) at all times.
E. Withdrawals are permitted only after obtaining a 'No Objection Certificate' from the Clearing Corporation for each transaction.

Answer: C

Explanation:
The source states: 'Clearing member can deposit fund in these accounts in any form but withdraw funds from these accounts only in self-name.' This ensures the account is used for its intended purpose of clearing and settlement.

NEW QUESTION # 18
SEBI has mandated the Direct Pay-out of securities to client demat accounts. What is the specific operational consequence of this mandate regarding the revision of the securities pay-out timing in the T+1 settlement cycle?

A. The pay-out timing is deferred to T+2 day at 9:00 AM.
B. The pay-out timing remains unchanged at 1 :30 PM.
C. The pay-out timing is revised from 1:30 PM to 3:30 PM.
D. The pay-out timing is advanced from 1:30 PM to 11 AM.
E. The pay-out timing is synchronized with the funds pay-out at 10:30 AM.

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 1:30 PM to 3:30 PM. This ensures securities are credited on the same settlement day.

NEW QUESTION # 19
While Equity Derivatives generally follow a T+1 settlement cycle for daily and final settlement, which specific segment has a Final Settlement cycle of T+2 basis?

A. Interest Rate Futures
B. Stock Options (Physical Settlement)
C. Index Options
D. Currency Derivatives
E. Index Futures

Answer: D

Explanation:
The daily and final settlement of derivative trades is generally done on T+1 working day basis, except for final settlement of currency derivatives segment, where final settlement takes place on a T+2 basis.

NEW QUESTION # 20
In the context of the 'SEBI Complaints Redress System (SCORES 2.0)', which of the following accurately describes the 'Review' mechanism available to a complainant who is dissatisfied with the resolution provided by the regulated entity?

A. No review option is available; the complainant must approach the civil court immediately.
B. A mandatory arbitration process initiated automatically upon dissatisfaction.
C. A single-level review conducted directly by the Securities Appellate Tribunal (SAT).
D. Two levels of review: First by the 'Designated Body' and Second by SEBI.
E. A review by the Investor Service Centre of the nearest Stock Exchange within 30 days.

Answer: D

Explanation:
SCORES 2.0 provides two levels of review: First review by the 'Designated Body' if the investor is dissatisfied with the resolution provided by the concerned regulated entity. Second review by SEBI if the investor is still dissatisfied after the first review.

NEW QUESTION # 21
Which of the following statements accurately reflect the regulatory framework and exposure limits for Margin Trading Facility (MTF)?
(Select all that apply)

A. Only corporate brokers with a net worth of at least Rs. 3 crore are eligible to provide MTF.
B. Exposure to any single client at any point of time shall not exceed 20% of the broker's maximum allowable exposure.
C. Collateral and Funded stocks need not be marked to market daily if they are Group 1 securities.
D. Stock brokers must obtain prior permission from the exchange before offering MTF.
E. Stock brokers shall disclose gross exposure towards MTF to the Stock Exchanges on or before 6:00 PM on T+1 day.

Answer: A,D,E

Explanation:
Statement A is correct (Net worth min Rs. 3 Cr). Statement C is correct (Prior permission required). Statement E is correct (Disclosure by 6 PM on T+1 day). Statement B is incorrect because the single client exposure limit is 10%, not 20%. Statement D is incorrect because Collateral and Funded stocks shall be marked to market on a daily basis.

NEW QUESTION # 22
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