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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q166-Q171):

NEW QUESTION # 166
A stock broker receives a request from a client to maintain a running account for funds to avoid frequent pay-ins and pay-outs. Regarding the authorization for this running account, which of the following conditions is **MANDATORY** for the broker to accept the request?

A. The authorization automatically allows the broker to transfer funds between different clients to manage temporary shortages.
B. The authorization can be signed by the Power of Attorney (POA) holder if the client is traveling abroad.
C. The actual settlement of funds must be done at least once in a financial year.
D. The authorization must be signed by the client only and cannot be signed by any Authorized Person or POA holder.
E. The authorization is valid for a lifetime unless the broker decides to revoke it due to risk management concerns.

Answer: D

Explanation:
According to the guidelines for Mode of Payment and Delivery from Clients, the authorization for maintaining a running account shall be signed by the client only and not by any Authorized Person on his behalf or any holder of the Power of Attorney. The authorization must be dated and revocable, and actual settlement must happen at least once in a calendar quarter or month.

NEW QUESTION # 167
In the context of the settlement process, specifically regarding 'Settlement Dues', which of the following statements accurately describes the payment flow and the basis for such payments between the Clearing Agency and its members?

A. The Clearing Agency pays all dues to clients directly, bypassing the Clearing Members and Custodians, based on the obligation report.
B. Settlement dues are legally payable only by Trading Members to the Stock Exchange, while the Clearing Agency manages only the securities settlement.
C. Clearing members pay the Clearing Agency based on data from the Depository, while the Clearing Agency pays Custodians based on Exchange data.
D. Clearing members and custodians pay the Clearing Agency whatever is due for settlement, and in turn, the Clearing Agency pays them moneys payable for every settlement, based on information provided by the Exchange or Clearing Agency.
E. The Clearing Agency collects settlement dues from Clearing Banks and distributes them to Clearing Members after deducting a statutory fee.

Answer: D

Explanation:
According to the section on Settlement dues, 'The clearing members and custodians shall pay to the clearing agency whatever is due to them for settlement of their transactions / positions. In turn, the clearing agency shall pay to the clearing members and custodians moneys payable to them for every settlement for their transactions / positions. This is based on the information provided by the Exchange or Clearing Agency.'

NEW QUESTION # 168
Which of the following statements accurately describe the features and conditions of the 'Net Settlement of Cash segment and Futures & Options (F&O) segment upon expiry of stock derivatives'? (Select all that apply)

A. Clearing Corporations continue to maintain segment-wise default waterfalls.
B. Securities Transaction Tax (STT) is computed on the final netted obligation to avoid double taxation.
C. Netting of delivery obligations is strictly for the purpose of settlement.
D. The benefit of netting is available to non-institutional Custodial Participants (CPs) clearing through the same entity registered both as a custodian in cash and as a CM in F&O.
E. Investors whose Trading Member clears trades through different Clearing Corporations for Cash and F&O are eligible for netting.

Answer: A,C,D

Explanation:
Statement A is correct: Netting is available for non-institutional CPs clearing through the same entity registered as custodian in cash and CM in F&O. Statement B is incorrect: Investors whose TM clears through different CM/CC will not be able to avail the benefit. Statement C is incorrect: STT/Stamp Duty continue to be computed on a segment-wise level. Statement D is correct: Netting is only for the purpose of settlement. Statement E is correct: CCs continue to maintain segment-wise default waterfalls.

NEW QUESTION # 169
When a stock broker places an order for an additional subscription of mutual fund units in physical mode through the Exchange system, which of the following data fields is mandatory to ensure the transaction is processed correctly?

A. Client Beneficiary ID
B. Folio Number
C. ISIN of the Demat Account
D. Depository Participant ID
E. UCC Mapping Code

Answer: B

Explanation:
The stock broker can request for fresh or additional subscription. For additional subscription in physical mode the folio number would be mandatory. If the DP Settlement is in depository mode, it is mandatory for the stock broker to enter depository details (Depository ID and Client Beneficiary ID).

NEW QUESTION # 170
Which of the following statements are TRUE regarding the management, accruals, and usage of the Core Settlement Guarantee Fund (Core SGF)? (Select all that apply)

A. Stock Exchanges are allowed to transfer excess contribution made by them from the Core SGF of one CC to the Core SGF of another CC in an inter-operable scenario.
B. CC contribution to Core SGF is treated as a liability and excluded from its net worth.
C. The Regulatory Oversight Committee (ROC) of the Clearing Corporation manages the Core SGF.
D. Any penalties levied by the Clearing Corporation shall be credited to the Core SGF corpus.
E. Interest on cash contribution to Core SGF accrues to the Clearing Corporation as management fees.

Answer: A,C,D

Explanation:
According to the source: Penalties levied by CC shall be credited to Core SGF corpus (Option A is True). Interest on cash contribution shall accrue to the Core SGF and be attributed pro-rata (Option B is False). The ROC of the CC shall manage the Core SGF (Option C is True). SEs are allowed to transfer excess contribution in inter-operable scenarios (Option D is True). CC contribution to core SGF shall be considered as part of its net worth (Option E is False).

NEW QUESTION # 171
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