NISM-Series-VII Latest Dumps Questions - Efficient Valid NISM-Series-VII Exam Notes and First-Grade Latest NISM Series VII - Securities Operations and Risk Management Certification Exam Cram

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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q161-Q166):

NEW QUESTION # 161
Select the correct combination of statements regarding the expiry cycle and settlement of Long Dated Index Options and Equity Index Futures in the Indian Securities Market.

A. Statement I: All Index Futures are cash settled. Statement II: Long dated options are available up to a 5-year expiry cycle with quarterly and half-yearly expiries.
B. Statement I: Index Futures are cash settled. Statement II: Long dated options have a maximum expiry of 12 months.
C. Statement I: Index Futures expire on the last Friday of the month. Statement II: Long dated options follow only a monthly expiry cycle.
D. Statement I: All Index Futures are physically settled. Statement II: Long dated options expire on the first Thursday of the quarter.
E. Statement I: Index Futures are physically settled. Statement II: Long dated options have a 3-year expiry cycle.

Answer: A

Explanation:
The source states: 'All Index future and option contracts are cash settled.' Regarding expiry cycles: 'Monthly index contracts generally have 3-month expiry cycle except for the long dated options contracts which are available up to 5-year expiry cycle with quarterly expiries (March, June, Sept & Dec cycle) and half yearly expiries (Jun, Dec cycle).'

NEW QUESTION # 162
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. All settings are compliant
B. client_identity_documents: 3_years_from_account_closure
C. Both transaction_records and suspicious_transaction_reports
D. suspicious_transaction_reports: 5_years_from_reporting_date
E. transaction_records: 5_years_from_transaction_date

Answer: B

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 # 163
In the context of the Cash Market segment, how is the role of a 'Custodian' distinct from that of a standard Trading Member regarding the settlement of trades?

A. Custodians are primarily responsible for the proprietary trading of the Clearing Corporation.
B. Custodians act as Clearing Members but not Trading Members; they settle trades on behalf of institutional clients executed through other Trading Members.
C. Custodians execute trades on the exchange floor but outsource the clearing function to Professional Clearing Members.
D. Custodians automatically guarantee all trades executed by any Trading Member without the need for trade confirmation.
E. Custodians settle trades only for retail clients who do not have a valid PAN.

Answer: B

Explanation:
The text defines Custodians as: 'Custodians are also clearing members like PCMs but not trading members. They settle trades on behalf of the clients of the trading members, when a particular trade is assigned to them for settlement.' This specifically applies to institutional clients.

NEW QUESTION # 164
Under the framework for 'Segregation and Monitoring of Collateral at Client Level', when the Clearing Corporation (CC) receives a trade from a client account, what is the specific sequential order in which the margin is blocked if the primary source is insufficient?

A. Client Collateral -> TM Proprietary Collateral -> CM Proprietary Collateral
B. TM Proprietary Collateral -> Client Collateral -> CM Proprietary Collateral
C. CM Proprietary Collateral TM Proprietary Collateral -> Client Collateral
D. Client Collateral -> CM Proprietary Collateral -> TM Proprietary Collateral
E. Client Collateral Excess Collateral of other Clients CM Proprietary Collateral

Answer: A

Explanation:
According to the margin payment and collateral segregation guidelines, on receipt of a trade from a client account by the CC, the margin shall first be blocked from the value of the client collateral. If the client collateral is not sufficient, the residual margin shall be blocked from the TM proprietary collateral. If the TM proprietary collateral is also not sufficient, then the residual margin shall be blocked from the CM proprietary collateral.

NEW QUESTION # 165
Transfer of securities from one account to another within the depository system may be done for which of the following purposes?
(Select all that apply)

A. Transfer arising out of a transaction done on a recognized Stock Exchange.
B. Transfer arising out of account closure.
C. Transfer arising out of transmission of securities.
D. Transfer for the purpose of evading Stamp Duty.
E. Transfer due to an 'off-market' transaction (person-to-person).

Answer: A,B,C,E

Explanation:
Transfer of securities from one account to another may be done for any of the following purposes: a. Transfer due to a transaction done on a person-to-person basis i.e. 'off-market' transaction. b. Transfer arising out of a transaction done on a recognised Stock Exchange. c. Transfer arising out of transmission of securities and account closure.

NEW QUESTION # 166
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