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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Clearing and Settlement	- Settlement systems 1. T+1/T+2 settlement cycles 2. Margining and risk adjustments - Clearing mechanisms 1. Netting and settlement obligations 2. Clearing corporations and counterparties
Risk Management in Securities Markets	- Market and operational risk 1. Operational risk controls 2. Types of financial risks - Risk mitigation systems 1. Margins and collateral systems 2. Surveillance and compliance mechanisms
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
Depository Operations	- Corporate actions 1. Record dates and entitlement processing 2. Dividends, bonuses, splits - Demat account framework 1. NSDL and CDSL roles 2. Account opening and maintenance

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q132-Q137):

NEW QUESTION # 132
Regarding the limitation period for filing complaints, what is the maximum time period from the 'date of cause of action' within which an investor must lodge a complaint on SCORES, provided they have first approached the concerned entity and are unsatisfied with the response?

A. Six months
B. Three years
C. Two years
D. One year
E. Five years

Answer: D

Explanation:
In line with enhancing ease, speed, and accuracy, the investor may lodge a complaint on SCORES within one year from the date of cause of action, provided specific conditions (like rejection by the entity or non-receipt of communication) are met.

NEW QUESTION # 133
According to the provisions regarding 'Settlement dues', if a clearing member fails to discharge their funds obligations at the notified time, which of the following liabilities or actions may they face? (Select all that apply)

A. Actions as decided by the Relevant Authority
B. Disciplinary actions
C. Withdrawal of trading facility
D. Immediate forfeiture of the member's personal assets
E. Automatic transfer of the member's clearing bank account to the Investor Protection Fund

Answer: A,B,C

Explanation:
The source states: 'A clearing member... shall render him liable for withdrawal of trading facility [Option A] or such other actions including disciplinary actions [Option B], as may be decided by the Relevant Authority [Option D].'

NEW QUESTION # 134
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. Clearing Members can withdraw funds from their designated clearing bank account in favor of third-party vendors for operational expenses.
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 must maintain a separate and distinct clearing bank account with a designated clearing bank.
D. It is mandatory for clearing members to open demat accounts with both depositories (CDSL and NSDL) known as clearing member settlement pool accounts.
E. Clearing Members act as the legal counterparty to all trades through the process of novation, replacing the Clearing Corporation.

Answer: B,C,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 # 135
To participate in the trading of mutual fund units through the stock exchange trading platform, a trading member must fulfill specific criteri a. Which of the following combinations accurately represents the mandatory requirements for a trading member to place orders for a specific Mutual Fund Company?

A. Be a registered Depository Participant, hold a valid ARN, and have a dedicated Mutual Fund desk with at least two certified employees.
B. Hold a valid SEBI Registration as a Portfolio Manager, pass the NISM Series-V-A examination, and register with the Association of Mutual Funds in India (AMFI).
C. Register directly with SEBI as an Investment Adviser, hold a valid ARN, and execute a Service Level Agreement with the Clearing Corporation.
D. Hold an AMFI Registration Number (ARN), pass the relevant NISM certification examination, and register as a distributor with the specific Mutual Fund Company.
E. Obtain a specific 'MF-Trading' license from the Stock Exchange, maintain a minimum net worth of Rs. 50 Lakhs, and hold a valid ARN.

Answer: D

Explanation:
The trading members who are AMFI Registration Number (ARN) holders and have passed the NISM certification examination are permitted to participate in the trading of the mutual funds units through the exchange trading platform. Further, eligible members would have to register as distributor with the mutual fund company. Hence, eligible members would be able to place orders only in respect of Mutual Fund Companies where they have registered as distributor.

NEW QUESTION # 136
Stock Exchanges are mandated to maintain Investor Service Centres (ISCs) to assist investors. Which of the following is specifically listed as a mandatory facility that ISCS must provide to investors regarding the arbitration process?

A. Free legal representation by the Exchange's empanelled lawyers
B. A panel of three arbitrators physically present at the centre during market hours
C. Dedicated recording studios for documenting verbal grievances
D. Reimbursement of all travel and lodging expenses for attending hearings
E. Video-calling facility for attending online arbitration or Grievance Redressal meetings

Answer: E

Explanation:
ISCS are required to provide arbitration and appellate arbitration facility including video-calling facility to investors for attending their online arbitration (including appellate arbitration) or Grievance Redressal meetings.

NEW QUESTION # 137
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