NISM-Series-VII Practice Online & Practice NISM-Series-VII Exam

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Risk Management in Securities Markets	- Market and operational risk 1. Types of financial risks 2. Operational risk controls - Risk mitigation systems 1. Surveillance and compliance mechanisms 2. Margins and collateral systems
Topic 2: Clearing and Settlement	- Settlement systems 1. Margining and risk adjustments 2. T+1/T+2 settlement cycles - Clearing mechanisms 1. Clearing corporations and counterparties 2. Netting and settlement obligations
Topic 3: 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
Topic 4: Securities Market Operations	- Trading process 1. Order execution and trade lifecycle 2. Trade confirmation and reporting - Market participants and structure 1. Order types and trading mechanism basics 2. Roles of brokers, exchanges, and investors

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q66-Q71):

NEW QUESTION # 66
Which specific regulation defines a 'Clearing Corporation' as an entity established to undertake the activity of clearing and settlement of trades in securities or other instruments dealt on a recognized stock exchange?

A. Depositories Act, 1996
B. SEBI (Intermediaries) Regulations, 2008
C. SEBI (Stock Brokers) Regulations, 1992
D. Securities Contracts (Regulation) Rules, 1957
E. Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018

Answer: E

Explanation:
The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 defines a Clearing Corporation as an entity established to undertake the activity of clearing and settlement of trades in securities or other instruments or products that are dealt with or traded on a recognized stock exchange.

NEW QUESTION # 67
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. A review by the Investor Service Centre of the nearest Stock Exchange within 30 days.
B. No review option is available; the complainant must approach the civil court immediately.
C. A mandatory arbitration process initiated automatically upon dissatisfaction.
D. Two levels of review: First by the 'Designated Body' and Second by SEBI.
E. A single-level review conducted directly by the Securities Appellate Tribunal (SAT).

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 # 68
In the process of disbursing compensation from the Investor Protection Fund (IPF) in case of a defaulter Trading Member (TM), which body is responsible for the 'sanction and ratification' of claims before they are sent to the IPF Trust?

A. The Member Committee (MC)
B. The Investor Grievance Redressal Committee (IGRC)
C. The Disciplinary Action Committee (DAC)
D. The Governing Board of the Exchange
E. The Defaulters' Committee

Answer: A

Explanation:
The guidelines specify: 'The Stock Exchanges shall ensure that once a TM has been declared defaulter, the claim(s) shall be placed before the Member Committee (MC) for sanction and ratification. MC's legitimate claims shall be sent to the IPF Trust for immediate disbursement of the amount.'

NEW QUESTION # 69
Regarding the maintenance of a Running Account for funds by a stock broker for a client, which of the following statements accurately reflects the regulatory requirement for the actual settlement of funds?

A. Settlement shall be done on the first Friday and/or Saturday of every month/quarter, based on the annual calendar issued jointly by Stock Exchanges.
B. Settlement must be done on the last trading day of every month or quarter as per the client's preference.
C. Settlement is mandatory only when the credit balance exceeds Rs. 10,000; otherwise, funds can be retained indefinitely.
D. Settlement must occur within 24 hours of the payout for every transaction, regardless of the running account authorization.
E. Settlement dates are determined individually by each stock broker based on their internal risk management policy.

Answer: A

Explanation:
As per the source, the settlement of running accounts of funds shall be done on 'Quarterly and monthly basis, on the dates stipulated by the Exchanges'. Specifically, 'Settlement of running account shall be settled on first Friday and/or Saturday of every month/quarter.' Stock exchanges jointly issue the annual calendar for this purpose.

NEW QUESTION # 70
Under the Online Dispute Resolution (ODR) framework, if a Market Participant wishes to initiate dispute resolution against an investor/client through the ODR Portal, which of the following procedural pre-requisites must be strictly fulfilled?

A. The Market Participant must deposit 50% of the disputed amount with the Stock Exchange.
B. The Market Participant can only initiate ODR if the claim value exceeds Rs. 10 Lakhs.
C. The Market Participant must give due notice of at least 15 calendar days to the investor/client for resolution of the dispute.
D. The Market Participant must wait for a mandatory cooling-off period of 60 days from the date of the transaction.
E. The Market Participant must obtain a 'No Objection Certificate' from SEBI.

Answer: C

Explanation:
According to the source, 'The concerned Market Participant may also initiate dispute resolution through the ODR Portal after having given due notice of at least 15 calendar days to the investor/client for resolution of the dispute which has not been satisfactorily resolved between them'.

NEW QUESTION # 71
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