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NISM NISM-Series-VII Exam Syllabus Topics:

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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q52-Q57):

NEW QUESTION # 52
Stock brokers are permitted to borrow funds for providing Margin Trading Facility (MTF) from specific sources. Which of the following sources is explicitly prohibited for raising funds for MTF?

A. Issuance of Commercial Paper (CP) subject to RBI guidelines.
B. Borrowing from Non-Banking Financial Companies (NBFCs) regulated by RBI.
C. Borrowing from Scheduled Commercial Banks.
D. Using surplus funds of one client to provide margin trading facility to another client.
E. Unsecured long-term loans from promoters and directors.

Answer: D

Explanation:
The stock broker shall not use the funds of any client for providing the margin trading facility to another client, even if the same is authorized by the first client. Permitted sources include own funds, banks, NBFCs, CPs, and loans from promoters/directors.

NEW QUESTION # 53
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 settle trades only for retail clients who do not have a valid PAN.
B. Custodians are primarily responsible for the proprietary trading of the Clearing Corporation.
C. Custodians automatically guarantee all trades executed by any Trading Member without the need for trade confirmation.
D. Custodians execute trades on the exchange floor but outsource the clearing function to Professional Clearing Members.
E. Custodians act as Clearing Members but not Trading Members; they settle trades on behalf of institutional clients executed through other Trading Members.

Answer: E

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 # 54
In the context of the 'Application Supported by Blocked Amount' (ASBA) facility processed by intermediaries in public issues, what is the critical pre-condition explicitly mandated by SEBI before the ASBA applications can be processed?

A. The application monies must be blocked in the investor's bank account.
B. The physical form must be received by the Registrar.
C. The General Index Register (GIR) number must be verified.
D. The application must be uploaded to the Exchange bidding platform.
E. The syndicate member must issue a physical acknowledgement slip.

Answer: A

Explanation:
SEBI advised that 'the ASBA applications in public issues shall be processed only after the application monies are blocked in the investor's bank account.' Intermediaries are advised to ensure appropriate systemic and procedural arrangements for this.

NEW QUESTION # 55
A transferee (buyer) in the depository system wishes to receive securities into their demat account. What is the operational requirement regarding 'Standing Instructions' (SI) for this process?

A. The SI functionality has been replaced entirely by the Demat Debit and Pledge Instruction (DDPI).
B. Standing Instructions are mandatory for all accounts; without them, the account remains inactive.
C. If 'Standing Instructions' are not given, the transferee must give separate Receipt Instructions each time to the DP to receive securities.
D. Standing Instructions are valid only for off-market transfers and not for market trades.
E. Standing Instructions allow the DP to debit the account without a Delivery Instruction Slip (DIS).

Answer: C

Explanation:
The transferee has to submit Receipt Instruction to receive securities into his account. However, for the convenience of investor, transferee can give 'Standing Instructions' (SI) to its DP for receiving in securities. If OSI' is not given, then the transferee has to give separate instructions each time for receiving the securities.

NEW QUESTION # 56
In the context of a stock broker's Middle Office operations, which of the following scenarios best illustrates the manifestation of Credit Risk as defined in the risk management framework?

A. Loss arising from the concentration of client collateral in a specific sector that experiences a sharp price decline.
B. The possibility that a counterparty contract cannot be enforced due to lack of proper authority.
C. Disruption in settlement systems causing a crisis of confidence among investors.
D. Loss resulting from the breakdown of internal controls leading to unauthorized trading.
E. Risk arising from loans extended to group companies or debit balances of clients.

Answer: E

Explanation:
According to the source, Credit risk is the risk of default on a debt. For a broker, credit risk can arise on account of 'Loans to Group Companies/ Related Parties, debit balance of clients, funding of clients, short collection of margins, Non-confirmation of DVP trade by custodian etc.' Option A describes Operational Risk. Option B describes Market Risk. Option D describes Legal Risk. Option E describes Systemic Risk.

NEW QUESTION # 57
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