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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
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
Securities Market Operations	- Trading process 1. Trade confirmation and reporting 2. Order execution and trade lifecycle - Market participants and structure 1. Order types and trading mechanism basics 2. Roles of brokers, exchanges, and investors
Depository Operations	- Demat account framework 1. Account opening and maintenance 2. NSDL and CDSL roles - Corporate actions 1. Dividends, bonuses, splits 2. Record dates and entitlement processing
Risk Management in Securities Markets	- Risk mitigation systems 1. Surveillance and compliance mechanisms 2. Margins and collateral systems - Market and operational risk 1. Types of financial risks 2. Operational risk controls

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q171-Q176):

NEW QUESTION # 171
Regarding the handling of 'Funded Stocks' purchased under the Margin Trading Facility (MTF), which of the following operational procedures is mandated for the Stock Broker (Trading Member)?

A. Funded stocks must be kept in the broker's 'Pool Account' until the client makes full payment.
B. Funded stocks must be transferred to a 'Client Unpaid Securities Pledgee Account' and disposed of within 5 days if payment is not received.
C. Funded stocks must be transferred to the client's beneficiary account immediately without any pledge.
D. Funded stocks must be transferred to the client's demat account followed by the creation of an auto-pledge in favor of the broker's 'Client Securities under Margin Funding Account'.
E. Funded stocks should be held in a separate 'Client Collateral Account' and can be re-pledged to the Clearing Corporation for other clients' margin obligations.

Answer: D

Explanation:
Funded stocks held by the TMICM under the margin trading facility shall be held by the TM/CM only by way of pledge. Such funded stocks shall be transferred to respective client's demat account followed by creation of an auto-pledge (i.e., without the requirement of a specific instruction from the client) with suitable reason, in favor of 'Client Securities under Margin Funding Account'.

NEW QUESTION # 172
Under Section 12 of the Prevention of Money Laundering Act (PMLA), 2002, what is the mandatory retention period for documents evidencing the identity of clients and beneficial owners?

A. Five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later.
B. Seven years from the date of the suspicious transaction report filing.
C. Ten years from the date of account opening.
D. Two years from the date of the last transaction in the account.
E. Five years from the date of the specific transaction.

Answer: A

Explanation:
The PMLA stipulates two different retention periods. Records of transactions must be maintained for five years from the date of transaction. However, records of documents evidencing identity of clients and beneficial owners must be maintained for five years after the business relationship has ended or the account has been closed, whichever is later.

NEW QUESTION # 173
Direct Market Access (DMA) allows specific clients to access the exchange trading system through the broker's infrastructure. Which of the following is a specific characteristic or requirement of the DMA facility as per SEBI guidelines?

A. Investment managers acting on behalf of institutional clients are prohibited from using DMA.
B. It requires manual intervention by the broker for every order to ensure risk compliance.
C. Brokers provide DMA to clients using the broker's proprietary trading codes instead of client codes.
D. It is available to all retail investors without specific authorization.
E. It allows execution of client orders without manual intervention by the broker, offering advantages like faster execution and reduced risk of errors.

Answer: E

Explanation:
Direct Market Access (DMA) is a facility which allows brokers to offer clients direct access to the exchange trading system through the broker's infrastructure 'without manual intervention by the broker'. Advantages include 'faster execution of client orders, reduced risk of errors associated with manual order entry'. Brokers must specifically authorize clients or investment managers after fulfilling KYC and due diligence.

NEW QUESTION # 174
Regarding the issuance of Contract Notes by stock brokers, which of the following statements are legally and operationally correct as per regulations? (Select all that apply)

A. If an ECN bounces, the broker is not required to take further action if the client has opted for electronic delivery.
B. Electronic Contract Notes (ECNs) sent via email must be digitally signed, encrypted, and non-tamperable.
C. A contract note is valid even if it does not explicitly state the brokerage and statutory levies separately.
D. Contract notes should have a unique running serial number starting from the beginning of the financial year.
E. Contract notes must be issued within 24 hours of the execution of the trade.

Answer: B,D,E

Explanation:
Option A is correct: 'Contract note should be issued within 24 hours of execution'. Option C is correct: 'All ECNs sent through the e-mail shall be digitally signed, encrypted, non-tamperable'. Option D is correct: 'The contract notes should be unique running serially numbered starting from the beginning of the financial year.' Option B is incorrect because a contract note without consideration is null and void and charges must be mentioned. Option E is incorrect because if an ECN bounces, the member 'should send the physical copy of the contract note'.

NEW QUESTION # 175
Which of the following statements accurately describes the currency and jurisdictional nature of an International Financial Services Centre (IFSC) in India?

A. It caters to domestic customers only, offering products in foreign currency.
B. It is a deemed domestic territory for FEMA purposes but deals in foreign currency.
C. It operates under the jurisdiction of the state government where it is located, dealing in dual currencies.
D. It is a jurisdiction providing financial services to non-residents and residents (to the extent permissible) in a currency other than the domestic currency (Indian Rupee).
E. It operates in Indian Rupee (INR) but is exempt from RBI regulations.

Answer: D

Explanation:
An IFSC is defined as a jurisdiction that provides world-class financial services to non-residents and residents (to the extent permissible under current regulations) in a currency other than the domestic currency (Indian rupee) of the location where the IFSC is located.

NEW QUESTION # 176
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