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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. Role of the back office in a securities broking firm 2. Clearing and settlement process
Indian Securities Market	- Overview of the Indian securities market 1. Different products traded 2. Various market participants and their roles
Securities Broking Operations	- Front Office, Middle Office and Back Office functions in a Securities Broking Firm 1. Trade execution 2. Settlement processing 3. Risk management
Risk Management	- Risk management in a securities broking firm 1. Identifying and mitigating risks 2. Compliance and control measures
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

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q257-Q262):

NEW QUESTION # 257
Under which of the following circumstances does the Clearing Corporation directly 'Close Out' the shortage WITHOUT conducting an auction session? (Select all that apply)

A. Shortage in delivery of securities under corporate action (e.g., undergoing stock split/bonus).
B. Shortage arising from trades executed in the normal rolling settlement cycle (T+1) for Group I liquid securities.
C. Shortage arising from trades executed in the Block Deal window.
D. Shortage arising from trades in the T+0 rolling settlement cycle.
E. Shortage in securities under the Trade for Trade Surveillance (TFTS) category.

Answer: A,C,D,E

Explanation:
The source specifies that for certain delivery shortages, CC directly does the close-out without conducting an auction. Examples include: Securities under trade for trade category, securities under corporate action, trades done on block deal window (Section 6.5.2). Additionally, regarding the T+0 rolling settlement cycle, it is stated that 'Auction shall not be conducted in case of securities shortage. Security shortages shall be directly closed out' (Section 3.4.3 / 5.7). Option C is incorrect because normal rolling settlement shortages are handled via auction.

NEW QUESTION # 258
A stock broker intends to provide an Internet Based Trading (IBT) facility to clients using their own infrastructure. According to the regulatory framework, what is the specific Net Worth requirement for the broker, and what is the timeline within which the Stock Exchange must communicate its decision on the application?

A. Minimum Net Worth: Rs. 25 Lakhs; Decision Timeline: 30 working days.
B. Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 7 calendar days.
C. Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 15 working days.
D. Minimum Net Worth: Rs. 10 Lakhs; Decision Timeline: 7 working days.
E. Minimum Net Worth: Rs. 1 Crore; Decision Timeline: 15 calendar days.

Answer: B

Explanation:
The broker must have a minimum net worth of Rs.50 lacs if the broker is providing the Internet based facility on his own. The stock exchange should grant approval or reject the application as the case may be and communicate its decision to the member within 7 calendar days of the date of completed application submitted to the exchange.

NEW QUESTION # 259
Under the 'Beta version of T+0 rolling settlement cycle on optional basis', which of the following operational parameters regarding trading hours, price bands, and shortage handling is correctly defined?

A. The price band is fixed at +1-5% of the closing price in the regular T+1 market.
B. Pay-in for T+0 sell obligations is allowed only by way of early pay-in using the block mechanism.
C. Netting of pay-in and pay-out obligations is permitted between T+1 and T+0 settlement cycles.
D. Security shortages are handled through an auction session conducted on the same day.
E. The trading session operates continuously from 09:15 AM to 3:30 PM.

Answer: B

Explanation:
For T+0 settlement: Pay-in for T+0 sell obligations is allowed only by way of early pay-in using block mechanism. Trading timings are 09:15 AM to 1:30 PM. The price band is +1- 100 basis points from the T+1 price. There is no netting between T+1 and T+0. Security shortages are directly closed out, not auctioned.

NEW QUESTION # 260
Stock brokers are required to maintain evidence of clients placing orders to prevent unauthorized trades. Which of the following statements accurately describes the regulatory requirements regarding the forms of evidence and the retention period?

A. Evidence is optional for internet-based transactions and must be retained for 1 year.
B. Evidence can be physical records, telephone recordings, emails, or SMS logs, and must be retained for a minimum of 3 years.
C. In case of a dispute, records can be disposed of immediately after the broker files a response.
D. Evidence must be physical records only, retained for 5 years.
E. Telephone recordings are mandatory only for institutional clients and must be kept for 2 years.

Answer: B

Explanation:
The source states that brokers shall execute trades only after keeping evidence in forms such as 'Physical record written & signed by client, Telephone recording, Email from authorized email id, Log for internet transactions, Record of SMS messages'. Regarding retention: 'The Brokers are required to maintain the records for a minimum period for which the arbitration accepts investors' complaints as notified from time to time (which is currently three years).'

NEW QUESTION # 261
What is the primary operational mandate for Clearing Corporations (CCs) and Depositories to ensure the feasibility of multiple settlements occurring on a single day due to holidays?

A. They must extend the settlement cycle to T+2 temporarily.
B. They must implement a separate risk management framework for holiday settlements.
C. They shall follow a strict time schedule to ensure that the settlements are completed on the same day.
D. They must operate with reduced staff to minimize coordination errors.
E. They must seek prior approval from SEBI for every individual settlement run.

Answer: C

Explanation:
The text explicitly states: 'The CCs and depositories shall follow a strict time schedule to ensure that the settlements are completed on the same day.'

NEW QUESTION # 262
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