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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Securities Broking Operations	- Front Office, Middle Office and Back Office functions in a Securities Broking Firm 1. Trade execution 2. Risk management 3. Settlement processing
Topic 2: Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Regulatory oversight 2. Investor protection
Topic 3: Risk Management	- Risk management in a securities broking firm 1. Identifying and mitigating risks 2. Compliance and control measures
Topic 4: 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
Topic 5: Indian Securities Market	- Overview of the Indian securities market 1. Different products traded 2. Various market participants and their roles
Topic 6: Investor Grievance Redressal	- Process of investor grievances redressal 1. Procedures for handling complaints 2. Regulatory requirements

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q169-Q174):

NEW QUESTION # 169
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. It allows execution of client orders without manual intervention by the broker, offering advantages like faster execution and reduced risk of errors.
B. It is available to all retail investors without specific authorization.
C. It requires manual intervention by the broker for every order to ensure risk compliance.
D. Investment managers acting on behalf of institutional clients are prohibited from using DMA.
E. Brokers provide DMA to clients using the broker's proprietary trading codes instead of client codes.

Answer: A

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 # 170
Identify the correct timeline for the 'Auction Pay-in' and 'Auction Pay-out' of securities and funds in the context of the T+1 rolling settlement cycle.

A. Auction Pay-in: T+3; Auction Pay-out: T+3
B. Auction Pay-in: T+1 (After auction session); Auction Pay-out: T+1 (End of day)
C. Auction Pay-in: T+2; Auction Pay-out: T+3
D. Auction Pay-in: T+1 (Evening); Auction Pay-out: T+2 (Morning)
E. Auction Pay-in: T+2 (Subsequent day); Auction Pay-out: T+2 (Same day)

Answer: E

Explanation:
The auction for undelivered quantities is conducted on the settlement day (T+1 The members are required to deliver the shares (Auction Pay-in) to the clearing corporation on or before the auction pay-in day, i.e., the subsequent day (T+2). Pay-out of auction shares and funds is also done on the same day (T+2).

NEW QUESTION # 171
Regarding 'Market Makers' in the Indian securities market, which of the following statements regarding their mandatory obligations is correct?

A. Market making is restricted to the derivatives segment only
B. Market makers are required to provide only buy quotes to ensure exit options for investors
C. Market making is voluntary for all scrips listed on Small and Medium Enterprise (SME) Exchanges
D. Market making has been made mandatory in respect of all scrips listed and traded on SME Exchanges
E. Market makers are appointed solely by SEBI and not by the Exchanges

Answer: D

Explanation:
While market making operates under guidelines, for Small and Medium Enterprise (SME) Exchanges, market making has been made mandatory in respect of all scrips listed and traded on the SME Exchange. Their main responsibility is to provide two-way (buy and sell) quotes.

NEW QUESTION # 172
Identify the correct expiry and settlement logic for Currency Derivative contracts (USD-INR) traded on Indian stock exchanges.

A. Contracts expire two working days prior to the last business day of the expiry month at 12:30 pm; Final Settlement Price is the FBIL reference rate.
B. Contracts expire on the last working day of the month; Final Settlement Price is the RBI Reference Rate.
C. Contracts expire on the 1 5th of every month; Settlement is cash settled based on the crossing of FCY-INR rates.
D. Contracts expire two working days prior to the last business day of the month; Final Settlement Price is the average spot rate of the last 30 minutes.
E. Contracts expire on the last Thursday of the month; Settlement is physical delivery of the foreign currency.

Answer: A

Explanation:
For Currency Derivatives (USD-INR), the source states: 'The expiry day/ last day for the trading of the monthly contract shall be two working days prior to the last business day of the expiry month at 12.30 pm.' and 'The final settlement price for USDINR... is the FBIL (Financial Benchmarks India Pvt. Ltd.) reference rate.'

NEW QUESTION # 173
Regarding the usage of the 'INST' code in the Custodial Participant field during order entry for Foreign Portfolio Investors (FPIs), which of the following statements accurately reflects the restrictions placed on FPIs that are corporate bodies, individuals, or family offices?

A. The 'INST' code can be used only if the trade value exceeds INR 10 Crores.
B. They can use the 'INST' code without restriction, provided the allocation is completed by 4:15 PM on T day.
C. The 'INST' facility is available, but allocation for such trades is allowed only to related FPIs.
D. They are strictly prohibited from using the 'INST' code and must provide the specific CP code at the time of order entry.
E. They must use a special 'CORP' code instead of 'INST' to differentiate themselves from non-corporate institutional investors.

Answer: C

Explanation:
For FPIs that are corporate bodies, individuals, or family, the 'INST' facility is not available in the similar manner as of non-institutional CP codes. For these FPIs, allocation for 'INST' trades is allowed only to related FPIs.

NEW QUESTION # 174
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