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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
Regulatory Framework	- Role of the Securities and Exchange Board of India (SEBI) 1. Regulatory oversight 2. Investor protection
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
Indian Securities Market	- Overview of the Indian securities market 1. Different products traded 2. Various market participants and their roles
Investor Grievance Redressal	- Process of investor grievances redressal 1. Regulatory requirements 2. Procedures for handling complaints

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q141-Q146):

NEW QUESTION # 141
When the Clearing Corporation conducts an auction for a short delivery but fails to find any sellers for the specific security, a 'Close Out' is initiated. According to the settlement process guidelines, how is the compensation value determined for the buyer in this specific scenario?

A. At the highest price recorded for the security during the last 52 weeks.
B. At the valuation price used for the initial valuation debit plus a 5% close-out charge.
C. At the closing price of the security on the day of the auction plus a fixed penalty of 10%.
D. At the highest price prevailing across the stock exchange from the day of trading till the auction/close out day OR 20% above the official closing price on the auction day, whichever is higher.
E. At the weighted average price of the security on the trading day plus the standard deviation margin.

Answer: D

Explanation:
If on the auction day, there are no sellers for a particular short delivery, the Clearing Corporation carries out a 'Close out'. The buyer is compensated by paying the value of the short delivered security at the highest price prevailing across the stock exchange from the day of trading till the auction/close out day OR 20% above the official closing price on the auction day, whichever is higher.

NEW QUESTION # 142
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' facility is available, but allocation for such trades is allowed only to related FPIs.
B. They can use the 'INST' code without restriction, provided the allocation is completed by 4:15 PM on T day.
C. They are strictly prohibited from using the 'INST' code and must provide the specific CP code at the time of order entry.
D. They must use a special 'CORP' code instead of 'INST' to differentiate themselves from non-corporate institutional investors.
E. The 'INST' code can be used only if the trade value exceeds INR 10 Crores.

Answer: A

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 # 143
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 automatically guarantee all trades executed by any Trading Member without the need for trade confirmation.
B. Custodians are primarily responsible for the proprietary trading of the Clearing Corporation.
C. Custodians act as Clearing Members but not Trading Members; they settle trades on behalf of institutional clients executed through other Trading Members.
D. Custodians execute trades on the exchange floor but outsource the clearing function to Professional Clearing Members.
E. Custodians settle trades only for retail clients who do not have a valid PAN.

Answer: C

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 # 144
Which of the following statements accurately describe the rules and procedures for **Dividend Adjustment** in the Equity F&O segment?
(Select all that apply)

A. Adjustment for extra-ordinary dividend is carried out only on futures contracts, not options.
B. In case of extra-ordinary dividend, the total dividend amount is reduced from all strike prices of option contracts.
C. The revised strike prices due to extra-ordinary dividend are applicable from the record date.
D. Dividends below 2% of the market value of the underlying stock are deemed ordinary dividends and no adjustment is made.
E. If shareholders in the AGM change the rate declared by the Board, the market price reference changes to the closing price on the day previous to the AGM.

Answer: B,D,E

Explanation:
StatementA is correct: Dividends below 2% are ordinary and not adjusted. Statement B is correct: Total dividend amount is reduced from strike prices. Statement D is correct: If AGM changes the rate, the reference is the closing price previous to the date of the AGM. Statement C is incorrect because revised prices are applicable from the ex.dividend date. Statement E is incorrect as adjustments apply to strike prices of options as well.

NEW QUESTION # 145
Regarding the 'Direct Pay-out' of securities mandated by SEBI vide circular dated June 05, 2024, which of the following operational changes has been implemented concerning the credit of securities and the settlement timing?

A. Securities are credited to the Broker's Pool Account by 1 PM, and the broker must transfer them to the client by 3:30 PM on the same day.
B. Securities are credited directly to the client's demat account by the Clearing Corporation, and the pay-out timing is revised from 1 PM to 3:30 PM.
C. Securities are credited to a temporary 'Client Unpaid Securities Account' maintained by the Clearing Corporation until funds are cleared.
D. The pay-out timing remains 1 PM, but the securities are credited to the client's account on T+2 day instead of T+1.
E. Direct pay-out is applicable only for Institutional Clients, while Retail Clients continue to receive shares via the Broker's Pool Account.

Answer: B

Explanation:
As a consequence of the mandate for securities for pay-out to be credited directly to the respective client's demat account by the Clearing Corporations, the timing of the payout of securities shall be revised from 1 PM to 3:30 PM. As a result, securities shall be credited to the clients' demat account on the same settlement day.

NEW QUESTION # 146
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