NISM-Series-VII Top Exam Dumps & Authorized NISM-Series-VII Pdf

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NISM NISM-Series-VII Exam Syllabus Topics:

Section	Objectives
Topic 1: Clearing and Settlement	- Settlement systems 1. T+1/T+2 settlement cycles 2. Margining and risk adjustments - Clearing mechanisms 1. Netting and settlement obligations 2. Clearing corporations and counterparties
Topic 2: Risk Management in Securities Markets	- Market and operational risk 1. Operational risk controls 2. Types of financial risks - Risk mitigation systems 1. Surveillance and compliance mechanisms 2. Margins and collateral systems
Topic 3: Securities Market Operations	- Market participants and structure 1. Roles of brokers, exchanges, and investors 2. Order types and trading mechanism basics - Trading process 1. Order execution and trade lifecycle 2. Trade confirmation and reporting
Topic 4: Depository Operations	- Corporate actions 1. Dividends, bonuses, splits 2. Record dates and entitlement processing - Demat account framework 1. NSDL and CDSL roles 2. Account opening and maintenance

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q249-Q254):

NEW QUESTION # 249
In the context of the Securities Trade Life Cycle, specific activities are categorized into Front Office, Middle Office, and Back Office operations. Based on the NISM workbook, which of the following combinations correctly maps these activities to their respective offices?

A. Front Office: Settlement; Middle Office: Order Matching; Back Office: Risk Management
B. Front Office: Clearing; Middle Office: Risk Management; Back Office: Placing of Order
C. Front Office: Trade Confirmation; Middle Office: Routing of order; Back Office: Order Matching
D. Front Office: Routing of order; Middle Office: Risk Management; Back Office: Confirmation of trades
E. Front Office: Risk Management; Middle Office: Order Matching; Back Office: Clearing and Settlement

Answer: D

Explanation:
According to the source, the steps in a trade's life cycle are categorized as follows: 'Placing of an order by the investor / client / broker, matching of order and its conversion into trade and routing of order through the trading platform are generally the front office functions; Risk management is the middle office function; Confirmation of trades and Clearing and Settlement of trades are the back office functions.'

NEW QUESTION # 250
In the Clearing Process for Derivatives, how is a Trading Member's (TM) open position calculated for the purpose of exposure and daily margin?

A. Sum of Proprietary Net Position and Client Net Positions (netted across all clients).
B. Gross of all buy and sell transactions without any netting at contract level.
C. Sum of Proprietary Open Position, Client Open Long Position, and Client Open Short Position.
D. Higher of the Proprietary Position or the sum of Client Positions.
E. Net of Proprietary Position and Client Positions (Buy - Sell for the entire firm).

Answer: C

Explanation:
A TM's open position is the sum of proprietary open position, client open long position and client open short position. Clients' positions are arrived at by summing together net positions of each individual client, but positions are not netted across clients.

NEW QUESTION # 251
A Trading Member executes trades in both T+1 and T+0 settlement cycles for the same security on the same day. Which of the following statements correctly describes the netting of obligations between these two segments?

A. Sell obligations in T+0 are netted against Buy obligations in T+1 to reduce margin requirements.
B. Funds are netted across segments, but securities are settled separately.
C. Netting is permitted only if the member opts for the 'Unified Settlement' facility.
D. Obligations are netted at the client level but not at the member level.
E. There shall be no netting in pay-in and pay-out obligations between T+1 and T+0 settlement cycle.

Answer: E

Explanation:
The operational details for T+0 settlement explicitly state: 'There shall be no netting in pay-in and pay-out obligations between T+1 and T+0 settlement cycle.'

NEW QUESTION # 252
When the obligations arising out of the cash segment settlement and physical settlement of the F&O segment are settled on a net basis, how are the Securities Transaction Tax (STT) and Stamp Duty treated?

A. They are calculated based on the notional value of the F&O contract only.
B. They are waived for the cash segment leg if the position is hedged in the F&O segment.
C. They continue to be computed, levied, and reported on a segment-wise level, regardless of the netting for settlement.
D. They are computed and levied on the final netted delivery obligation after merging both segments.
E. STT is levied on the gross position, while Stamp Duty is levied on the net obligation.

Answer: C

Explanation:
Under the Net Settlement mechanism, netting of delivery obligations shall be only for the purpose of settlement. Therefore, Securities Transaction Tax (STT) and Stamp Duty shall continue to be computed, levied, and reported on a segment-wise level.

NEW QUESTION # 253
A stock broker intends to expand their business scope by offering Portfolio Management Services (PMS) and functioning as a Depository Participant. According to the regulatory framework for 'Other Services Provided by Brokers', which of the following statements accurately reflects the registration requirement for these additional services?

A. The existing stock broker registration with SEBI is comprehensive and covers all financial services including PMS and Depository services.
B. The broker must obtain separate registration/licenses from SEBI for each of the specific services like PMS and Depository services.
C. Registration is only required with the Stock Exchange for PMS, while Depository services require SEBI registration.
D. These services can be offered under a general 'Investment Advisory' license without specific product registration.
E. The broker needs to convert into a Non-Banking Financial Company (NBFC) to offer these services, but no separate SEBI registration is needed.

Answer: B

Explanation:
According to the Introduction section of 'Other Services Provided by Brokers', while brokers provide services like PMS, IPO applications, etc., 'for all the other services, the brokers need to be separately registered with SEBI.' Licenses and certifications have to be obtained for each of the services offered.

NEW QUESTION # 254
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