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NISM NISM-Series-VII Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Technology in Securities Markets | 8% | - Systems for trading, clearing and settlement - Emerging technologies and their impact - Data security and business continuity |
| Topic 2: Trading Operations | 15% | - Order management and trade execution - Client onboarding and KYC norms - Front office functions and processes |
| Topic 3: Market Microstructure | 12% | - Trading mechanisms and order types - Price discovery and market efficiency - Market indices and their calculation |
| Topic 4: Clearing and Settlement | 15% | - Clearing process and roles of clearing corporations - Delivery versus payment and settlement guarantee - Settlement cycle and mechanisms |
| Topic 5: Risk Management and Margining | 18% | - Margining systems and methodologies - Types of risks in securities operations - Risk monitoring and control measures |
| Topic 6: Regulatory Framework | 15% | - SEBI Act, Rules and Regulations - Compliance requirements for intermediaries - Code of conduct and ethical practices |
| Topic 7: Investor Protection | 7% | - Investor rights and grievances redressal - Mechanisms for dispute resolution - Investor education and awareness initiatives |
| Topic 8: Securities Market Overview | 10% | - Structure and segments of Indian securities market - Market participants and their roles - Types of securities and products |
NISM Series VII - Securities Operations and Risk Management Certification Sample Questions:
Every Depository Participant (DP) is required to abide by a specific Code of Conduct. Which regulation explicitly specifies this Code of Conduct in its Third Schedule?
- A. SEBI (Depository & Participants) Regulations, 2018
- B. SEBI (Intermediaries) Regulations, 2008
- C. Depositories Act, 1996
- D. SEBI (Prohibition of Insider Trading) Regulations, 2015
- E. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Correct Answer: A 🗳️
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Which SEBI regulation lays down the general conditions for capital market issuances including Initial Public Offers (IPO), Rights Issues, and Qualified Institutional Placements (QIP)?
- A. Securities Contracts (Regulation) Act, 1956
- B. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
- C. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
- D. SEBI (Prohibition of Insider Trading) Regulations, 2015
- E. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Correct Answer: C 🗳️
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Under the 'Framework for Adoption of Cloud Services by SEBI Regulated Entities (REs)', which of the following statements correctly describes the permissibility of different cloud deployment models?
- A. Community cloud models are treated as 'other cloud models' and are currently prohibited unless explicitly permitted.
- B. Hybrid cloud deployments are prohibited as they combine public and private clouds, creating security vulnerabilities.
- C. Private cloud is considered an on-premise deployment and is governed by general SEBI circulars (cyber security, outsourcing) rather than the specific cloud framework.
- D. RES are mandated to use only Community Cloud models hosted within the International Financial Services Centres (IFSC).
- E. Public cloud is strictly prohibited for all SEBI Regulated Entities due to data localization concerns.
Correct Answer: C 🗳️
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Clearing Members are required to maintain specific demat accounts known as 'Clearing Member Settlement Pool Accounts' with depositories. Which of the following statements accurately describes the legal and operational nature of the securities held in these pool accounts?
- A. Clients cannot transfer shares directly into the Clearing Member's pool account; they must transfer to a beneficiary account first.
- B. The Clearing Member does not get any ownership or beneficiary rights over the shares held in these accounts; they are strictly for settlement delivery and receipt.
- C. The Clearing Member obtains full ownership rights over the securities in the pool account to facilitate settlement.
- D. Securities in the pool account are automatically pledged to the Clearing Corporation as margin and cannot be delivered until unpledged.
- E. Corporate action benefits for securities held in the pool account are retained by the Clearing Member as operational fees.
Correct Answer: B 🗳️
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In the context of the beta version of the T+0 rolling settlement cycle, how is the applicable price band for a security determined and managed relative to the regular T+1 market?
- A. It operates with a price band of +50 basis points from the opening price of the T+0 market, without any re-calibration during the session.
- B. It operates with a fixed price band of +/- 5% irrespective of the movement in the T+1 market.
- C. It operates with a price band of +100 basis points from the price in the regular T+1 market, re-calibrated after every 50 basis points movement in the underlying T+1 market.
- D. It mirrors the dynamic price band of the T+1 market exactly, flexing only when the T+1 market hits its circuit limit.
- E. It is set at +1- 1% of the previous day's closing price and remains static throughout the trading session 09:15 AM to 3:30 PM.
Correct Answer: C 🗳️
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