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NISM NISM-Series-VII Exam Syllabus Topics:

NISM Series VII - Securities Operations and Risk Management Certification Sample Questions:

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

2. Certain types of complaints fall outside the purview of the SEBI Complaints Redress System (SCORES). Which of the following is explicitly NOT dealt with through SCORES?

A) Complaints against registered stock brokers regarding non-receipt of funds.
B) Complaints against listed companies regarding non-receipt of dividends.
C) Complaints regarding dematerialization delays by a Depository Participant.
D) Complaints against companies where a moratorium order is passed in insolvency proceedings.
E) Complaints regarding unauthorized trading by a sub-broker.

3. Based on the classification of membership in the Indian securities market, which of the following categories of members holds both trading and clearing rights but is explicitly restricted from clearing trades for custodian participants?

A) Trading Member-cum-Clearing Member (TCM)
B) Trading cum Self-Clearing Member (SCM)
C) Only Trading Member
D) Professional Clearing Member (PCM)
E) Authorized Person

4. Regarding 'Internal Shortages' within a broker's firm (where a selling client fails to deliver, but the broker has no net obligation to the Clearing Corporation due to an offsetting buy by another client), what is the specific regulatory advice concerning the handling of charges under the 'Direct Pay-out' of securities framework?

A) The broker is mandated to close out the internal shortage at the highest price of the settlement cycle plus a 5% penalty credited to the Investor Protection Fund.
B) The broker must conduct a private auction among its own clients and can charge a facilitation fee not exceeding 1% of the trade value.
C) The broker should handle such shortages through the process of auction as specified by CCs and is advised not to levy any charges on the client over and above the charges levied by the CCs.
D) Internal shortages must be reported to the Exchange, and the trade should be annulled with mutual consent of both clients.
E) The broker must buy the shares from the open market on T+2 and can pass on the purchase cost plus a standard brokerage fee to the defaulting client.

5. Apart from the primary clearing account, a Clearing Member is permitted to maintain an 'additional clearing account' with a designated clearing bank. For what specific operational purposes is this additional account utilized?

A) For separating proprietary trading funds from client funds.
B) For receiving dividend payments from listed companies on behalf of clients.
C) For collecting brokerage and statutory levies from clients.
D) For the purpose of enhancement of collateral in the form of cash and providing early pay-in of funds.
E) For settlement of commodities derivatives trades only.

Solutions: