NISM NISM-Series-VII Valid Test : NISM Series VII - Securities Operations and Risk Management Certification

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NISM NISM-Series-VII Exam Syllabus Topics:

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

Question 1

A stock broker intends to provide an Internet Based Trading (IBT) facility to clients using their own infrastructure. According to the regulatory framework, what is the specific Net Worth requirement for the broker, and what is the timeline within which the Stock Exchange must communicate its decision on the application?

A. Minimum Net Worth: Rs. 25 Lakhs; Decision Timeline: 30 working days.
B. Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 15 working days.
C. Minimum Net Worth: Rs. 1 Crore; Decision Timeline: 15 calendar days.
D. Minimum Net Worth: Rs. 50 Lakhs; Decision Timeline: 7 calendar days.
E. Minimum Net Worth: Rs. 10 Lakhs; Decision Timeline: 7 working days.

Question 2

Select the correct statements regarding the regulations and procedures governing the auction of securities and handling of proceeds by the Clearing Corporation. (Select all that apply)

A. In no case shall the auction be held beyond a period of one week from the pay-in day of the settlement in which the contract was entered into.
B. If the auction seller fails to deliver on the auction pay-in day, the deal is closed out at the standard valuation price of the T+1 day.
C. The members participating in the auction session as sellers are required to deliver the shares to the Clearing Corporation on or before the auction pay-in day, which is the subsequent day.
D. Any amount remaining from the proceeds of an Auction or Close-out, after settling the aggrieved party's claim, is credited to the Core Settlement Guarantee Fund (Core SGF).
E. The auction for undelivered quantities can be held multiple times for the same settlement until the full quantity is procured.

Question 3

When a stock broker undertakes 'Video In-Person Verification' (VIPV) for client on-boarding through a digital medium, which of the following operational conditions must be strictly ensured?

A. The VIPV process can be fully automated using Artificial Intelligence without the need for any authorized official's interaction.
B. The VIPV recording is optional if the client provides a digitally signed self-declaration.
C. The intermediary shall ensure that the photograph downloaded through the Aadhaar authentication process matches with the investor in the VIPV.
D. The VIPV must be conducted offline and the recording uploaded to the KRA system later.
E. The client is not required to display the officially valid document in the video if Aadhaar e-KYC is used.

Question 4

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

Question 5

Which of the following statements accurately reflect the 'Additional Requirements' and operational controls mandated for Internet Based Trading (IBT) and Securities Trading Using Wireless Technology (STWT)? (Select all that apply)

A. In case of no activity by the client, the system should provide for automatic trading session logout.
B. Brokers using Internet based systems are permitted to cross trades of their clients with each other internally to save transaction costs.
C. Encryption levels for communication are governed solely by the Stock Exchange's internal policy, independent of DOT regulations.
D. The broker system should have on-site as well as remote site back-up capabilities.
E. The broker shall capture the IP (Internet Protocol) address from where the orders are originating.

Solutions: