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NISM NISM-Series-VII Exam Syllabus Topics:

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

Question 1

When a Partnership Firm registered under the Indian Partnership Act, 1932 applies for admission as a member of a Stock Exchange, which specific structural requirement must be identified and maintained as per Exchange norms?

A. The firm must maintain a static profit-sharing ratio for 5 years.
B. The firm must convert to a Limited Liability Partnership within 1 year.
C. A minimum of 51% of capital must be held by a designated clearing bank.
D. All partners must hold NISM Series-VII certification.
E. The applicant must identify a Dominant Promoter Group.

Question 2

SEBI has introduced the mechanism of Net Settlement of cash segment and F&O segment upon expiry of stock derivatives. Under which of the following conditions is this benefit of netting (merged settlements) specifically available to an investor?

A. When the investor trades and clears through the same Trading Member (TM) - Clearing Member (CM) combination in both Cash and F&O segments.
B. When the investor uses different Clearing Members for Cash and F&O segments but they are interoperable.
C. When the investor trades in highly correlated indices across different exchanges.
D. When the investor is an Institutional Investor (including FPIs) whose transactions are backed by delivery.
E. When the investor is a Portfolio Manager (PMS) directed to enter into delivery backed transactions only.

Question 3

Clearing Corporations are required to conduct various tests to ensure the adequacy of the Core SGF. What is the specific purpose of the 'Reverse Stress Test' as defined in the risk management framework?

A. To determine the daily settlement price of illiquid futures contracts.
B. To identify under which market conditions and scenarios the combination of margins, Core SGF, and other financial resources would prove insufficient.
C. To test the operational capability of the backup disaster recovery site.
D. To validate the accuracy of the software used for margin calculation.
E. To calculate the historical volatility of the most liquid securities over the past 5 years.

Question 4

In the context of the clearing and settlement ecosystem, the Clearing Corporation assumes the role of a legal counterparty to all trades executed on the Stock Exchange. What is the specific legal term for this process where the original contract between the buyer and seller is replaced by two new contracts with the Clearing Corporation?

A. Novation
B. Arbitration
C. Adjudication
D. Subrogation
E. Indemnification

Question 5

Regarding 'Two-factor authentication' for login sessions in Internet Based Trading (IBT), which of the following implementation details is explicitly advisable/required?

A. It should be implemented using only SMS-based OTP without any other factor.
B. Public Key Infrastructure (PKI) based implementation using digital signatures is advisable, and the two factors should not be the same.
C. The two factors should be identical (e.g., two different passwords).
D. Two-factor authentication is optional and can be replaced by a static high-complexity password.
E. The second factor must always be biometric verification.

Solutions: