Series VII · Intermediate
Securities Operations & Risk Management
The most in-demand certificate for broking and back-office jobs.
Questions
100
Duration
120 min
Pass mark
50%
Negative marking
25%
Exam fee
₹1,500 + GST
Validity
3 years
Why this certification matters
Almost every operations, settlement and risk role at a broking house or depository participant asks for Series VII. It is the standard screening filter for fresher hiring.
Who should take it: Operations, risk management, settlement, KYC/AML, and compliance staff at brokers, DPs, and clearing members.
What you get after clearing it
- Mandatory for associated persons in the securities operations function
- Covers the full trade life cycle end to end
- Opens the largest volume of fresher openings in Indian broking
- Useful base before moving to derivatives or research modules
Where it takes you
Heavily hired for freshers by brokers, RTAs, custodians and fintech brokers.
Entry operations roles are volume hiring, and growth comes fast when you add derivatives or compliance knowledge.
Explore finance careers4 week study plan
Week 1
Market structure
Exchanges, clearing corporations, depositories, market participants.
Week 2
Trade life cycle
Order types, matching, confirmation, clearing, settlement cycles, pay-in and pay-out.
Week 3
Risk and compliance
Margins, risk management systems, investor grievance, regulatory framework.
Week 4
Mocks
Two timed mocks per day and revise every wrong answer with its reason.
Exam-day tips
- Draw the trade life cycle on one page, most questions map to a step in it
- Learn the T+1 settlement timeline precisely
- Margin types are the highest scoring section, do not skip them
Full syllabus
Market Infrastructure
- Stock exchanges, clearing corporations, and depositories
- Trading system and order types
- Market participants brokers, sub-brokers, authorised persons
- Trade and settlement cycles (T+1)
- Fundamentals of risk management
Trading & Settlement
- Order management and execution
- Clearing and settlement process
- Pay-in and pay-out
- Corporate actions and benefits processing
- Auctions and close-out
Risk Management
- Margin requirements SPAN, exposure, VaR, ELM
- Risk containment measures by exchanges
- Circuit breakers and market-wide limits
- Client-level monitoring and client code
- Concentration risk and reporting
KYC, AML and Regulatory Compliance
- KYC norms and KRA
- AML/CFT obligations under SEBI and PMLA
- Foreign Portfolio Investors (FPIs) and NRI clients
- Investor grievances and arbitration
- SEBI (Intermediaries) Regulations
Depository Operations
- Dematerialisation and rematerialisation
- Pledge and hypothecation
- Transmission and nomination
- Depository participant operations
- Settlement of securities in depositories
Learn it first in VIA Capital Academy
Frequently asked questions
What is NISM Series VII?
It covers securities operations, clearing, settlement, and risk management for staff of stock brokers, clearing members, and DPs.
Who should take this exam?
Back-office, operations, RMS, settlement, and compliance staff at brokerage firms, DPs, and clearing members.
What is the passing score?
50 out of 100 marks (50%). There is 25% negative marking (0.25 deducted per wrong answer).
Is this official NISM material?
No. These are independent practice questions. Refer to the official NISM workbook before the exam.
What are the main topics?
Trade lifecycle, clearing and settlement, margining, risk management, KYC/AML, and depository operations.
Ready to test yourself?
100 questions · 120 minutes · 25% negative marking. Free, no login.