What is the NISM VII exam?
The NISM Series VII: Securities Operations and Risk Management Certification Examination is a SEBI-mandated qualifying exam for associated persons working in the operations of a registered stock broker, trading member, or clearing member. It is conducted by the National Institute of Securities Markets (NISM) and covers the trade life cycle — from order execution through clearing, settlement, and risk management.
What this practice test covers
- Introduction to the securities market: products, money market, and IFSC
- Market participants: investors, issuers, intermediaries, and regulators
- Securities broking operations: the trade life cycle and front, middle, and back office
- Risk management: frameworks, compliance, and the settlement guarantee fund
- Clearing process: clearing corporations, custodians, depositories, and settlement cycles
- Settlement process: fund and securities obligations, auctions, and corporate actions
- Investor grievances, arbitration, and other broker services
Passing the NISM VII exam
NISM VII is a 100-mark computer-based test of 100 questions (1 mark each) to be completed in 2 hours, with a passing score of 50%. It carries negative marking of 25% (0.25 marks) for every wrong answer, so accuracy matters as much as coverage. NISM can revise its criteria, so always verify the current passing marks and marking scheme on nism.ac.in before registering.
Why practice with mock tests
Reading the official workbook builds conceptual understanding, but a timed mock test reveals what you can actually answer under exam conditions. Because NISM VII penalises wrong answers, full-length mocks help you judge when to attempt and when to skip, surface the topics you keep getting wrong, and remove surprises on exam day.