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Series VII · Intermediate

Securities Operations & Risk Management

The most in-demand certificate for broking and back-office jobs.

Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.

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

Operations executiveSettlement and clearing associateRisk management analystDepository participant executiveKYC / compliance support

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 careers

How VIA Capital preparation works

One clear path. Built for students, and built for discipline.

  1. Step 1

    Read

    Slide through the study book chapter by chapter.

  2. Step 2

    Practise

    Chapter questions with answer and explanation.

  3. Step 3

    Chapter tests

    Beginner and advanced tests for each chapter.

  4. Step 4

    Full mock sets

    100-question papers in a real exam screen.

  5. Step 5

    Review

    See every mistake and why, then improve.

Why prepare with VIA Capital

Student first

Simple screens, small steps, no clutter.

Every answer explained

If you get one wrong, you learn why.

Help on every question

Report anything confusing, our team fixes it.

Honest

Independent practice. We never claim to be NISM or promise a pass.

Practice pass · NISM Series VII

Everything you need to prepare, in one pass

  • Digital study book, read chapter by chapter
  • Chapter-wise questions to understand every chapter
  • Chapter tests, beginner and advanced
  • Full mock sets as questions are added
  • Answer and explanation for every question
  • Real exam screen with timer and question palette

Why we charge a small amount

This is not the NISM exam fee. It helps us run the platform: our research team writing and checking questions, keeping explanations accurate, and the technology behind the study book and exam screen.

ResearchQuestion writingTechnology
  • Secure checkout by RazorpayPay by UPI, card or net banking on Razorpay's checkout.
  • We never see card or UPI detailsPayment details are entered with Razorpay, not stored by VIA Capital.
  • Access after verified paymentAccess starts only after Razorpay's payment signature is verified.
  • Payment record in your accountYour payment and expiry date are saved to your VIA Capital account.

One simple package

…

11 days access · one series · incl. taxes

Try 10 questions free Start studying

The official NISM exam fee is paid separately to NISM.

4 week study plan

  1. Week 1

    Market structure

    Exchanges, clearing corporations, depositories, market participants.

  2. Week 2

    Trade life cycle

    Order types, matching, confirmation, clearing, settlement cycles, pay-in and pay-out.

  3. Week 3

    Risk and compliance

    Margins, risk management systems, investor grievance, regulatory framework.

  4. 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 · 8 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Introduction to the Securities Market
    1. 1.1Introduction
    2. 1.2Securities Market
    3. 1.3Money Market
    4. 1.4Products Traded in the Indian Securities Market
    5. 1.5International Financial Services Centres (IFSC)
  2. 2Chapter 2Market Participants in the Securities Market
    1. 2.1Introduction
    2. 2.2Investors
    3. 2.3Issuers
    4. 2.4Market Structure and Participants
    5. 2.5Regulators
  3. 3Chapter 3Introduction to Securities Broking Operations
    1. 3.1Introduction to the Securities Trade Life Cycle
    2. 3.2Front Office Operations
    3. 3.3Middle Office Operations
    4. 3.4Back Office Operations
  4. 4Chapter 4Risk Management
    1. 4.1Risk Management
    2. 4.2Compliances and Regulatory Reporting
    3. 4.3Core Settlement Guarantee Fund
  5. 5Chapter 5Clearing Process
    1. 5.1Introduction
    2. 5.2Role of the Clearing Corporation
    3. 5.3Clearing Banks and Their Function
    4. 5.4Clearing Members and Custodians
    5. 5.5Depositories & Depository Participants
    6. 5.6Clearing Process
    7. 5.7Beta Version of T+0 Rolling Settlement Cycle on Optional Basis
  6. 6Chapter 6Settlement Process
    1. 6.1Introduction
    2. 6.2Determination of Settlement Obligations
    3. 6.3Settlement of Funds
    4. 6.4Settlement of Securities
    5. 6.5Auction of Securities
    6. 6.6Corporate Actions Adjustment
  7. 7Chapter 7Investor Grievances and Arbitration
    1. 7.1Introduction
    2. 7.2Investor Grievance
    3. 7.3Online Resolution of Disputes in the Indian Securities Market
    4. 7.4Investor Protection Fund
  8. 8Chapter 8Other Services Provided by Brokers
    1. 8.1Introduction
    2. 8.2IPO Applications
    3. 8.3Trading of Mutual Fund Units
    4. 8.4Portfolio Management Service
    5. 8.5Research Reports
    6. 8.6Depository Services
    7. 8.7Margin Trading
    8. 8.8Internet Based Trading (IBT) & Securities Trading Using Wireless Technology (STWT)
    9. 8.9Annexure 1: Code of Conduct for Stock Brokers

Source: NISM curriculum page. Chapter names and order follow NISM; sub-topic numbering (1.1, 1.2) is added by VIA Capital for easy reading. NISM may revise its curriculum; always confirm on nism.ac.in.

Quick revision · flashcards

NISM Series VII flashcards

Flip 10 cards free as a demo. The practice pass opens every card, chapter by chapter.

Learn it first in VIA Capital Academy

Level 3

How the stock market actually works

Open lessons

Level 4

Orders, brokers, and market mechanics

Open lessons

NISM Series VII: questions people ask

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.

How many questions are in the NISM Series VII exam?

NISM lists 100 questions for 100 marks, to be answered in 120 minutes.

What is the passing score for NISM Series VII?

You need 50% (50 of 100 marks) to pass.

Is there negative marking in NISM Series VII?

Yes. 25% of the marks for a question are deducted for each wrong answer, so guessing has a cost.

Who should take NISM Series VII?

Operations, risk management, settlement, KYC/AML, and compliance staff at brokers, DPs, and clearing members.

How do I prepare for NISM Series VII on VIA Capital?

Follow the five steps: read each chapter, practise questions, pass the chapter tests, take the full mock tests, then sit the final practice exam. Your progress is saved to your account.

Where do I register for the real exam?

Only on the official NISM website, nism.ac.in. VIA Capital is an independent preparation platform and cannot book or conduct the NISM exam.

Ready to test yourself?

100 questions · 120 minutes · 25% negative marking. First 10 questions free, then full papers with the practice pass.

Start mock test Daily quick quiz
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Ready to book the real exam?

How to register on the official NISM website

VIA Capital does not take exam registrations. Enrolment, fees and certificates are handled only by NISM. Follow these steps on their website.

  1. 1

    Create your NISM account

    Register on the official NISM certification portal with your name exactly as on your ID, plus email and mobile.

  2. 2

    Choose the examination

    Select the series you want (for example, Series V-A) and read the current test objectives and rules.

  3. 3

    Pick a test centre and date

    Choose an available test centre or mode, date and time slot.

  4. 4

    Pay the examination fee

    Pay the fee shown on the NISM portal. Fees can change, so rely only on the amount NISM shows.

  5. 5

    Keep your confirmation

    Save the enrolment confirmation and carry a valid photo ID on exam day.

Go to NISM certification portal Official NISM website

Opens nism.ac.in in a new tab. Always check current fees, rules and eligibility there.