NISM Series VIISEBI mandatoryTier B
Securities Operations & Risk ManagementCertification Guide.
Covers securities market operations, clearing & settlement, risk management, margining, and regulatory framework. Core certification for brokerage operations teams.
BeginnerDifficulty
Suggested prep: 15-20 days
25%Negative marking
Avoid blind guessing.
3 yearsValidity
Computer-Based Test (CBT)
Rank 14Priority
Operations track
01Overview
What this certification is really testing.
Ideal for
- Operations and risk management staff at brokerages
- Middle-office and compliance professionals
Career paths
- Risk Manager at Brokerage
- Operations Manager
- Margin/Surveillance Analyst
- Compliance Officer
Mandatory for
- Associated persons of trading members (operations/risk management)
02Syllabus
Study by chapter weightage, not by guesswork.
The highest scoring chapters carry 75% of the paper. Start there, then use the low-weight chapters for polish.
Chapter weightage
High-weightage focus
Risk Management and Margining
18%Trading Operations
15%Clearing and Settlement
15%Regulatory Framework
15%Market Microstructure
12%03Key concepts
Concepts and formulas to keep handy.
Key concepts to remember
- T+1 settlement cycle: Trade on Day 0, settlement on Day 1 (India moved from T+2 to T+1 in Jan 2023)
- Clearing corporation acts as Central Counterparty (CCP) - guarantees settlement via novation
- SPAN Margin: Standard Portfolio Analysis of Risk - covers probable losses
- VaR (Value at Risk): Statistical measure of maximum potential loss at a given confidence level
- Risk management: Pre-trade risk checks, real-time position monitoring, margin adequacy
- Circuit breakers: Market-wide circuit breakers at 10%, 15%, 20% movement in Nifty/Sensex
- Investor Protection Fund (IPF): Protects investors against defaulting trading members
04Study plan
A clear way to study this module.
Study strategy
- Risk Management and Margining (Ch 5, 18%) - highest weightage chapter
- Trading Operations (Ch 3, 15%) + Clearing and Settlement (Ch 4, 15%) = 30% combined
- Know the settlement cycle (T+1), margin types, and circuit breaker mechanisms
- Regulatory Framework (Ch 6, 15%) - SEBI's risk management framework for brokers
- This exam shares content with Series VIII - leverage any prior preparation
Exam-day tips
- Standard format - 100 MCQs, 120 minutes
- Margin calculation and risk management questions are frequent
- 0.25 negative marking applies - be cautious
- Passing score is only 50% here - pressure is lower than other exams
05Common mistakes
The pass mark is simple. The paper is not.
Scoring warning
Because this paper has negative marking, precision matters more than speed. Attempt the sure questions first, then return to calculations and close-call options.
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