NISM Series VII Securities Operations and Risk Management (SORM): pattern, syllabus and full mock tests
NISM Series VII (SORM) is the SEBI-mandated certification for associated persons of stock brokers, trading members and clearing members who handle client assets or funds, investor grievances, internal control and risk management, or operational-risk work.
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Access exam-specific mock tests directly from your Android device.Trusted by learners and rated 4.6★ on Google Play.NISM-Series-VII: Securities Operations and Risk Management Certification Examination is conducted by the National Institute of Securities Markets (NISM), the institute set up by SEBI. NISM Series VII (SORM) is the SEBI-mandated certification for associated persons of stock brokers, trading members and clearing members who handle client assets or funds, investor grievances, internal control and risk management, or operational-risk work.
Eligibility Criteria
schoolEducation
NISM publishes no minimum educational qualification for this exam.
cakeAge Limit
No prescribed minimum age.
flagNationality
No nationality condition is published.
Exam Pattern
NISM Series VII is a single computer-based exam of 100 questions for 100 marks, in 2 hours. The passing score is 50% (50 marks), with negative marking of 25% of a question's marks for each wrong answer. The certificate is valid for 3 years. Chapter weightages are from NISM's workbook, version July 2026.
NISM Series VII Certification Exam
Computer-based120 min| Section | Questions | Marks |
|---|---|---|
| Introduction to the Securities Market | 5 | 5 |
| Market Participants in the Securities Market | 10 | 10 |
| Introduction to Securities Broking Operations | 20 | 20 |
| Risk Management | 15 | 15 |
| Clearing Process | 15 | 15 |
| Settlement Process | 15 | 15 |
| Investor Grievances and Arbitration | 10 | 10 |
| Other Services Provided by Brokers | 10 | 10 |
Key Topics & Syllabus
1. Introduction to the Securities Market (5 marks)
- check_circleSecurities market and its role in the Indian economy
- check_circleMoney market and its instruments
- check_circleProducts traded in the Indian securities market
2. Market Participants in the Securities Market (10 marks)
- check_circleInvestors
- check_circleIssuers
- check_circleMarket structure and participants (intermediaries and market infrastructure institutions)
3. Introduction to Securities Broking Operations (20 marks)
- check_circleSecurities trade life cycle
- check_circleFront office operations: client onboarding, KYC, order placement, matching and trade execution
- check_circleMiddle office operations
4. Risk Management (15 marks)
- check_circleRisk management in broking: types of risk, margins and exposure controls
- check_circleCompliances and regulatory reporting
- check_circleCore Settlement Guarantee Fund
5. Clearing Process (15 marks)
- check_circleRole of the clearing corporation
- check_circleClearing banks and their function
- check_circleClearing members, custodians, depositories and depository participants
6. Settlement Process (15 marks)
- check_circleDetermination of settlement obligations
- check_circleSettlement of funds
- check_circleSettlement of securities
7. Investor Grievances and Arbitration (10 marks)
- check_circleInvestor grievance redressal mechanisms (SCORES, exchanges, brokers)
- check_circleOnline Dispute Resolution in the Indian securities market (SMART ODR) and arbitration
- check_circleInvestor Protection Fund
8. Other Services Provided by Brokers (10 marks)
- check_circleIPO applications through brokers
- check_circleTrading of mutual fund units
- check_circlePortfolio Management Service
Inside NISM Series VII Premium
Full-length mock tests
Timed 120-minute papers in the NISM VII pattern, scored against the 50% pass mark.
Chapter-wise question bank
Practise each of the 8 workbook chapters as a separate drill.
AI study plan
Tells you which chapter to drill next, based on where you're losing marks.
Every answer explained
A worked explanation on every question, so a wrong answer becomes a fixed gap.
How to Prepare
Register on the NISM certification portal
Create an account on NISM's certification portal and complete your profile.
Select the exam and pay the fee
Choose NISM-Series-VII: Securities Operations and Risk Management Certification Examination and pay ₹1,500 plus payment gateway charges online.
Book your test slot
Schedule the exam on any available date.
Study the official workbook
NISM's workbook (version July 2026) is the syllabus, and its weightage table sets the paper.
Take and pass the exam
100 questions in 2 hours. Score at least 50%, with 25% negative marking per wrong answer.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Certificate validity | 3 years from passing |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
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Free mock tests, chapter-wise practice questions and a personalized study plan, built around the latest NISM Series VII pattern.
NISM Series VII guides
- SyllabusFull NISM Series VII (Securities Operations and Risk Management) syllabus: all 8 chapters with exam weightage, plus free practice on the current workbook.
- Exam PatternNISM Series VII exam pattern: 100 marks in 2 hours, 0.25 negative marking, pass at 50 out of 100 (50%). Verify with NISM.
- EligibilityWho must hold NISM Series VII (Securities Operations and Risk Management), who can take it, and what SEBI actually requires. There is no minimum qualification, so here is the real answer.
- Registration & DatesHow to register for NISM Series VII: there are no fixed exam dates, so you book your own slot. Fee ₹1,500, 3-year validity, re-attempt rules.
- Study MaterialNISM Series VII study material reviewed honestly: the official workbook, what it does and doesn't cover, and what to add. Free practice included.
- PreparationA realistic NISM Series VII study plan: how long it takes and chapter order by weightage. No pass rate has been published yet for this certification.
- FAQsCommon NISM Series VII questions answered: fee ₹1,500, 3-year validity, 0.25 negative marking, re-attempts and CPE renewal.
- Negative markingHow negative marking works on the NISM Series VII paper: 0.25 marks off per wrong answer against 100 total, what that means for guessing, and when to skip.
- Short sellingShort selling in the Indian cash market: who may short, why naked shorting is banned, disclosure rules for retail and institutions, and how SLB works on NSE.
- Formula SheetThe 10 formulas NISM Series VII questions use most: trade value, settlement obligation, MTM, VaR and initial margins. With a worked example.
NISM Series VII FAQ
Is NISM 7 the same as NISM Series VII?
Yes. NISM 7 and NISM Series VII are the same Securities Operations and Risk Management certification exam.
Who needs NISM Series VII?
NISM Series VII (SORM) is the SEBI-mandated certification for associated persons of stock brokers, trading members and clearing members who handle client assets or funds, investor grievances, internal control and risk management, or operational-risk work.
What is the passing mark?
50%, that is 50 marks out of 100.
Is there negative marking?
Yes. Each wrong answer costs 25% of that question's marks.
What is the exam fee?
₹1,500 plus payment gateway charges, paid directly to NISM.
How long is the certificate valid?
3 years.
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