NISM Series VII (SORM) study plan
NISM Series VII (SORM) · Give each week a clear focus.
8 weeks · About 7 hours per week
Securities Operations and Risk Management
Map the full SORM syllabus into a one-page topic tree covering market participants, clearing corporations, depositories, and intermediaries
Define and contrast the core risk categories: credit, market, liquidity, operational, and systemic risk, with one Indian market example each
Explain the trade lifecycle from order capture to settlement, identifying where each risk type crystallizes
Distinguish between exchange-traded and OTC market structures and how each shapes settlement and counterparty risk
Your checkpoint
A one-page annotated topic tree plus a 15-row trade-lifecycle table mapping each stage to the risk types it introduces, scored against the syllabus with no unexplained gaps
Securities Operations and Risk Management
Describe the roles of SEBI, RBI, and clearing corporations in regulating securities operations and risk
Explain the mechanics of margin collection, mark-to-market, and the settlement guarantee fund
Walk through T+1 settlement in Indian equities, including pay-in and pay-out obligations
Identify the key differences between rolling settlement and auction settlement for failed trades
Your checkpoint
A written 8-question self-test on margins, settlement cycles, and the settlement guarantee fund, answered without notes and scored at 80% or above
Securities Operations and Risk Management
Break down clearing corporation risk controls: position limits, exposure margins, and default waterfalls
Explain the depository and depository participant framework, including dematerialisation and pledge mechanics
Contrast cash market and derivatives market risk management practices
Identify the operational risks introduced by intermediaries such as brokers, custodians, and clearing members
Your checkpoint
A one-page risk-control matrix listing each control, the risk it mitigates, the responsible entity, and the consequence of control failure
Securities Operations and Risk Management
Explain the role of a risk management committee and the three lines of defence in a securities firm
Describe internal control, compliance, and audit processes in securities operations
Identify the key operational risk events in securities operations and how they are reported and remediated
Explain how client funds and securities are segregated and protected
Your checkpoint
A 10-question scenario quiz on governance, segregation, and operational risk events, with a written justification for each answer and a score of at least 75%
Securities Operations and Risk Management
Explain investor protection mechanisms: investor protection funds, grievance redressal, and dispute resolution
Describe know-your-client, anti-money laundering, and client onboarding obligations in securities operations
Outline the code of conduct and ethical standards applicable to securities market intermediaries
Identify the consequences of non-compliance for firms and individuals
Your checkpoint
A one-page summary sheet on investor protection and compliance obligations, cross-checked against the syllabus and free of unsupported claims
Securities Operations and Risk Management
Explain how technology systems support trade capture, clearing, settlement, and risk monitoring
Identify cyber risk, business continuity, and disaster recovery requirements for market intermediaries
Describe the role of data integrity and reconciliation controls in operations
Explain how emerging risks such as algorithmic trading and third-party dependencies are managed
Your checkpoint
A written answer to a mock exam scenario on a system outage during settlement, covering risk identification, escalation, and mitigation in under 300 words
Securities Operations and Risk Management
Complete two full-length timed mock exams under exam conditions
Diagnose weak topics from mock results and rank them by frequency of error
Re-study the three weakest topics using focused notes and worked examples
Practise numerical questions on margins, exposure, and settlement obligations until accurate and fast
Your checkpoint
A mock-exam error log listing every incorrect question by topic, the correct reasoning, and a re-test score showing improvement in at least two weak areas
Securities Operations and Risk Management
Revise the full syllabus using condensed one-page summaries per major topic
Complete a final full-length mock exam and score at or above the target pass mark
Re-drill all previously logged errors until answered correctly twice in a row
Rehearse exam-day logistics: timing strategy, question triage, and flagging approach
Your checkpoint
A final mock exam score at or above the personal target, plus a completed error log showing all previously missed questions resolved
Milestones
Week 2: Can explain margins, mark-to-market, and the settlement guarantee fund from memory and score 80% or above on the week-2 self-test
Week 4: Can describe the three lines of defence, client segregation rules, and at least three operational risk events with mitigations, scoring 75% or above on the scenario quiz
Week 6: Can answer a technology and business continuity scenario in writing with correct risk identification and escalation steps
Week 8: Achieves the personal target score on a final full-length mock exam and has resolved every logged error at least twice