🎯 Special Offer: Use Udemy Monthly Code GRKJUL25 for monthly discount off on all Exam Prep Courses. Grab the Offer. Click on respective Udemy link and while checkout use this code: GRKJUL25

NISM Series VII – Securities Operations and Risk Management (SORM) Exam Prep 2025 | Mock Tests, SEBI Updates, 9R™ Study Plan

NISM Series VII: Securities Operations and Risk Management (SORM)

Online Mock Test | Exam Prep Guide Book | eBook | 9R™ Exam Mastery Study Plan | SEBI Regulatory Updates

Prepare effectively for the NISM Series VII – SORM certification exam with our comprehensive suite of online mock tests, Udemy practice sets, printed exam guide book, and eBook. Get full coverage of the latest SEBI-mandated syllabus including securities market basics, trade life cycle, clearing and settlement, risk management in broking, and regulatory framework. Practice chapter-wise MCQs, strengthen core concepts like front office to back office operations, investor grievance redressal, margin and settlement obligations, and role of clearing corporations. Enhance your success rate using our exclusive 9R™ Exam Mastery Study Plan, glossary, FAQs, and regular exam strategy blogs.

Study plan delivered by email.


Why Choose Gurukul On Road for NISM Series VII SORM Exam Preparation?

  • Access full-length mock tests for NISM Series VII – Securities Operations and Risk Management (SORM) with exam-level difficulty, real-time interface, and detailed answer keys.
  • Chapter-wise practice test sets covering high-weightage topics like trade life cycle, clearing and settlement, risk management in broking,SEBI regulations & Bonus Mock Test on Code of Conduct for Stockbrokers.
  • Covers complete 2025 NISM SORM syllabus, updated exam pattern, negative marking scheme, passing score guidance, and latest regulatory changes.
  • Includes Bonus Mock Tests on critical areas like clearing corporations, settlement obligations, and investor grievance redressal mechanisms.
  • Comprehensive prep suite with Online Mock Tests, Udemy Practice Sets, Printed Exam Guide Book, and downloadable eBook – ideal for any learning style.
  • Structured 9R™ Exam Mastery Study Plan with topic-wise strategy, revision calendar, and practice schedule optimized for first-time exam clearance.
  • Interactive performance dashboard with score tracking, accuracy analytics, and time management insights to improve your exam readiness.
  • Stay current with SEBI/NISM circulars, policy updates, and exam notifications directly relevant to Securities Operations & Risk Management certification.
  • Get quick clarifications through structured FAQs, SORM-specific glossary terms, and expert-authored exam prep blogs.
  • Learners aiming to clear NISM Series VII confidently with high success rate in SORM certification through practical, application-based learning.

Available in Multiple Formats for NISM Series VII: Securities Operations and Risk Management Exam 2025

SORM Online Mock Test
Online Mock Test | Practice exam questions for NISM-Series-VII SORM Certification – Trade Life Cycle, Clearing, Risk Management
 Udemy Practice Test for NISM Series VII SORM
Udemy Practice Test | Topic-wise mock tests for NISM SORM including SEBI regulatory framework & operational risk
Printed Guide Book for NISM Series VII SORM
Printed Guide Book | NISM-Series-VII SORM Certification Exam – Full Syllabus + 1800+ Practice Questions with Answer Keys
 eBook for NISM Series VII SORM Exam
eBook | NISM-Series-VII SORM Guide – Trade Lifecycle, Clearing Members, SEBI Rules, Margin Trading & Settlement Process

Printed Guide Book also available on Amazon & Flipkart
eBook version available for Kindle & Google Play Books



Latest SEBI & NISM Circulars, Compliance Updates & Regulatory News – Stay Exam-Ready for NISM Series VII SORM Certification 2025

We curate the most relevant and updated SEBI circulars, NISM notifications, and Exchange-issued regulatory guidelines—decoded for aspirants of the NISM Series VII: Securities Operations and Risk Management (SORM) exam. These updates cover clearing & settlement process, trade life cycle changes, investor grievance redressal, front-middle-back office compliance, custodianship, and stock broker responsibilities. All circulars are analyzed for MCQ impact, regulatory framing, and exam-oriented interpretation. Visit our SEBI Circulars & Exam Alerts section regularly to stay ahead for 2025.


NISM Series VIII Equity Derivatives 2025 – Test Objectives Summary, Focus Area & Exam Overview

NISM-Series-VII: SORM - Test Objective & Focus Areas

The NISM-Series-VII Securities Operations and Risk Management (SORM) Certification Exam is designed to evaluate a candidate's knowledge of Indian securities market infrastructure, brokerage operations, regulatory compliance, and risk mitigation mechanisms as defined by SEBI and NISM.

  • Market Structure & Instruments: Money, equity, debt, and derivatives markets – including IPOs, currency & index derivatives
  • Market Participants: Investors, issuers, intermediaries, depositories, custodians, and regulatory bodies like SEBI
  • Broking Operations: Client onboarding, KYC, order routing, sales, middle & back office processes, and order execution flow
  • Trade Lifecycle & Settlement: Clearing corporations, netting, account obligations, corporate action adjustments
  • Risk Management: Margins, surveillance, mark-to-market, VaR, early pay-in, stress testing & core SGF framework
  • Investor Grievance Redressal: Complaints, arbitration procedures, customer protection funds (IPF/CPF)
  • Regulatory Compliance: Books, reports, account statements, risk-based supervision, and broker liabilities
  • Broker Services: ASBA for IPOs, margin trading, depository services, mutual fund execution, and PMS

This exam is crucial for professionals in broking, compliance, and operations roles within securities firms.


Study Plan & Preparation Tips for NISM Series VII Securities Operations and Risk Management (SORM) Exam Prep 2025

Build a clear roadmap to crack the NISM Series VII Securities Operations and Risk Management (SORM) exam with confidence. Whether you’re new to the securities market or revisiting after a gap, our study plan ensures focused preparation on key topics such as the trade life cycle, front-middle-back office functions, clearing and settlement process, SEBI regulations, and risk management framework. Stay aligned with the latest SEBI/NISM regulatory updates and follow a structured approach using our online mock tests, guide book, eBook, and the 9R™ Exam Mastery Study Plan.

How to prepare for NISM Series VII SORM effectively:
– Start with the official syllabus PDF and devote the first 10–12 days to studying via our printed guide book or eBook, focusing on market structure, participants, and regulatory framework.
– Attempt chapter-wise MCQs covering clearing agencies, trade lifecycle steps, depository functions, and middle-back office responsibilities.
– Practice using our online mock tests and Udemy-based timed simulations with 1000+ exam-style questions and detailed answer keys.
– Focus more on compliance reporting, core SGF, margins in F&O and cash segment, investor protection guidelines, and arbitration.
– Use our revision plan, glossary flashcards, and analytics dashboard to identify weak topics before the final week.

  1. Download the updated NISM Series VII syllabus & daily checklist and map out your study schedule across 4 weeks.
  2. Follow our 9R™ Study Plan to prioritize segments like risk management, clearing settlement, and grievance redressal.
  3. Use the Gurukul App or Udemy Practice Set for realistic mock testing—aligned to SEBI's exam format and latest guidelines.
  4. Revise operational workflows such as order matching, margin monitoring, compliance audits, and penalty structures.
  5. In the final 3–4 days, focus on scenario-based MCQs, time-based mock simulations, risk control measures, and core settlement processes.

Topper’s Tip: “Focus deeply on clearing member roles, institutional trade settlement, and SEBI’s supervision framework. Mock test analytics + glossary review = score booster.”


9R Study Plan Framework: Crack NISM Series VII SORM Exam with Confidence

Preparing for the NISM Series VII: Securities Operations and Risk Management (SORM) exam on a tight schedule? Our exclusive 9R™ Exam Mastery Framework is a structured roadmap designed for operations, compliance, and broking professionals preparing for the SEBI-mandated certification. Whether you're using our online mock tests, Udemy practice sets, exam prep printed guide book, or eBook and glossary tools, this 9-step process improves concept retention, revision depth, and exam performance.

  1. R1 – Read: Begin with the official NISM Series VII syllabus PDF and overview of Indian securities market structure, market participants, and regulatory framework.
  2. R2 – Recall: Make concise notes on core concepts like trade life cycle, front-middle-back office roles, SEBI compliance functions.
  3. R3 – Review: Use our Printed Study Guide and eBook to revise critical areas such as clearing & settlement processes, investor grievance redressal, and margin obligations.
  4. R4 – Rehearse: Practice unit-wise mock tests focusing on risk management practices, surveillance mechanisms, and regulatory penalties.
  5. R5 – Resolve: Use detailed answer keys to clarify doubts on account statements, regulatory filing timelines, margin shortfalls, and order matching.
  6. R6 – Revise: Regularly revisit client onboarding rules, order types, IPO application handling, arbitration process, and Core SGF provisions. Stay updated via SEBI circulars.
  7. R7 – Replicate: Take full-length mock tests via our Gurukul LMS or Mobile App to simulate the actual NISM SORM exam environment under timed conditions.
  8. R8 – Reflect: Analyze your performance reports to identify weak areas such as custodian workflows, depository participant roles, or back-office accounting.
  9. R9 – Reattempt: Go through difficult MCQs again using our glossary flashcards, expert blog tips, and bonus practice sets for focused final-day revision.

9R™ Exam Mastery Study Plan

This 9-step learning approach is perfectly aligned with the NISM Series VII SORM 2025 syllabus and exam format. It covers key exam modules like risk reduction mechanism, clearing member obligations, investor complaint handling, SEBI reporting mandates, and margin supervision. Ideal for learners using our mock test series, smart MCQ banks, Udemy timed tests, and regulatory blogs tailored for SEBI/NISM readiness.


Glossary of Key Terms for NISM Series VII – Securities Operations and Risk Management (SORM) Exam Prep 2025

This glossary provides definitions for essential terms related to the Securities Operations and Risk Management (SORM), structured to align with the NISM exam syllabus.

  1. Securities Market: A marketplace where financial instruments like stocks, bonds, and derivatives are traded between buyers and sellers.
  2. SEBI (Securities and Exchange Board of India): The primary regulatory body for the securities market in India, responsible for protecting investor interests and regulating market participants.
  3. Stock Exchange: A centralized platform (like NSE or BSE) where trading of securities is conducted in an organized, transparent manner.
  4. Market Participants: All entities that participate in the securities market, including investors, brokers, depositories, clearing corporations, and regulators.
  5. Stock Broker (or Trading Member): A SEBI-registered member of a stock exchange who is authorized to buy and sell securities on behalf of investors.
  6. Depository: An institution (like NSDL or CDSL) that holds securities in electronic form (dematerialized form) and facilitates their transfer.
  7. Depository Participant (DP): An agent of the Depository (often a stock broker or bank) that provides depository services to investors, such as opening a Demat account.
  8. Clearing Corporation: An entity (like NCL or ICCL) that acts as a central counterparty (CCP) to all trades, guaranteeing settlement and managing risk.
  9. Clearing Member: A member of the clearing corporation responsible for clearing and settling trades executed on the exchange.
  10. Custodian: A specialized financial institution that holds securities and other assets in safekeeping for institutional clients like mutual funds and foreign investors.
  11. Trade Life Cycle: The complete sequence of events involved in a securities transaction, from order placement to final settlement.
  12. Front Office: The client-facing department of a brokerage firm, responsible for sales, trading, and client relationship management.
  13. Middle Office: The department responsible for risk management, compliance, and monitoring transactions between the Front and Back Office.
  14. Back Office: The department handling post-trade activities, including trade confirmation, accounting, clearing, and settlement.
  15. Dematerialization (Demat): The process of converting physical share certificates into an equivalent number of securities in electronic form.
  16. Initial Public Offering (IPO): The process by which a private company first sells its shares to the public, becoming a publicly-traded company.
  17. ASBA (Application Supported by Blocked Amount): A mandatory application process for IPOs where the application money remains blocked in the investor's bank account until shares are allotted.
  18. Order Management System (OMS): A software system used by brokers to manage the entire life cycle of a trade order, from entry to execution.
  19. Risk Management System (RMS): A system that performs pre-trade checks to ensure that a client's order complies with regulatory and internal risk policies before being sent to the exchange.
  20. Margin Trading: A facility that allows an investor to buy securities by borrowing funds from the broker, with the purchased securities acting as collateral.
  21. Derivatives: Financial contracts (like Futures and Options) whose value is derived from an underlying asset, such as a stock, index, or commodity.
  22. Equity Shares: A type of security that represents part-ownership in a company and entitles the holder to a portion of the company's profits (dividends).
  23. Clearing Bank: A bank designated by the clearing corporation to handle the fund settlement process for all trades.
  24. Internet-based Trading: A facility that allows investors to place trade orders directly through the broker's online platform or mobile app.
  25. KYC (Know Your Client): The mandatory process of identifying and verifying a client's identity and financial profile before providing any financial services.
  26. Clearing: The process of determining the obligations of clearing members for a trading period, including calculating the net funds and securities to be paid in or paid out.
  27. Settlement: The final step of a trade where the buyer pays for the securities and the seller delivers them, completing the transaction.
  28. Settlement Cycle (T+1): The mandated timeline for settling trades. T+1 means that all trades executed on a given day (T) must be settled on the next business day.
  29. Rolling Settlement: A settlement system where trades are settled on a continuous basis (e.g., T+1), rather than at the end of a longer settlement period.
  30. Netting: The process of aggregating a member's buy and sell positions in a security to arrive at a single net obligation for funds and securities.
  31. Central Counterparty (CCP): The role of a Clearing Corporation, where it becomes the buyer to every seller and the seller to every buyer, guaranteeing trade settlement.
  32. Pay-in and Pay-out: The process where clearing members deliver funds/securities (Pay-in) to and receive funds/securities (Pay-out) from the clearing corporation on the settlement day.
  33. Auction: A mechanism conducted by the exchange to acquire shares on behalf of a selling member who has defaulted on delivery, in order to fulfill the buyer's entitlement.
  34. Short Delivery: A situation where a seller fails to deliver the required number of securities to the clearing corporation on the settlement day.
  35. Close-out: The process of settling a trade in cash when shares could not be acquired in the auction. The defaulting seller must pay the price difference.
  36. Corporate Actions: Events initiated by a company that affect its securities and shareholders, such as dividends, stock splits, bonuses, or rights issues.
  37. Record Date: The cut-off date used by a company to determine which shareholders are eligible to receive the benefit of a corporate action.
  38. Ex-Date: The date on or after which a stock trades without the benefit of the upcoming corporate action. To receive the benefit, you must buy the stock before the ex-date.
  39. Risk Management: The process of identifying, measuring, and mitigating potential financial losses in securities operations, primarily through margins and monitoring.
  40. Margin: A deposit or collateral collected by the broker from the client (or by the clearing corporation from the member) to cover potential losses from adverse price movements.
  41. Value at Risk (VaR): A statistical measure used to quantify the level of financial risk within a portfolio over a specific time frame.
  42. Investor Protection Fund (IPF): A fund maintained by stock exchanges to compensate investors for financial losses in the event of a trading member's default.
  43. Arbitration: A quasi-judicial process for resolving disputes between a client and a broker, or between two brokers, without going to court.
  44. Investor Grievance Redressal: The formal mechanism through which investors can file complaints against listed companies or market intermediaries, typically via SEBI's SCORES platform.
  45. Code of Conduct: A set of rules and ethical principles prescribed by SEBI that stock brokers and their employees must adhere to in their professional dealings.
  46. Insider Trading: The illegal practice of trading securities based on unpublished price-sensitive information (UPSI) obtained through a privileged position.
  47. Money Laundering (PMLA): The Prevention of Money Laundering Act is a law aimed at combating the process of concealing the origin of illegally obtained money. Market intermediaries must have strong PMLA policies.
  48. Settlement Obligation: The final, netted amount of funds to be paid or received, and securities to be delivered or received, by a clearing member on settlement day.
  49. Collateral: Assets pledged by a clearing member to the clearing corporation (or by a client to the broker) as security against their obligations.
  50. Regulatory Framework: The complete set of laws, rules, and regulations (primarily from SEBI, the Exchanges, and Depositories) that govern the securities market.

FAQ - Frequently Asked Questions – NISM Series VII – Securities Operations and Risk Management (SORM) Exam Prep 2025

Q1. What is the NISM Series VII – Securities Operations and Risk Management (SORM) exam?

The NISM Series VII SORM exam tests the knowledge of securities market operations, clearing and settlement processes, risk management practices, and regulatory compliance as per SEBI guidelines.

Q2. Who should take the NISM Series VII certification?

The exam is ideal for professionals working in back office, middle office, compliance, operations, or clearing and settlement roles in broking or investment firms.

Q3. What is the duration of the NISM Series VII exam?

The exam is 2 hours long and consists of 100 multiple-choice questions.

Q4. What is the passing score for the NISM SORM exam?

You need to score at least 60% to pass the exam, i.e., 60 out of 100.

Q5. Is there negative marking in the NISM Series VII exam?

Yes, there is a negative marking of 25% for each incorrect answer.

Q6. How to register for the NISM Series VII exam?

You can register for the exam via the official NISM website and choose your preferred exam date and test center.

Q7. What is included in the NISM SORM exam syllabus?

The syllabus includes topics like trade life cycle, clearing and settlement, risk management, investor grievance redressal, SEBI regulations, and more.

Q8. Are there any mock tests available for NISM Series VII?

Yes, Gurukul On Road offers full-length online mock tests, Udemy practice sets, and detailed solutions for effective exam practice.

Q9. Can I get a free NISM Series VII mock test?

Yes, a free trial mock test is available on Gurukul’s platform to help you assess your current preparation level.

Q10. What are some key exam preparation tips for NISM SORM?

Follow a structured 9R™ study plan, revise using glossary terms, solve topic-wise MCQs, and practice full-length mocks regularly.

Q11. What is the trade life cycle in securities broking?

It is the complete process from order placement and execution to clearing, settlement, and post-trade reporting.

Q12. What are the roles of front, middle, and back office in broking?

Front office deals with client interaction, middle office handles compliance and risk, and back office manages trade processing and settlement.

Q13. What is the role of a clearing corporation?

It acts as a central counterparty (CCP) to all trades and ensures guaranteed settlement of securities and funds.

Q14. What is a clearing member?

A clearing member is an entity responsible for clearing and settling trades on behalf of trading members or clients.

Q15. What is the settlement cycle for Indian securities markets?

India follows a T+1 rolling settlement cycle for equity trades, where settlement is completed the next business day.

Q16. How are corporate actions like dividends and splits adjusted in trading?

Exchanges make adjustments to the security’s price and position based on the record date and ex-date of the corporate action.

Q17. What is SEBI's role in securities market regulation?

SEBI regulates market participants, ensures investor protection, monitors disclosures, and enforces rules and compliance.

Q18. What is the use of a risk management system (RMS)?

RMS performs pre-trade checks to ensure client orders follow risk policies, margin requirements, and exposure limits.

Q19. What is an Investor Protection Fund (IPF)?

IPF compensates investors in case of a trading member’s default or bankruptcy, as per SEBI guidelines.

Q20. What is investor grievance redressal in NISM context?

It is the structured process by which investors can file complaints with SEBI or exchanges via the SCORES platform.

Q21. What is a settlement obligation?

It is the final net amount of securities and funds to be delivered or received by the clearing member on settlement day.

Q22. What is margin trading?

Margin trading allows clients to buy securities by borrowing funds from brokers, using purchased securities as collateral.

Q23. What are portfolio management services (PMS)?

PMS are tailored investment solutions where a portfolio manager manages funds for high net-worth clients.

Q24. What are derivative market products?

They include futures and options contracts based on equity, index, or commodities to hedge or speculate price movements.

Q25. What is the benefit of the 9R™ Exam Mastery Study Plan?

It offers a strategic and phased approach to learning—covering reading, revising, rehearsing, reflecting, and reattempting with analytics.




Study Plan Request Form

Get Your Personalized 9R™ Study Plan – Absolutely Free! Please share details such as your role, function, preferred preparation time/day, concepts you're confident in, areas that need more focus, any specific topics requiring extra attention, and your weekend availability.

Your personalized plan will be emailed within 24 hours—faster if you mention the exam module (IE&IFS, PPB, AFM, RBWM). 100% privacy. Zero spam.






Prepare smarter, not harder - with GurukulOnRoad. Your all-in-one platform for SEBI-recognized NISM certifications, IIBF JAIIB/CAIIB, III Licentiate, Associateship & Fellowship, and FINRA SIE exam prep. We go beyond exams—offering industry-relevant corporate training, customized content development for BFSI, and Lean Six Sigma implementation & certification for performance-driven transformation. Join thousands of learners and professionals upgrading their careers with our expert-led programs, mock tests, and practical, outcome-focused learning tools.

eLearning NISM Exam Prep IIBF Exam Prep III Insurance Exams Online Mock Test Corporate BFSI Training Experiential Learning Emotional Wellbeing Content Development FINRA & NASAA About Us Universal FAQs

📩 Interested in Our BFSI Training Programs?

Click below to contact our learning consultants and receive a detailed proposal or demo.


🎯 Special Offer: Use Udemy Monthly Code GRKJUL25 for monthly discount off on all Exam Prep Courses. Grab the Offer. Click on respective Udemy link and while checkout use this code: GRKJUL25