NISM-Series-VII: Securities Operations & Risk Management (SORM) Rank Separator™ Mock Test Guide. A RegDEEP™ 2026 Examiner-Grade Exam Prep System with 1200+ MCQs for Margin, Clearing, Settlement, Grievance, Risk Management, Compliance & Regulatory Judgment. Built to Train Regulatory Reasoning, Elimination Logic & Rank-Level Decision Making For associated persons handling client funds, risk, settlement, and grievance redressal in stock broking operations. Spread across four progressive cognitive tracks R-CW™ 300+ MCQs, R-AI™ 500 MCQs, & R-MAT™ + R-QI™ 300 MCQs along with 100+ Warm-up MCQs.
Unlike traditional question banks that focus on memory recall, this guide is built to reflect how examiners test real operational judgment. It integrates margin computation (VaR + ELM), exposure monitoring linked to Liquid Net Worth, settlement cycle interpretation (cash vs derivatives), multi-day MTM aggregation, auction and short delivery mechanics, grievance escalation timelines, and Code of Conduct compliance scenarios.
Structured using the RegDEEPMCQ™ framework, the guide includes cross-unit integrated cases and rank-separator level questions that require candidates to interpret regulatory intent, not merely identify definitions. It trains learners to handle ambiguity, avoid common traps (calendar vs working days, exposure vs margin confusion, cash vs F&O rule mixing), and apply structured numerical reasoning under exam pressure.
Structured in 4 Progressive Cognitive Tracks
Clarity → Integration → Judgment → Precision / R-CW™ → R-AI™ → (R-MAT™ + R-QI™). Designed to elevate thinking depth, not just question count.

Warm-up Test 100 MCQs
ChapterWise Practice Test (R-CW™): 300+ MCQs
AssessmentIntent™ 5 Mock Tests (R-AI™): 500 MCQs
RankSeparator™ 3 Mastery Test (R-MAT™): 300 MCQs
QuantIntent™ Numerical & Calculation (R-QI™ Included in R-MAT™)

R-CW™ (Foundation > Outcome): I know the term → I can apply it → I can avoid traps
R-AI™ (Exam Simulation > Outcome): I can connect chapters → I can solve scenarios
R-MAT™ (Regulator Thinking > Outcome): I think like examiner → I think like regulator
R-QI™ (Precision > Outcome): I compute correctly → I interpret correctly → I judge precisely
NOTE: R-QI™ Numerical questions are incorporated in to R-MAT (No Separate Section)

This book is particularly relevant for associated persons of registered stock brokers, trading members, and clearing members involved in client funds, operational risk, grievance redressal, internal controls, and margin supervision.

Designed as both an exam preparation tool and a regulatory reasoning simulator, this guide strengthens decision-making discipline required in real-world securities market operations.

Who This Guide Is Designed For

This mock test guide is specifically aligned for:
Associated persons of:
 A Registered Stock Broker
 A Trading Member
 A Clearing Member
 Participants of a Recognized Stock Exchange

Particularly those involved in activities having direct regulatory sensitivity, including:

(a) Handling of Assets or Funds of Investors or Clients
 Client margin collection and reporting
 Segregation of client and proprietary accounts
 Running account settlement compliance
 Margin trading facility operations
 Early pay-in adjustments
 Clearing account obligations

(b) Redressal of Investor Grievances
 SCORES framework understanding
 Exchange grievance redressal mechanism
 Arbitration and appellate arbitration procedure
 21-calendar-day compliance logic
 Documentation and closure protocols

(c) Internal Control or Risk Management
 Pre-trade risk management systems
 Exposure monitoring
 Liquid Net Worth computation
 Margin shortfall handling
 Default waterfall sequencing
 Core Settlement Guarantee Fund structure

(d) Activities Having a Bearing on Operational Risk
 Trade confirmation workflow
 Contract note compliance
 Depository and clearing integration
 Short delivery and auction process
 Internal RMS vs exchange limits
 Regulatory reporting obligations

If your role touches compliance, client funds, settlement processing, exposure monitoring, documentation, or dispute resolution - this guide prepares you for both the examination and real-world accountability.