NISM AcademyNISM Series IX Merchant Banking: exam pattern, syllabus and mock tests
For merchant banker staff working on IPOs, open offers, buybacks and delistings. NISM Series IX covers capital market functions and the work of SEBI-registered merchant bankers: managing public and rights issues, takeovers and open offers, buybacks and delistings, due diligence, and the regulatory framework around each.
NISM Series IX exam pattern at a glance
- Questions
- 100
- Duration
- 120 minutes
- Total marks
- 100
- Passing score
- 60% (60/100)
- Negative marking
- 25% per wrong answer
- Exam fee
- ₹1,500 + charges
- Certificate valid
- 3 years
100 multiple-choice questions, 1 mark each. Fees and pattern are set by NISM and can change, so confirm on the official NISM Series IX page before you book.
Who should take NISM Series IX?
Employees of merchant bankers handling issue management, open offers, buybacks and delistings, and professionals who sign due diligence certificates.
Why you need it: NISM sets it as the benchmark for merchant banker employees who perform SEBI-regulated activities and deal with issuers.
NISM Series IX syllabus: 8 chapters
- Introduction to the Capital Market
- Introduction to Merchant Banking
- Registration, Code of Conduct & General Obligations of Merchant Bankers in India
- Issue Management: Important Terms
- Issue Management: Process and Underwriting
- Issue Management: General Obligations of Merchant Bankers and Due Diligence
- Other Merchant Banking Activities: Mergers, Acquisitions & Takeovers
- Other Merchant Banking Activities: Disinvestment, Buyback of Equity Shares
How to prepare for NISM Series IX
Numbers matter here: thresholds, lock-ins and timelines. Build a sheet of them per regulation (ICDR, SAST, Buyback, Delisting) and drill it. 25% negative marking applies.
Not sure where you stand?
Take the free NISM Series IX level check. It takes about 30 minutes, needs no payment, and tells you which chapters to study first. Launch offer: free for our first 100 users. Log in and every mock test, note and flashcard is unlocked.
Start the level checkNISM Series IX FAQs
What is NISM Series IX?
NISM Series IX is the Merchant Banking Certification Examination conducted by the National Institute of Securities Markets. NISM sets it as the benchmark for merchant banker employees who perform SEBI-regulated activities and deal with issuers.
How many questions are in NISM Series IX?
The exam has 100 multiple-choice questions, 1 mark each, for a total of 100 marks. You get 120 minutes.
What is the passing score for NISM Series IX?
You need 60%, which is 60 out of 100 marks.
Is there negative marking in NISM Series IX?
Yes. 25% of a question’s marks are deducted for each wrong answer. Unattempted questions score zero.
How should I prepare for NISM Series IX?
Numbers matter here: thresholds, lock-ins and timelines. Build a sheet of them per regulation (ICDR, SAST, Buyback, Delisting) and drill it. 25% negative marking applies.
How do I register for NISM Series IX?
Create an account on NISM’s certification portal, choose the exam, pick a test centre or remote-proctored slot, and pay the fee online. NISM Academy can’t register you; we link you to the official portal.
How long is the NISM Series IX certificate valid?
Three years from the date you pass.