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Series IX · Advanced

Merchant Banking

Benchmark for employees of SEBI-registered merchant bankers handling issues, open offers, buy-backs and delisting.

Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.

Questions

100

Duration

120 min

Pass mark

60%

Negative marking

25%

Exam fee

₹1,500 + payment gateway charges

Validity

3 years

Why this certification matters

Benchmark for employees of SEBI-registered merchant bankers handling issues, open offers, buy-backs and delisting.

Who should take it: Merchant banking staff and compliance officers.

How VIA Capital preparation works

One clear path. Built for students, and built for discipline.

  1. Step 1

    Read

    Slide through the study book chapter by chapter.

  2. Step 2

    Practise

    Chapter questions with answer and explanation.

  3. Step 3

    Chapter tests

    Beginner and advanced tests for each chapter.

  4. Step 4

    Full mock sets

    100-question papers in a real exam screen.

  5. Step 5

    Review

    See every mistake and why, then improve.

Why prepare with VIA Capital

Student first

Simple screens, small steps, no clutter.

Every answer explained

If you get one wrong, you learn why.

Help on every question

Report anything confusing, our team fixes it.

Honest

Independent practice. We never claim to be NISM or promise a pass.

Practice pass · NISM Series IX

Everything you need to prepare, in one pass

  • Digital study book, read chapter by chapter
  • Chapter-wise questions to understand every chapter
  • Chapter tests, beginner and advanced
  • Full mock sets as questions are added
  • Answer and explanation for every question
  • Real exam screen with timer and question palette

Why we charge a small amount

This is not the NISM exam fee. It helps us run the platform: our research team writing and checking questions, keeping explanations accurate, and the technology behind the study book and exam screen.

ResearchQuestion writingTechnology
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  • Payment record in your accountYour payment and expiry date are saved to your VIA Capital account.

One simple package

…

11 days access · one series · incl. taxes

Try 10 questions free Start studying

The official NISM exam fee is paid separately to NISM.

Where it takes you

Covers IPOs, open offers, buy-backs and delisting at merchant bankers.

Merchant banking staff

Roles are common examples. Whether a certification is required for a role depends on SEBI rules and the employer; confirm on nism.ac.in.

Full syllabus · 8 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Introduction to Capital Market
    1. 1.1Introduction to Capital Market
    2. 1.2Capital Market
    3. 1.3Products in Indian Securities Market
    4. 1.4Participants in Indian Securities Market
    5. 1.5Regulators in Indian Securities Market
    6. 1.6Role of Investment Banker in Private Equity
  2. 2Chapter 2Introduction to the Merchant Banking
    1. 2.1Concept and Evolution of Merchant Banking
    2. 2.2Merchant Banking in India
    3. 2.3Regulatory Framework for Merchant Bankers in India
  3. 3Chapter 3Registration, Code of Conduct & General Obligations of Merchant Bankers in India
    1. 3.1Introduction
    2. 3.2Registration of Merchant Bankers
    3. 3.3Code of Conduct for Merchant Bankers
    4. 3.4General obligations and Responsibilities
    5. 3.5Redressal of Investor Grievances and SCORES
  4. 4Chapter 4Issue Management, Important Terms
    1. 4.1Understand the various terms related to Offering
  5. 5Chapter 5Issue Management, Process and Underwriting
    1. 5.1Issue Management
    2. 5.2Obligations Relating to Issues
    3. 5.3Pricing of Issue
    4. 5.4Underwriting
    5. 5.5Issuance Conditions and Procedures
    6. 5.6Minimum Subscription
    7. 5.7Allotment, Refund and Payment of Interest
    8. 5.8Post Issue Functions, Reporting and Compliance
  6. 6Chapter 6Issue Management, General Obligations of Merchant Bankers and Due Diligence
    1. 6.1General Obligations of Merchant Bankers with regards to Issue Management
    2. 6.2Preferential Issue
    3. 6.3Qualified Institutional Placement
    4. 6.4Rights issue
    5. 6.5Indian Depository Receipts
  7. 7Chapter 7Other Merchant Banking Activities-Mergers, Acquisitions & Takeovers
    1. 7.1Mergers, Acquisitions & Takeovers
    2. 7.2SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  8. 8Chapter 8Other Merchant Banking Activities, Disinvestment, Buyback of Equity Shares
    1. 8.1Disinvestment
    2. 8.2Role of Merchant Banker in Buy back of Equity Shares
    3. 8.3Role of Merchant Banker in Delisting of Shares
    4. 8.4Role of Merchant Bankers in Issue and Listing of Debt Securities
    5. 8.5Role of Merchant Banker in Share Based Employee Benefits
    6. 8.6Role of Merchant Banker in cases where exit opportunity is required to be given to dissenting shareholders
    7. 8.7Role of Merchant Banker in Issue of Securities by SME
    8. 8.8Role of Merchant Banker in Alternative Investment Funds

Source: NISM curriculum page. Chapter names and order follow NISM; sub-topic numbering (1.1, 1.2) is added by VIA Capital for easy reading. NISM may revise its curriculum; always confirm on nism.ac.in.

Quick revision · flashcards

NISM Series IX flashcards

Flip 10 cards free as a demo. The practice pass opens every card, chapter by chapter.

NISM Series IX: questions people ask

What is NISM Series IX?

NISM-Series-IX: Merchant Banking Certification Examination. Benchmark for employees of SEBI-registered merchant bankers handling issues, open offers, buy-backs and delisting.

What is the exam pattern?

100 questions, 100 marks, 120 minutes. Pass mark 60%. Negative marking of 25% of the marks for a question.

What is the fee and validity?

NISM lists the fee as ₹1,500 plus payment gateway charges. The certificate is valid for 3 years and is issued only if your PAN is updated. Always confirm on nism.ac.in.

Is VIA Capital official NISM material?

No. VIA Capital is an independent preparation platform. Use the official NISM workbook and register only on the NISM website.

How many questions are in the NISM Series IX exam?

NISM lists 100 questions for 100 marks, to be answered in 120 minutes.

What is the passing score for NISM Series IX?

You need 60% (60 of 100 marks) to pass.

Is there negative marking in NISM Series IX?

Yes. 25% of the marks for a question are deducted for each wrong answer, so guessing has a cost.

Who should take NISM Series IX?

Merchant banking staff and compliance officers.

How do I prepare for NISM Series IX on VIA Capital?

Follow the five steps: read each chapter, practise questions, pass the chapter tests, take the full mock tests, then sit the final practice exam. Your progress is saved to your account.

Where do I register for the real exam?

Only on the official NISM website, nism.ac.in. VIA Capital is an independent preparation platform and cannot book or conduct the NISM exam.

Ready to test yourself?

100 questions · 120 minutes · 25% negative marking. First 10 questions free, then full papers with the practice pass.

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Ready to book the real exam?

How to register on the official NISM website

VIA Capital does not take exam registrations. Enrolment, fees and certificates are handled only by NISM. Follow these steps on their website.

  1. 1

    Create your NISM account

    Register on the official NISM certification portal with your name exactly as on your ID, plus email and mobile.

  2. 2

    Choose the examination

    Select the series you want (for example, Series V-A) and read the current test objectives and rules.

  3. 3

    Pick a test centre and date

    Choose an available test centre or mode, date and time slot.

  4. 4

    Pay the examination fee

    Pay the fee shown on the NISM portal. Fees can change, so rely only on the amount NISM shows.

  5. 5

    Keep your confirmation

    Save the enrolment confirmation and carry a valid photo ID on exam day.

Go to NISM certification portal Official NISM website

Opens nism.ac.in in a new tab. Always check current fees, rules and eligibility there.