NISM Series IX: pattern, syllabus and full mock tests
The SEBI-mandated certification for employees of SEBI-registered merchant bankers handling IPOs, buybacks, takeovers and delistings.
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The NISM-Series-IX: Merchant Banking Certification Examination sets the knowledge benchmark for employees of SEBI-registered merchant bankers who work on public issues, rights issues, buybacks, takeovers and delistings. It is administered by the National Institute of Securities Markets (NISM), established by SEBI.
Eligibility Criteria
schoolEducation
No strict educational bar published by NISM; the certification targets working employees of merchant banking firms rather than fresh graduates.
cakeAge Limit
No prescribed minimum age.
flagNationality
Open to Indian nationals working in or entering merchant banking.
Exam Pattern
A single online computer-based exam of 100 MCQs (1 mark each) for 100 marks, to be completed in 120 minutes. The passing score is 60% (60 marks), with negative marking of 25% of the marks assigned to a question (0.25 mark per wrong answer). The certificate is valid for 3 years, subject to furnishing a PAN at registration.
NISM Series IX Certification Exam
Online (NISM-authorised test centres)120 min| Section | Questions | Marks |
|---|---|---|
| Merchant Banking: single paper (all chapters) | 100 | 100 |
Key Topics & Syllabus
Introduction to Merchant Banking
- check_circleRole of merchant bankers
- check_circleSEBI registration and categories of merchant bankers
Public Issues — IPO and FPO
- check_circleSEBI (ICDR) Regulations, 2018
- check_circlePricing, book building and ASBA
Rights Issues and Buybacks
- check_circleRights entitlement and renunciation
- check_circleBuyback methods under SEBI Buyback Regulations
Takeovers and Delisting
- check_circleSEBI Takeover Code (SAST) and open offer triggers
- check_circleDelisting regulations
Compliance and Due Diligence
- check_circleProspectus preparation and due diligence
- check_circleDRHP filing and post-issue obligations
Inside NISM Series IX Premium
NISM IX question bank, rolling out now
Access covers the full Series IX question bank as each chapter goes live - no extra charge later.
AI study plan
Built around the 5-chapter syllabus - IPOs, rights issues, buybacks, takeovers and compliance.
Chapter-wise drills as they launch
Practice each syllabus area on its own as content is added, instead of waiting for the full bank.
Every answer explained
A worked explanation on every question, as questions go live.
Career Roles & Salary
Merchant Banking Associate
₹5–12 LPA
Executes IPO/FPO, rights issue and buyback mandates for a SEBI-registered merchant banker.
Investment Banking Analyst
₹6–15 LPA
Supports capital markets transactions — due diligence, prospectus drafting and regulatory filings.
Compliance Officer, Merchant Banking
₹8–18 LPA
Submits due-diligence certificates to SEBI and ensures ICDR/Takeover Code compliance on live deals.
Full mock tests for NISM Series IX
Everything above is free. When you're ready for unlimited full-length mocks, complete question banks and answer explanations, unlock NISM Series IX Premium.
A failed IX attempt costs a fresh ₹1,500 NISM registration fee and weeks of delay. Premium access costs ₹499, once - and covers the full IX question bank as it's built out, at no extra charge.
You save ₹100 today
- NISM IX question bank, rolling out now
- AI study plan
- Chapter-wise drills as they launch
One payment, no subscription · Valid for 1 month
How to Prepare
Register on the NISM certification portal
Create an account at certifications.nism.ac.in and complete your profile, including PAN.
Select the exam and pay the fee
Choose NISM-Series-IX and pay the ₹1,500 registration fee (plus payment gateway charges) online.
Book your test slot
Schedule the exam at an available date and NISM-authorised test centre.
Study the official workbook
Study public issues, rights issues, buybacks, takeovers, delisting and SEBI ICDR regulations.
Take and pass the exam
100 questions, 2 hours, score at least 60% (60 marks), with 0.25 negative marking per wrong answer.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Exam scheduling | On-demand, book any available slot at a NISM test centre |
| Certificate validity | 3 years from passing |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
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NISM Series IX FAQ
Who needs the NISM Series IX certification?
Employees of SEBI-registered merchant bankers who execute SEBI-regulated capital markets activities — IPOs, FPOs, open offers, buybacks and delistings — interact with issuers on these transactions, or serve as designated compliance officers submitting due-diligence certificates to SEBI.
What is the passing mark?
60%, that is, 60 marks out of 100, with negative marking of 25% of the marks assigned to a question for every wrong answer.
What is the exam fee?
₹1,500 plus applicable payment gateway charges.
How long is the certificate valid?
3 years, provided the candidate has furnished/updated their PAN at registration.
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