NISM Series IX Exam Pattern
100 marks, 2 hours, negative marking: exactly how Series IX is scored and passed.
NISM Series IX, the Merchant Banking Certification Examination, is one paper of 100 multiple choice questions worth 1 mark each, so 100 marks in all. You get 2 hours. The pass mark is 60 out of 100 (60%). Every wrong answer costs 25% of the question's marks, which on a 1-mark question is 0.25. A question you leave blank costs nothing.
The exam is computer-based and taken at a test centre on a date and time slot you pick yourself. There are no case studies, no descriptive answers and no sectional cut-offs. The whole paper is single-answer MCQs on the 8 chapters of NISM's Series IX curriculum, which the syllabus page lists chapter by chapter.
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Series IX at a glance
As NISM states it under Assessment Structure on the exam page.
| Item | Detail |
|---|---|
| Questions | 100, all multiple choice with one correct option |
| Marks per question | 1 |
| Total marks | 100 |
| Duration | 120 minutes (2 hours) |
| Pass mark | 60 out of 100 (60%) |
| Negative marking | 25% of the marks assigned to a question: 0.25 for each wrong answer |
| Unanswered question | 0, no deduction |
| Case studies or sections | None. One flat paper, one overall pass mark |
| Mode | Computer-based at a test centre, on a slot you choose through NISM's certification portal |
| Result | A temporary mark sheet is given at the end of the examination |
How the score is worked out
Your score is the number of correct answers minus a quarter of the number of wrong answers. Four wrong answers wipe out one correct answer. Worked example: you answer 90 questions, get 66 right and 24 wrong, and leave 10 blank. That is 66 minus 6 (24 divided by 4), a score of 60. You pass, just.
Change one number and it goes the other way. 64 right, 26 wrong, 10 blank: 64 minus 6.5 is 57.5, a fail. The gap between passing and failing is often two or three guesses, which is why the next section matters.
If you attempt all 100, you need at least 68 correct answers: 68 minus a quarter of 32 is 60. With 67 correct and 33 wrong you land on 58.75, a fail.
When to guess and when to leave a question
The arithmetic gives a clear rule for a four-option MCQ with 0.25 negative marking:
- check_circleYou can rule out one or two options: answer. The expected gain rises with every option you eliminate.
- check_circleYou have no idea at all: a blind guess among four options gains only about 0.06 marks on average (a 1 in 4 chance of 1 mark against a 3 in 4 chance of losing 0.25). Flag it and come back if time allows.
- check_circleNever leave a question blank that you half know. The deduction is small; the mark you give up is whole.
Free account, this exam preselected.
Time per question
120 minutes for 100 questions is 72 seconds each. Recall of a regulation, a definition or a step in the issue process should take under a minute. Questions that give a short scenario about an offer, a takeover or a buyback and ask you to apply a threshold take longer. Budget for a first pass that answers everything you know, then a second pass on the questions you flagged.
How NISM Series IX tests the material
The paper is flat MCQ, but the 8 chapters produce different question styles:
- check_circleChapters 1 and 2 (capital market basics, what merchant banking is): plain definitions and who-does-what questions. Which regulator, which participant, which product.
- check_circleChapter 3 (registration, code of conduct, general obligations): the SEBI (Merchant Bankers) Regulations as facts. Who needs registration, what the code of conduct requires, how investor grievances are handled through SCORES.
- check_circleChapters 4 to 6 (issue management: terms, process, underwriting, obligations, due diligence): the bulk of the paper's scenario questions. Expect a short fact pattern about an IPO, FPO, rights issue or QIP and a question on pricing, minimum subscription, allotment, post-issue reporting or due diligence.
- check_circleChapter 7 (mergers, acquisitions and takeovers): the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Trigger thresholds, open offer mechanics and timelines.
- check_circleChapter 8 (disinvestment, buyback, delisting, debt issues, SME issues, employee benefit schemes, AIFs): the merchant banker's role in each, usually tested as a which-of-these-is-correct question.
- check_circleThe trap: Series IX is a numbers-and-days paper disguised as a reading paper. The ICDR, SAST, buyback and delisting regulations are full of percentages, minimum amounts and day counts, and SEBI amends them often. When two options differ only by a figure, the question is testing exactly this. Learn each number from the current workbook.
Delivery mode and the result
Series IX is not a remote-proctored exam. You register on NISM's certification portal, then choose a test centre, a date and a time slot. There is no exam calendar to wait for. At the centre you take the paper on a workstation and click one answer per question.
A temporary mark sheet is handed over at the end of the examination. NISM does not re-evaluate MCQ papers. If you believe a specific question had an error, raise it at the test centre before you leave; NISM considers only on-the-spot requests.
Fee, PAN rule, validity and renewal are on the registration page. The chapter list and what each chapter covers is on the syllabus page.
FAQs
Is there negative marking in the NISM merchant banking exam?expand_more
Yes. NISM deducts 25% of the marks assigned to a question for every wrong answer. Each Series IX question carries 1 mark, so a wrong answer costs 0.25. Four wrong answers cancel one right one. A blank question costs nothing.
What is the pass mark for NISM Series IX?expand_more
60 out of 100 (60%). There is one pass mark for the whole paper and no separate minimum for any chapter or section. Because of negative marking, a candidate who answers every question needs 68 correct answers to reach 60.
How many questions are in NISM Series IX and how long is it?expand_more
100 multiple choice questions of 1 mark each, to be completed in 2 hours (120 minutes). That is 72 seconds per question on average.
Can I take the NISM Series IX exam from home?expand_more
No. Series IX is a test-centre exam. NISM runs some newer certifications in remote-proctored mode, but the merchant banking exam page does not list it as one. You choose a centre, date and slot on the certification portal.
What if I fail the NISM Series IX exam?expand_more
You can register again and book a fresh slot. NISM's Series IX pages do not set out a rule on the gap between attempts. Booking details are on the registration page.
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