NISM Series IX Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The study material for NISM Series IX is NISM's own workbook, and it is free. NISM emails a soft copy after you enrol for the exam, and anyone can download it from NISM's study material page after filling in a short form with name, email, mobile, city and state. Printed copies are sold by Taxmann, NISM's publishing partner.
The workbook follows the exam's eight-chapter curriculum, so it is the base for everything else. Its weak spot is time. SEBI amends the issue, takeover, buy-back and delisting regulations every few months, and a workbook can only reflect the rules as they stood when it was written. Read the rule chapters against SEBI's current text.
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How to get the free workbook
- 1
Open NISM's study material download page
It is linked as "Study Material Download FREE" on every NISM exam page, including the Series IX page.
- 2
Fill in the form
Name, email, mobile number, city and state. All five are mandatory.
- 3
Pick the Series IX workbook
The portal lists every NISM certification workbook. Choose Merchant Banking, view it online or download the PDF.
- 4
Prefer paper?
Order a printed copy from Taxmann through the link on NISM's Buy Study Material page. The content is the same as the free PDF.
What to read alongside the workbook
Each SEBI regulation below sits under a specific workbook chapter. Use the version on SEBI's website marked with the latest amendment date.
SEBI (Merchant Bankers) Regulations, 1992
Workbook chapter it supports
Chapter 3: registration, code of conduct, general obligations
Why it matters
Registration conditions, the code of conduct and the obligations a merchant banker owes SEBI are tested as worded in the regulation. Last amended December 5, 2025.
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Workbook chapter it supports
Chapters 4, 5 and 6: issue terms, process, underwriting, due diligence, preferential issue, QIP, rights issue
Why it matters
The largest block of the paper. Eligibility, pricing, lock-in, minimum subscription and allotment rules all come from here. Last amended March 21, 2026.
SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Workbook chapter it supports
Chapter 7: mergers, acquisitions and takeovers
Why it matters
Open offer triggers, offer size, timelines and the merchant banker's role as manager to the offer. Last amended December 5, 2025.
SEBI (Buy-Back of Securities) Regulations, 2018
Workbook chapter it supports
Chapter 8: buy-back of equity shares
Why it matters
Permitted routes, limits and the merchant banker's certifications. Last amended July 6, 2026.
SEBI (Delisting of Equity Shares) Regulations, 2021
Workbook chapter it supports
Chapter 8: delisting of shares
Why it matters
Voluntary delisting, the exit price mechanism and the merchant banker's due diligence. Last amended September 3, 2025.
| Source | Workbook chapter it supports | Why it matters |
|---|---|---|
| SEBI (Merchant Bankers) Regulations, 1992 | Chapter 3: registration, code of conduct, general obligations | Registration conditions, the code of conduct and the obligations a merchant banker owes SEBI are tested as worded in the regulation. Last amended December 5, 2025. |
| SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 | Chapters 4, 5 and 6: issue terms, process, underwriting, due diligence, preferential issue, QIP, rights issue | The largest block of the paper. Eligibility, pricing, lock-in, minimum subscription and allotment rules all come from here. Last amended March 21, 2026. |
| SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 | Chapter 7: mergers, acquisitions and takeovers | Open offer triggers, offer size, timelines and the merchant banker's role as manager to the offer. Last amended December 5, 2025. |
| SEBI (Buy-Back of Securities) Regulations, 2018 | Chapter 8: buy-back of equity shares | Permitted routes, limits and the merchant banker's certifications. Last amended July 6, 2026. |
| SEBI (Delisting of Equity Shares) Regulations, 2021 | Chapter 8: delisting of shares | Voluntary delisting, the exit price mechanism and the merchant banker's due diligence. Last amended September 3, 2025. |
How to work the workbook, chapter by chapter
The eight chapters fall into three blocks. Read them in order; later chapters assume the vocabulary of earlier ones.
- check_circleChapters 1 and 2 (capital market, merchant banking): background reading. Note the regulators, the market participants and how merchant banking evolved in India.
- check_circleChapter 3 (registration, code of conduct, obligations): read with the Merchant Bankers Regulations open. Make a one-page list of every obligation, record and timeline the chapter names.
- check_circleChapter 4 (issue management terms): a glossary chapter. Learn each term well enough to recognise it inside a question stem, because chapters 5 and 6 use these terms without redefining them.
- check_circleChapters 5 and 6 (issue process, underwriting, due diligence, preferential issue, QIP, rights, IDR): the heart of the paper. Work through each issue type as a sequence: eligibility, pricing, minimum subscription, allotment, post-issue reporting. Check every figure against the ICDR Regulations.
- check_circleChapter 7 (takeovers): map the SAST Regulations onto the chapter. Know what triggers an open offer, what the merchant banker must certify and the order of the steps.
- check_circleChapter 8 (disinvestment, buy-back, delisting, debt, SBEB, dissenting shareholders, SME, AIF): a wide chapter with many short sub-topics. Make a table with one row per sub-topic: the merchant banker's role, the key document and the regulation that governs it.
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How Series IX tests what you read
The paper is 100 single-mark MCQs. Rule chapters produce questions that test one precise condition: which route a buy-back may take, who signs a due diligence certificate, when an open offer becomes mandatory, or how a preferential issue is priced. The trap is a figure or a timeline that an amendment changed. A candidate who revised from an old summary picks the answer that was correct two years ago and loses the mark, and a quarter of a mark more for the wrong answer.
Chapters 4, 5 and 6 also produce process questions: given a stage in an IPO, what must the lead manager file, and with whom. These are answered by knowing the order of the steps, not by memorising definitions. Read the ICDR chapter as a sequence of events and the questions become easy.
Spot stale notes in ten seconds
Check the amendment date a note quotes for any SEBI regulation, and check how it describes the paper. NISM's exam page says 100 questions of 1 mark each, 2 hours, pass at 60%, with 25% of a question's marks deducted for a wrong answer. Notes that quote no regulation date, or still describe the takeover or buy-back rules as they stood before the latest amendment, were written for an older version of the rules. The workbook and SEBI's website are the only two sources you need.
FAQs
Where can I download the NISM Series IX workbook PDF free?expand_more
From NISM's study material download page, after entering your name, email, mobile, city and state. NISM also sends a soft copy after you enrol for the exam. If it does not arrive, NISM's FAQ says to write to its certification helpdesk.
Is the NISM merchant banking study material free?expand_more
Yes. The soft copy of the workbook is free, whether you enrol or just use the download form. Only printed copies, sold through Taxmann, cost money.
Is the NISM workbook enough to pass Series IX?expand_more
It covers the full syllabus and is the only book written to the curriculum. Pair it with the current SEBI regulations for chapters 3 to 8, because the exam tests the rule as it stands and SEBI amends these regulations often.
Does NISM give sample questions for Series IX?expand_more
Yes. NISM's FAQ for this exam points to the chapter-end sample questions and the worked examples in the workbook, and carries a mock test link. NISM does not publish past papers for any series.
What is merchant banking in NISM?expand_more
In NISM's curriculum, merchant banking means the SEBI-regulated work of managing public issues, open offers, buy-backs and delistings for companies. Series IX is the certification for employees of SEBI-registered merchant bankers who do that work.
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