Build a career as a NISM Series IX
The SEBI-mandated certification for employees of SEBI-registered merchant bankers handling IPOs, buybacks, takeovers and delistings.
Know the NISM Series IX before you start
100 MCQs (1 mark each)
Total Questions
100
Total Marks
60% (60/100)
Pass Mark
3 years
Certificate Validity
Roles & salary as you grow
The NISM Series IX opens an entry role that promotes upward: here's the ladder and what each rung pays.
Stage 1
Merchant Banking Associate
₹5–12 LPA
Executes IPO/FPO, rights issue and buyback mandates for a SEBI-registered merchant banker.
Stage 2
Investment Banking Analyst
₹6–15 LPA
Supports capital markets transactions — due diligence, prospectus drafting and regulatory filings.
Stage 3
Compliance Officer, Merchant Banking
₹8–18 LPA
Submits due-diligence certificates to SEBI and ensures ICDR/Takeover Code compliance on live deals.
*Indicative ranges from public data; actual pay varies by employer, city and cycle.
Are you eligible?
Education
No strict educational bar published by NISM; the certification targets working employees of merchant banking firms rather than fresh graduates.
Age
No prescribed minimum age.
Nationality
Open to Indian nationals working in or entering merchant banking.
How the NISM Series IX is structured
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
What you'll study
menu_bookIntroduction to Merchant Banking
menu_bookPublic Issues — IPO and FPO
menu_bookRights Issues and Buybacks
menu_bookTakeovers and Delisting
menu_bookCompliance and Due Diligence
How to crack the NISM Series IX
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.
The NISM Series IX cycle
On-demand, book any available slot at a NISM test centre
3 years from passing
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NISM Series IX: common questions
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.
More NISM Advisory & Distribution pathways
NISM Series XXI-A
Become a SEBI-recognised certified PMS distributor equipped to sell and distribute Portfolio Management Services.
NISM Series XV-B
The renewal exam for NISM Series XV holders — a refresher training video plus a one-hour, no-negative-marking assessment.
NISM Series XXV-B
The SEBI-mandated certification for sales and support staff at Investment Adviser firms who don't give the advice themselves.