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NISM Merchant Banking Certification Examination

NISM Merchant Banking Exam - NISM Series IX Exam

The NISM Merchant Banking Certification Examination is the NISM Series IX of NISM Certifications. The exam was launched on March 21, 2013. It is an important exam for professionals working in the Investment Banking / Merchant Banking space. The exam is a difficult one with a nation-wide pass rate of around 60%.

This exam is also sometimes called as Merchant Banking NISM exam or NISM Series 9 exam.

The exam is a mandated one under SEBI (CAPSM) Regulations, 2007. Our team has drafted a few FAQs about the examination for the benefit of exam takers.

Whom is the NISM Merchant Banking Certification Examination mandatory for?

This certification is required to be passed by employees working with SEBI Registered Merchant Bankers in India.

Employees of Merchant Banking Firms who are performing SEBI regulated activities such as initial public offer, further public offer, Open Offers, Buy-backs, de-listing of shares, etc. are compulsorily required to pass the NISM Series IX Merchant Banking Certification Exam.

The Merchant Banking NISM examination is conducted by NISM in more than 150 cities in India and thousands of people take this NISM Exam.

The examination seeks to create a common minimum knowledge benchmark for employees working with SEBI registered Merchant Bankers, who

  • perform SEBI regulated activities such as initial public offer, further public  offer, Open Offer, Buy-back, Delisting;
  • deal with the issuers in connection with activities mentioned in (a) above;
  • deal with intermediaries associated with activities mentioned in (a) above;
  • act as designated Compliance Officer dealing with the activities mentioned in (a) above;
  • submit Due Diligence Certificates to SEBI in connection with the activities mentioned in (a) above;

The NISM Merchant Banking exam will further seek to ensure basic understanding of various aspects of capital market functions, the processes involved in various functions of registered Merchant Bankers and the regulatory environment in which it operates.

What topics are covered under the NISM Merchant Banking Exam?

The examination aims to enable a better understanding of various regulations in the Merchant Banking Domain. The examination also covers knowledge competencies related to the understanding of the financial structure in India and the importance of the different rules and regulations governing the Indian securities market.

On successful completion of the examination the candidate should:

  • Know the basics of the Merchant Banking in India.
  • Understand the functioning of Merchant Bankers related to Issue Management Process, Substantial Acquisition of Equity Shares, Buyback of Equity Shares and De-listing of Shares.
  • Know the regulatory environment in which the Merchant Bankers operates in India.

Where can I obtain the NISM Merchant Banking Exam Study Material?

Soft copy of the NISM Series IX – Merchant Banking Study Material can be downloaded free of cost from our website. If you wish to purchase a physical copy of NISM Merchant Banking Book / Study Material, you can purchase it online and the book will be delivered to your address. The books are also available at major bookstores across India.

Where can I find NISM Merchant Banking Mock Test?

Free NISM Series IX Merchant Banking Mock Test for NISM Series IX Merchant Banking Certification Exam is available at our website. The mock test consists of 10 sample questions and can be accessed by logging into our website. Premium NISM Mock Test for NISM IX Merchant Banking Exam consisting of 4 premium quality mock tests with 400 questions is also available at Rs. 399/- only. Each NISM mock test has a validity of 45 days and can be attempted 3 times during the subscription period.

How can I register and enroll for the NISM Series IX Exam?

Registration and Enrollment for all NISM Certification Examinations, including NISM Merchant Banking Exam can be done online through NISM Certification Portal or PrepCafe Academy’s NISM Registration Services.

For Registration to the NISM Certification portal, you should have your

  • Permanent Account Number (PAN),
  • Scanned Copy of your PAN Card,
  • Soft Copy of your photograph,
  • a valid email address and
  • your basic details such as your
    • Name,
    • Date of Birth,
    • Educational Details,
    • Employment Details, etc.

After successful submission of the online NISM Registration form, you will receive a NISM Registration Number and an activation link on your email. You will need to click on the activation link to activate your NISM Account. After activation, you will be able to login.

After login using your email and password, you need to go to “Enrolment” -> “Enroll for Examination” link and following the following steps:

Step 1: Selection of Examination: Here you need to select the NISM Series IX Merchant Banking Certification Examination.

Step 2: Check Seat Availability: Select the Exam City, Test Centre of your choice and the Date Range during which you wish to take the exam.

Step 3: Select a Time Slot: You will shown the availability of Test Slots for the exam. Select one and click “Enroll for the Examination”.

Step 4: Make Payment: Please accept the terms and conditions and proceed for online payment using credit card, debit card or internet banking.

After successful payment, your Admit Card will be generated. You should carry this admit card and an original identity card to the examination centre, 30 minutes before the actual exam time.

Acceptable identity cards are PAN Card, Driving License, Passport, Aadhar Card only.

What is the assessment structure for NISM Merchant Banking Examination?














Rs. 1500/-

What is the syllabus outline for NISM Series IX Merchant Banking Certification Examination?

Chapter No.

Chapter Name

Weightages %


Introduction to the Capital Market



Introduction to the Merchant Banking



Registration, Code of Conduct and General Obligations of Merchant Bankers in India



Issue Management – Important Terms



Issue Management – Process and Underwriting



Issue Management – General Obligations of Merchant Bankers and Due Diligence



Other Merchant Banking Activities – Mergers, Acquisitions and Takeovers



Other Merchant Banking Activities – Disinvestment, Buyback of Equity Shares





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