What is the NISM IX exam?
The NISM Series IX: Merchant Banking Certification Examination is mandated by SEBI for employees of registered merchant bankers who perform regulated capital-markets activities — including IPO and FPO management, open offers, buybacks, delisting, and due diligence. The exam is computer-based, consists of 100 multiple-choice questions, and must be completed in 120 minutes.
What this practice test covers
- Introduction to capital markets and merchant banking in India
- Merchant banker registration, code of conduct, and general obligations
- Issue management — process, underwriting, allotment, and due diligence
- Mergers, acquisitions, and SEBI Takeover Regulations
- Disinvestment, buyback of shares, and delisting procedures
Passing the NISM IX exam
You need 60% (60 marks out of 100) to pass NISM Series IX. The exam carries 25% negative marking — one-fourth of a question's marks are deducted for each wrong answer — so accuracy matters as much as coverage. Practising under these rules with timed mock tests is the fastest way to find and fix your weak areas before exam day.
Why practice with mock tests
Reading the workbook tells you what you know; a timed mock test tells you what you can actually answer under pressure. Full-length mocks build exam-day stamina, surface the topics you keep getting wrong, and train you to apply the negative-marking discipline required to pass NISM IX on the first attempt.