NISM Series IX (Merchant Banking) study guide
NISM Series IX (Merchant Banking) · Work through your exam, one topic at a time.
NISM Series-IX, the Merchant Banking Certification Examination, is one of the certification examinations offered by the National Institute of Securities Markets (NISM), a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India. NISM carries out capacity building activities aimed at enhancing quality standards in the securities markets, and its certification examinations sit within that mandate. The NISM Series IX (Merchant Banking) study guide has 5 sections and about 1,779 words.
01Introduction to the Indian Capital Market
The exam tests the market's plumbing: who regulates what, how a security moves from issuance to settlement, and which instrument does which job. Most questions are definitional, but they turn on precise distinctions.
332 words, about 2 min02Introduction to Merchant Banking
This domain tests identity and scope: who is legally a merchant banker, which category they hold, the capital behind it, and what work falls inside the definition. Expect definition and eligibility questions rather than calculations.
339 words, about 2 min03Regulatory Framework for Merchant Bankers
The most rule-dense domain: entry requirements, continuing obligations, the code of conduct, record-keeping and the consequences of breach. Section 12(1) of the SEBI Act, 1992 bars any intermediary from dealing in securities without registration.
348 words, about 2 min04Issue Management and Capital Raising
The heaviest-weighted area: eligibility to raise capital, offer structure and allotment mechanics under the SEBI (ICDR) Regulations, 2018. Appoint Category I lead managers, file the DRHP with SEBI, receive observations, file the RHP, run the bid, allot, and list (T+3).
392 words, about 2 min05Other Merchant Banking Services and Ethics
This domain covers the advisory and transaction services sold alongside issue management, and the conduct standards the regulator expects when those services create conflicts. Underwriting: a commitment to subscribe to the unsubscribed portion; unsold shares devolve on the underwriter.
368 words, about 2 min