NISM Series IX Mock Test: Merchant Banking
Up to 30 full-length mock tests of 100 questions each, built on the official syllabus, with an explanation for every answer.
About the NISM Series IX exam
NISM Series IX covers merchant banking — the capital market, issue management under SEBI ICDR, book building, underwriting, due diligence, takeovers, buybacks and delisting.
Who should take it: Professionals working with SEBI-registered merchant bankers on IPOs, FPOs, rights issues and takeover transactions.
NISM Series IX exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes |
| Passing score | 60% |
| Negative marking | −0.25 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NISM Series IX question bank
Our 50-question bank for NISM Series IX covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Introduction to Capital Market4 practice questions
- Introduction to Merchant Banking4 practice questions
- Registration, Code of Conduct & Obligations6 practice questions
- Issue Management – Important Terms8 practice questions
- Issue Management – Process & Underwriting10 practice questions
- Issue Management – Obligations & Due Diligence7 practice questions
- Mergers, Acquisitions & Takeovers6 practice questions
- Disinvestment & Buyback5 practice questions
Free NISM Series IX sample questions
Try five questions from our bank. Each mock test gives you 100 like these, with your score, chapter-wise analysis and explanations at the end.
Which feature best distinguishes the primary market from the secondary market?
- Securities are issued for the first time and the issuer receives the money
- Only listed securities are traded between existing investors
- Prices are always fixed by SEBI rather than by demand and supply
- Only institutional investors are permitted to participate
Show answer & explanation
Answer: A. Securities are issued for the first time and the issuer receives the money
In the primary market, new securities are created and sold so funds flow to the issuer; secondary market trades happen between investors.
Under the SEBI (Merchant Bankers) Regulations, 1992, the core activity that defines a merchant banker is:
- Accepting public deposits and granting loans to corporates
- Holding securities in electronic form on behalf of investors
- Issue management, including arranging the selling, buying or subscription of securities and acting as manager, consultant or adviser
- Executing trades on a stock exchange on behalf of clients
Show answer & explanation
Answer: C. Issue management, including arranging the selling, buying or subscription of securities and acting as manager, consultant or adviser
The regulations define a merchant banker by its issue-management business; deposit taking, custody and broking are other activities.
Which of the following is permitted to act as a merchant banker in India?
- Any chartered accountant in practice without SEBI registration
- A body corporate registered with SEBI as a merchant banker
- Any listed company for its own issues without registration
- An individual investor with a demat account
Show answer & explanation
Answer: B. A body corporate registered with SEBI as a merchant banker
No one can carry on merchant banking activity without a certificate of registration from SEBI, and registration is granted to body corporates.
What does the term 'red herring prospectus' (RHP) refer to in a book-built issue?
- A prospectus filed after the issue has closed containing allotment details
- An offer document that does not contain the final price or the exact number of shares offered
- A document used only for private placements to QIBs
- A prospectus that SEBI has rejected
Show answer & explanation
Answer: B. An offer document that does not contain the final price or the exact number of shares offered
The RHP carries all disclosures except the final price and quantity, which are determined through book building and appear in the final prospectus.
Which of the following is one of the eligibility tests under Regulation 6(1) of SEBI ICDR for a main-board IPO?
- An average operating profit of at least ₹15 crore during the preceding three years, with operating profit in each of those years
- A net worth of at least ₹100 crore in each of the preceding five years
- A minimum of 10,000 shareholders before filing the draft offer document
- A track record of dividends for ten consecutive years
Show answer & explanation
Answer: A. An average operating profit of at least ₹15 crore during the preceding three years, with operating profit in each of those years
Regulation 6(1) requires net tangible assets, an operating profit track record (average ₹15 crore over three years with profit each year) and net worth tests.
NISM Series IX mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 1,000 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 1,500 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 2,000 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 3,000 questions | ₹449 incl. GST |
Official study material
Links open the official website. We do not host or alter official material.
NISM Series IX mock test FAQs
How many questions are there in the NISM Series IX exam?
The NISM Series IX paper has 100 multiple-choice questions for 100 marks, to be completed in 120 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series IX?
Yes. −0.25 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NISM Series IX?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series IX mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NISM Series IX study material?
NISM provides the latest workbook free of cost on its official portal after a short registration. The link is in the Official study material section on this page.