Introduction to the Merchant Banking
20 questions. Each answer is explained.
Question 1 of 10Practice · Series IX — Merchant Banking
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Learn these topics
More units in NISM Series IX
- Introduction to Capital Market15
- Registration, Code of Conduct & General Obligations of Merchant Bankers in India20
- Issue Management – Important Terms15
- Issue Management – Process and Underwriting25
- Issue Management – General Obligations of Merchant Bankers and Due Diligence20
- Other Merchant Banking Activities-Mergers, Acquisitions & Takeovers20
- Other Merchant Banking Activities – Disinvestment, Buyback of Equity Shares15
Exam format
| Questions | 100 · 1 mark each |
|---|---|
| Duration | 120 min · 2 hours |
| Pass mark | 60% · 60 of 100 marks |
| Negative marking | 25% · 0.25 marks off per wrong answer |
| Certificate validity | 3 years · from the date of the examination |
| Marks for this unit | Not published by NISM |
NISM Series IX Merchant Banking
Exam rules read on NISM's site on 17 October 2026. Check the current rules on NISM's site (opens in a new tab)
What these answers assume, and when it was last checked
Each question uses the rules listed below. We last checked them on 5 September 2026. A Budget or SEBI circular can change a rate, lot size or expiry day. If a rule changes before your exam, treat the linked questions as out of date and check NISM's current workbook.
- NSE uses Tuesday expiry and BSE uses Thursday expiry. This applies from 1 September 2025.
- The January 2026 index lot sizes are NIFTY 65, BANKNIFTY 30, FINNIFTY 60, MIDCPNIFTY 120 and NIFTYNXT50 25.
- The October 2024 SEBI framework sets a minimum index contract value of Rs 15–20 lakh. Each exchange may list one weekly benchmark index.
- Option buyers pay the premium upfront from 1 February 2025. A short index option has an extra 2% Extreme Loss Margin on expiry day from 20 November 2024.
- Equity short-term capital gains are taxed at 20%. Long-term gains are taxed at 12.5% above Rs 1.25 lakh. Both rates apply from 23 July 2024.
- F&O income is non-speculative business income in ITR-3. NSE equity derivatives trade from 9:15 a.m. to 3:40 p.m.
- The final ten-minute session began on 3 August 2026. It aligns with the cash market Closing Auction Session.
- Most Securities Transaction Tax questions test the base and who pays. On an option sale, it is the premium and the seller pays. On a futures sale, it is the traded value and the seller pays.
- On exercise, Securities Transaction Tax uses intrinsic value: settlement price minus strike price. The buyer pays it.
- Two questions test the current rate. From 1 April 2026, option sales carry 0.15% on the premium and futures sales carry 0.05% on traded price. The earlier rates were 0.10% and 0.02% from 1 October 2024.
- This section uses the T+1 rolling settlement cycle. Obligations are fixed on T+1. A short delivery goes to buy-in auction on T+1 and settles on T+2.
- The trade-for-trade surveillance segment uses direct close-out. Funds pay in by 10:30 a.m. and pay out on or after 1:30 p.m. on settlement day.
- Securities pay in to the settlement pool by 10:30 a.m. They pay out directly to the client’s demat account by 3:30 p.m.
- The 3:30 p.m. deadline replaced 1:30 p.m. under SEBI’s 10 October 2024 circular. Direct client credit was required by SEBI’s 5 June 2024 circular.
- The optional T+0 cycle trades until 1:30 p.m. Obligations are fixed by 2:30 p.m. on the trade day. An early pay-in shortage is closed out directly.
- Cash-market Value at Risk margin is six times exponentially weighted moving-average volatility. It has a 9% floor for Group I, a 21.5% floor for Group II, and a fixed 50% or 75% level for Group III.
- Extreme Loss Margin is 3.5% for a share and 2% for a broad-market-index exchange traded fund. Mark-to-market margin is collected before the next day’s trading. The trade-for-trade segment has 100% upfront margin.
- Close-out uses the higher of the highest price from trade day to auction day and 20% above the auction day’s official close.
- A funds shortage costs 0.07% a day. The trading facility is withdrawn at a shortage of Rs 5 lakh or more.
- SCORES allows 21 calendar days, then two 15-day review levels. Online Dispute Resolution moves from conciliation to arbitration after the market participant and SCORES steps.
- At NSE, the Investor Protection Fund limit is Rs 35 lakh per investor for each defaulting or expelled member. This applies to claims arising after 13 August 2024.
- A Basic Services Demat Account has no annual maintenance charge up to Rs 4 lakh of holdings. It costs up to Rs 100 above that, until the Rs 10 lakh eligibility ceiling. These slabs apply from 1 September 2024.
- The rupee pairs are USD-INR, EUR-INR, GBP-INR and JPY-INR. The cross-currency pairs are EUR-USD, GBP-USD and USD-JPY.
- Each contract covers 1,000 units of the foreign currency, except JPY-INR. JPY-INR covers 100,000 yen and is quoted in rupees per 100 yen.
- The tick is 0.25 paise, or Rs 0.0025. It equals Rs 2.50 a contract.
- Rupee pairs trade from 9:00 a.m. to 5:00 p.m. A monthly contract stops trading at 12:30 p.m. two working days before the expiry month’s last business day.
- Final settlement is in cash at the FBIL reference rate on expiry day. FBIL, Financial Benchmarks India, has published this rate in place of the Reserve Bank since 2018. Premium-style European options are quoted in rupees. The buyer pays the premium in cash on T+1.
- Daily settlement is on T+1 and final settlement is on T+2.
- NSE Clearing circular 026/2020 sets SPAN margin plus Extreme Loss Margin. The futures margin is 0.50% for USD-INR, 0.15% for EUR-INR, 0.25% for GBP-INR and 0.35% for JPY-INR. A short option has 0.75%. These figures apply from 1 June 2020.
- A USD-INR client may hold 6% of total open interest or USD 20 million, whichever is higher. A trading member may hold 15% or USD 100 million.
- A resident user has one USD 100 million equivalent limit across all rupee pairs and exchanges. No document is needed below that limit, but a valid underlying contracted exposure must still exist. This clarification applies from 3 May 2024.
- The currency segment has no Securities Transaction Tax.
The exam figures (questions, time, pass mark, negative marking and certificate validity) come from NISM's own pages, read on 17 October 2026. Timed practice uses the same figures. Study with the official workbook as well.
The written-out answers on this page are hidden while your timed set runs.
All 20 questions on Introduction to the Merchant Banking, with answers
Q1Which activity falls directly within the regulatory meaning of merchant banking in India?
Option A. Providing insurance against property damage
Why it is wrong: Property insurance is not the securities issue-management business in this definition.
Option B. Executing ordinary investor exchange orders
Why it is wrong: Executing secondary-market orders is a stock-broking function rather than the issue-management activity described.
Option C. Managing a securities issue — Correct answer
Option D. Accepting household savings deposits
Why it is wrong: Deposit taking is not the issue-management activity used in the merchant-banker definition.
Answer: C. Managing a securities issue is merchant banking because the regulatory definition covers issue management and related advisory work. Remember: Issue management is central to the regulatory definition of merchant banking.
Hint, shown before you answer in practice mode: Common mistake: Assuming every activity with the word banking belongs to merchant banking. Think about arranging the sale or subscription of securities.
IX-016easyregulatory
Q2Which service is more characteristic of commercial banking than securities issue management?
Option A. Accepting repayable deposits — Correct answer
Option B. Preparing an issue timetable
Why it is wrong: An issue timetable supports issue management rather than deposit taking.
Option C. Advising on an offer structure
Why it is wrong: Offer-structure advice is part of securities transaction work.
Option D. Coordinating an equity offering
Why it is wrong: Coordinating an equity offering is an issue-management service.
Answer: A. Accepting repayable deposits is characteristic of commercial banking rather than securities issue management. Remember: Deposit taking and issue management are different financial functions.
Hint, shown before you answer in practice mode: Common mistake: Treating commercial banking and merchant banking as interchangeable. Compare routine borrowing-and-lending services with capital-market transaction services.
IX-017easyconceptual
Q3What does loan syndication primarily arrange for a large borrowing requirement?
Option A. Borrowing solely from one lender
Why it is wrong: A single-lender loan does not bring together the lender group described by syndication.
Option B. Selling only fresh ordinary equity
Why it is wrong: An equity issue raises ownership capital rather than arranges a syndicated loan.
Option C. Financing from several lenders — Correct answer
Option D. Replacing loans with trade receivables
Why it is wrong: Loan syndication brings lenders together rather than converts borrowing into receivables.
Answer: C. Loan syndication arranges financing from several lenders for a borrower’s funding requirement. Remember: Syndication brings multiple lenders into a financing arrangement.
Hint, shown before you answer in practice mode: Common mistake: Confusing a lender group with a group of share buyers. Think about sharing one financing requirement across participating institutions.
IX-018easyconceptual
Q4How does a private placement generally differ from an offer made to the public?
Option A. It only trades existing shares on an exchange
Why it is wrong: Exchange resales are secondary-market transactions rather than the defining feature of private placement.
Option B. It invites the public at large
Why it is wrong: A public invitation is the contrasting route rather than the targeted placement described.
Option C. It offers every holder proportionate rights
Why it is wrong: Proportionate shareholder entitlements describe a rights offer rather than every private placement.
Option D. It approaches selected investors — Correct answer
Answer: D. A private placement approaches selected investors rather than offering securities to the public at large. Remember: Private placement describes a targeted route for offering securities.
Hint, shown before you answer in practice mode: Common mistake: Assuming a targeted offer is free from legal requirements. Compare who is invited to subscribe, not whether regulation exists.
IX-019easyconceptual
Q5Which receipt most directly represents income from a merchant banker’s agreed transaction-advisory service?
Option A. Investor money pending allotment
Why it is wrong: Application money belongs to the transaction process rather than the adviser as earned income.
Option B. A dividend on the client’s shares
Why it is wrong: A dividend is a return on ownership rather than a payment for advisory work.
Option C. Repayment of a loan’s principal
Why it is wrong: Principal repayment returns lent money rather than paying for advice.
Option D. An advisory fee from the client — Correct answer
Answer: D. An advisory fee pays for the merchant banker’s agreed professional service. Remember: Service income should be distinguished from investor funds and investment returns.
Hint, shown before you answer in practice mode: Common mistake: Counting every transaction-related cash receipt as the adviser’s income. Separate compensation for a service from investment and funding cash flows.
IX-020easyconceptual
Q6Which SEBI regulations specifically establish the registration framework for merchant bankers?
Option A. SEBI (Credit Rating Agencies) Regulations, 1999
Why it is wrong: These govern credit rating agencies rather than merchant-banker registration.
Option B. SEBI (Mutual Funds) Regulations, 1996
Why it is wrong: These regulate mutual funds rather than merchant-banker registration.
Option C. SEBI (Merchant Bankers) Regulations, 1992 — Correct answer
Option D. SEBI (Portfolio Managers) Regulations, 2020
Why it is wrong: These govern portfolio managers rather than merchant-banker registration.
Answer: C. The SEBI (Merchant Bankers) Regulations, 1992 establish the registration framework specifically for merchant bankers. Remember: Each intermediary must be checked against its own registration framework.
Hint, shown before you answer in practice mode: Common mistake: Using another intermediary’s regulations because both operate in securities markets. Match the intermediary’s activity with its dedicated regulatory framework.
IX-021easyregulatory
Q7A company wants advice on the balance between borrowing and equity funding. Which assignment best describes this requirement?
Option A. Capital-structure advisory — Correct answer
Option B. Trade-confirmation processing
Why it is wrong: Trade confirmation records transactions rather than selecting a financing structure.
Option C. Dividend-payment administration
Why it is wrong: Dividend administration distributes declared payments rather than plans funding sources.
Option D. Securities-custody administration
Why it is wrong: Custody handles safekeeping rather than the debt-equity financing mix.
Answer: A. Capital-structure advisory addresses the mix of debt and equity used to finance a company. Remember: Capital structure concerns how the business is financed.
Hint, shown before you answer in practice mode: Common mistake: Confusing financing design with routine transaction administration. Think about the mix of financing sources on the balance sheet.
IX-022mediumapplication
Q8A young company has uncertain near-term cash flows. It wants funding without mandatory periodic interest payments. Which route best fits this stated requirement?
Option A. Borrowing through a revolving credit line
Why it is wrong: A used credit line normally creates an interest obligation rather than equity funding.
Option B. Issuing ordinary equity — Correct answer
Option C. Taking an interest-bearing term loan
Why it is wrong: A term loan creates the interest-payment obligation the company wants to avoid.
Option D. Issuing fixed-coupon debentures
Why it is wrong: Fixed-coupon debentures create contractual interest obligations.
Answer: B. Ordinary equity fits because it does not create mandatory periodic interest payments, although it dilutes ownership. Remember: Financing choices involve both payment obligations and ownership effects.
Hint, shown before you answer in practice mode: Common mistake: Ignoring repayment and interest obligations when comparing debt with equity. Identify which financing instrument makes the investor an owner.
IX-023mediumapplication
Q9What should an engagement letter most directly clarify before a merchant banker starts a transaction assignment?
Option A. The regulator’s approval of every disclosure
Why it is wrong: An engagement letter does not substitute for the applicable review of the offering.
Option B. The agreed scope and fee terms — Correct answer
Option C. The future listing price and volume
Why it is wrong: Future trading outcomes cannot be settled by the adviser’s service engagement.
Option D. The final basis of investor allotment
Why it is wrong: Final allotment arises later and is not the primary purpose of the adviser’s engagement letter.
Answer: B. The engagement letter should clarify the agreed work and fee terms so each party understands the assignment. Remember: Clear engagement terms define the adviser’s responsibilities and compensation.
Hint, shown before you answer in practice mode: Common mistake: Leaving commercial responsibilities unstated until the transaction closes. Think about preventing disagreement between a client and its adviser.
IX-024mediumconceptual
Q10A founder wants investor introductions, valuation support and term negotiation for a private equity round. Which role best matches these needs?
Option A. A securities custodian
Why it is wrong: A custodian primarily safeguards assets rather than negotiates the funding transaction.
Option B. A dividend-paying agent
Why it is wrong: A paying agent distributes payments rather than negotiates private equity terms.
Option C. An exchange surveillance officer
Why it is wrong: Exchange surveillance monitors trading rather than advises a founder’s funding round.
Option D. A transaction adviser — Correct answer
Answer: D. A transaction adviser can support investor selection, valuation and negotiation for the proposed financing round. Remember: Private equity advisory can cover more than introducing an investor.
Hint, shown before you answer in practice mode: Common mistake: Assuming the adviser’s role ends once an investor is introduced. Look for coordinated advice across the financing transaction.
IX-025mediumapplication
Q11An investor’s offer provides a higher valuation but stronger control rights. What should the issuer’s adviser compare?
Option A. Economic terms and governance rights — Correct answer
Option B. The immediate transaction fees alone
Why it is wrong: Fees alone do not evaluate the financing proposal’s valuation and control trade-offs.
Option C. The quoted valuation alone
Why it is wrong: The attached control rights can materially affect the proposal even when the valuation is higher.
Option D. The proposed governance rights alone
Why it is wrong: Governance rights matter, but the economic terms must also be compared.
Answer: A. The adviser should compare both economic terms and governance rights because either can materially affect existing owners. Remember: A financing proposal cannot be assessed from valuation alone.
Hint, shown before you answer in practice mode: Common mistake: Choosing the highest headline valuation without reviewing attached rights. Consider what each party receives beyond a quoted valuation.
IX-026mediumapplication
Q12Management proposes buying the business it currently operates from its owners. What transaction is being considered?
Option A. A horizontal merger
Why it is wrong: The case describes managers acquiring ownership, not two competing operating businesses merging.
Option B. A management buy-in
Why it is wrong: A management buy-in involves an outside management team rather than the existing managers described.
Option C. A management buyout — Correct answer
Option D. A reverse takeover
Why it is wrong: The facts do not describe a target obtaining control of an acquiring listed vehicle.
Answer: C. A management buyout occurs when the business’s management acquires ownership from its existing owners. Remember: The identity of the acquiring group defines a management buyout.
Hint, shown before you answer in practice mode: Common mistake: Confusing a change in share structure with a change in ownership. Identify who is acquiring the business, rather than the method of payment.
IX-027mediumapplication
Q13A company raises a new loan solely to repay an existing loan nearing maturity. What is the main financing purpose?
Option A. Refinancing existing debt — Correct answer
Option B. Rescheduling without replacing the existing loan
Why it is wrong: The case expressly uses a new loan to repay the old one rather than simply amending the old maturity.
Option C. Funding a new operating project
Why it is wrong: The stated use is to replace maturing debt rather than finance a new project.
Option D. Converting existing debt into equity
Why it is wrong: The borrower replaces debt with new debt rather than issuing equity to extinguish it.
Answer: A. This is refinancing because the new borrowing replaces an existing debt obligation. Remember: Refinancing replaces existing finance rather than necessarily adding a new operating asset.
Hint, shown before you answer in practice mode: Common mistake: Assuming every new loan finances business expansion. Trace the use of the new borrowing rather than its source.
IX-028mediumapplication
Q14Which professional is primarily engaged to provide a formal external opinion on financial statements in an issue process?
Option A. The share transfer agent
Why it is wrong: A transfer agent handles securities records rather than audits the financial statements.
Option B. The bidding syndicate member
Why it is wrong: A syndicate member supports bidding rather than issues the statutory audit opinion.
Option C. The statutory auditor — Correct answer
Option D. The advertising agency
Why it is wrong: An advertising agency prepares communications rather than audits financial statements.
Answer: C. The statutory auditor provides the formal audit opinion on the financial statements within the applicable audit framework. Remember: An issue involves specialist roles that should not be confused with one another.
Hint, shown before you answer in practice mode: Common mistake: Assuming the merchant banker personally performs every specialist function. Distinguish financial assurance from marketing and application processing.
IX-029mediumconceptual
Q15A company receives underwriting support for its issue. Which outcome is NOT guaranteed merely by that support?
Option A. Subscription support under the agreement
Why it is wrong: Subscription support is the purpose of an underwriting commitment.
Option B. A defined contractual commitment
Why it is wrong: The underwriting agreement specifies the underwriter’s commitment.
Option C. Coverage of an agreed shortfall
Why it is wrong: An agreed shortfall is precisely the exposure underwriting can cover.
Option D. A higher share price after listing — Correct answer
Answer: D. Underwriting does not guarantee a higher post-listing share price because its commitment concerns subscription under agreed terms. Remember: Underwriting is not a guarantee of secondary-market returns.
Hint, shown before you answer in practice mode: Common mistake: Treating subscription support as protection against investment losses. Separate the issue’s subscription arrangements from later secondary-market performance.
IX-030mediumapplication
Q16An issuer pays for issue management but investors need reliable disclosures. Which approach best reconciles the merchant banker’s responsibilities?
Option A. Treat investor interests as unrelated to the mandate
Why it is wrong: Investor interests remain relevant to responsible issue management.
Option B. Follow the issuer’s disclosure wishes without review
Why it is wrong: Client instructions do not displace professional disclosure responsibilities.
Option C. Serve the mandate without compromising disclosure duties — Correct answer
Option D. Promise investor returns to support the issuer
Why it is wrong: Promises of returns do not resolve the adviser’s duties.
Answer: C. The merchant banker must serve the mandate without compromising investor-oriented disclosure and conduct duties. Remember: Commercial engagement does not override the merchant banker’s professional obligations.
Hint, shown before you answer in practice mode: Common mistake: Assuming the paying client can require misleading disclosures. Payment by a client does not remove duties owed under the regulatory framework.
IX-031mediumapplication
Q17A company has ₹60 crore debt and ₹40 crore equity. It raises ₹20 crore fresh equity and repays ₹15 crore debt. What debt-equity ratio results?
Option A. 0.75 times — Correct answer
Option B. 0.67 times
Why it is wrong: This assumes the entire ₹20 crore raise repays debt rather than the stated ₹15 crore.
Option C. 1.00 times
Why it is wrong: This adds the new equity but ignores the stated debt repayment.
Option D. 1.13 times
Why it is wrong: This reduces debt but incorrectly retains only the original ₹40 crore equity.
Answer: A. The resulting debt-equity ratio is 0.75 because debt falls to ₹45 crore and equity rises to ₹60 crore. Debt = ₹60 crore − ₹15 crore = ₹45 crore. Equity = ₹40 crore + ₹20 crore = ₹60 crore. Ratio = ₹45 crore ÷ ₹60 crore = 0.75, ignoring issue costs. Remember: Financing and repayment in the same transaction can change both parts of a leverage ratio.
Hint, shown before you answer in practice mode: Common mistake: Updating the equity balance without also applying the specified debt repayment. Update the equity raised and debt repaid as two separate balance-sheet changes.
IX-032hardnumerical
Q18An advisory contract charges ₹8 lakh plus 0.5% of funds raised above ₹40 crore. What fee applies to a ₹70 crore raise?
Option A. ₹15 lakh
Why it is wrong: This includes the variable fee but omits the fixed fee.
Option B. ₹28 lakh
Why it is wrong: This applies the variable fee to ₹40 crore rather than the ₹30 crore excess.
Option C. ₹23 lakh — Correct answer
Option D. ₹43 lakh
Why it is wrong: This charges the variable fee on the entire ₹70 crore instead of only the excess.
Answer: C. The fee is ₹23 lakh because the variable charge applies only above the stated threshold. Chargeable excess = ₹70 crore − ₹40 crore = ₹30 crore. Variable fee = 0.5% × ₹30 crore = ₹15 lakh. Total fee = ₹8 lakh + ₹15 lakh = ₹23 lakh, ignoring taxes. Remember: A transaction fee must be calculated using the contract’s specified base.
Hint, shown before you answer in practice mode: Common mistake: Applying a success fee to the full transaction when the agreement uses only an excess amount. First identify the amount to which the variable fee actually applies.
IX-033hardnumerical
Q19A founder owns 60 of 100 shares and will not subscribe. How many new shares can be issued while retaining at least 50% ownership?
Option A. 60 shares
Why it is wrong: Sixty new shares would substantially exceed the allowed dilution in this case.
Option B. 10 shares
Why it is wrong: Ten shares would leave the founder above 50% and is not the maximum.
Option C. 20 shares — Correct answer
Option D. 40 shares
Why it is wrong: Forty new shares would reduce the founder’s ownership below 50%.
Answer: C. At most 20 new shares can be issued because the founder must retain at least half the enlarged capital. 60 ÷ (100 + new shares) ≥ 0.50. The largest total is 120 shares, so the maximum new issue is 120 − 100 = 20 shares. Remember: Dilution changes ownership by changing the total shares outstanding.
Hint, shown before you answer in practice mode: Common mistake: Applying the target percentage only to the old share capital. The founder’s share count stays fixed while the total share count increases.
IX-034hardnumerical
Q20An adviser introduces an investor but has no commitment to subscribe. The investor later withdraws. The issuer demands that the adviser fund the shortfall. What governs this demand?
Option A. Whether an underwriting obligation was actually agreed — Correct answer
Option B. The investor’s initial indication of interest
Why it is wrong: An investor’s indication does not automatically bind the adviser to purchase securities.
Option C. The issuer’s original expectation of full subscription
Why it is wrong: An expectation of subscription does not create an agreed underwriting obligation.
Option D. The fact that an introduction fee was discussed
Why it is wrong: Discussion of an introduction fee does not itself establish an underwriting commitment.
Answer: A. The demand depends on an actual underwriting obligation because an introduction mandate alone does not commit the adviser to fund the shortfall. Remember: An advisory assignment should not be confused with an underwriting commitment.
Hint, shown before you answer in practice mode: Common mistake: Assuming every adviser automatically bears the issuer’s subscription risk. Distinguish arranging a transaction from committing one’s own subscription support.
IX-035hardapplication
Introduction to the Merchant Banking: common questions
How many practice questions are there on Introduction to the Merchant Banking?
20 questions, all written out on this page with the correct answer and why each other option is wrong. This unit is one of the 8 practice topics for NISM Series IX, which has 150 questions in total.
Are these real NISM Series IX questions on Introduction to the Merchant Banking?
No. LearnNifty wrote every question from NISM's public syllabus. NISM does not publish its question bank, so nobody can offer you the real paper. Use these questions to check that an idea has gone in. Use the official NISM workbook to see what is examined.
Does negative marking apply to NISM Series IX?
Yes. NISM takes off 25% of a question's marks for a wrong answer. On a 1-mark question that is 0.25 marks off. A blank question earns nothing and loses nothing, so a wrong guess costs marks on this paper. Timed practice here uses the same rule.
Are these practice questions kept up to date?
Each question is written against the rules printed on this page, last checked on 5 September 2026. A Budget or a SEBI circular can change a rate, a lot size or an expiry day. If one of those rules changes before your exam, treat the questions that use it as out of date. Then check NISM's current workbook.
Registration, Code of Conduct & General Obligations of Merchant Bankers in India
20 questions on Registration, Code of Conduct & General Obligations of Merchant Bankers in India. Its quiz opens on that unit.
Open Registration, Code of Conduct & General Obligations of Merchant Bankers in IndiaPaper Trading Try it on the practice trading desk