NISM-Series IX: Merchant Banking Certification Exam Notes

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  • Merchant vs. Investment Banking: Merchant banking focuses on issue management; investment banking includes broader capital market activities.
  • Merchant Banking Services: Include underwriting, portfolio management, project appraisal, and foreign trade financing.
  • Investment Banking Scope: Encompasses stock trading, market making, and M&A advisory.
  • Merchant Banking Origin: Began in Italy, spread to France and UK in the 17th-18th centuries.
  • UK Merchant Banking: Focused on bill discounting, capital issues, and fund management.

NISM Merchant Banking

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