Merit list in ca exams

Hello to All,

I have a small doubt which I wanted to get clarified.

What is the concept of Merit List in CA Exams?Is that only the list of Rankers which will be announced through that list or is there anything else?Like,the list of highest scoreres subject wise and highest score in each individual group etc..Because Institute awards students based on paper wise also calling "Best Paper".So how come Best paper in each subject is selected?

Thank You.