It is a programme of 5 years which comprises of 15 terms with each year having 3 terms of 3 months each.

• Candidate need to have a minimum of 60% aggregate in Class 10 or SSC and in Class 12 or HSC or equivalent exams for General, NC-OBC and EWS category.
• Candidate need to have a minimum of 55% aggregate in Class 10 or SSC and in Class 12 or HSC or equivalent exams for SC, ST and PWD category.
• Candidates in the final year of their Class 12 standard are also eligible to apply. These candidates will be provided admissions provisionally.
• Candidate need to be maximum 20 years of age as on July 31, 2021 for General category.
•Candidates need to be maximum 22 years of age as on July 31, 2021 for SC/ST category.

• A minimum of 60% is needed in X and XII standards or equivalent examinations
• Candidate need to be maximum 20 years of age as on July 31, 2021
• The candidates need to appear for the Aptitude Test that is the SAT for international applicants.

The marking scheme for IPMAT is that: For each correct answer the candidate is awarded 4 marks and for every wrong answer, it will bring a penalty of 1 mark. But, there is no negative marks for Short Answer questions (QA-SA).

The IPM pass out students are awarded with the Bachelors degree from IGNOU and a degree of Integrated Diploma in Management by IIM-Indore/IIM-Rohtak

YES, One can do that but there are some complications which makes it, not a good thought to be practical enough.
Basically, one can leave the programme after first 3 years of IPM, but, it is a 5 year programme, therefore it won't give any certification or testimonial of 3 years of study at IIM.
Therefore, one will be left only with IGNOU degree and 3 years of IPM education that isn't even certified.
So, leaving mid-course will leave one high and dry and also since the only certification one will have is from IGNOU. Hence, it may not be advised to leave IPM after 3 years.