An experimental study on exchange bias (EB) and magnetic properties of bulk Mn50Ni41Sn9 Heusler alloy has been performed using magnetization measurements. A large value of EB field of 1165 Oe in the martensite phase has been observed after 10 kOe field cooling process. The observed double shifted hysteresis loop after zero field cooling and a large training effect strongly suggest the presence of EB phenomenon in this alloy. The reason for the large EB field may be an additional antiferromagnetic exchange interaction present between Mn atoms on Ni sites and the Mn atoms on the regular sites. The effect of various parameters, such as temperature and cooling field, on the EB properties has also been studied.