The chant filmed during the Freshers' Week included a reference to digging up and having sex with a female corpse.
A University of Nottingham spokeswoman said action was taken "in line with its code of discipline" for students.
Impact, the university's student magazine, said the students had been fined £150 each.
The group was filmed outside the Capital FM Arena on 28 September by a first year student, who did not want to be named.
The woman said she was "fed up" after hearing the misogynistic chants all week and so decided to film the behavior.
Student sanctions
The footage, which shows a mixed group of people chanting about having sex with a woman, was given to Impact, which published it on YouTube on 3 October.
She said: "I'm happy I did it and effectively it's put a stop to it."
The woman and other students said the group had been fined for their actions.
A spokeswoman for the University of Nottingham said it had worked alongside the students' union in its investigation.
She would not confirm that the students had been fined £150, which is the university's maximum penalty for breaking their code of discipline.
Some student union representatives were among those punished and are also set to face a disciplinary hearing over whether they broke the union's code of conduct.
A number of sanctions can be imposed, including a formal written warning about future conduct and those responsible could be removed from their positions on the committee.
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| The group was filmed singing the song during fresher's week |
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