March 26, 20267 min read

SEBI Grade A Exam Pattern 2025-26: Phase I, Phase II, Phase III and Stream-Wise Breakdown

Complete SEBI Grade A exam pattern covering Phase I screening (200 marks), Phase II mains with stream-wise papers, Phase III interview, and detailed breakdown for General, Legal, IT, Engineering and Research streams.

SEBI Grade A exam pattern financial regulation securities

SEBI Grade A (Officer Grade A — Assistant Manager) is one of the most prestigious regulatory body exams in India. The Securities and Exchange Board of India recruits officers across multiple streams — General, Legal, Information Technology, Engineering, and Research — and the exam pattern is genuinely demanding, especially in Phase II where domain-specific knowledge of securities regulation and capital markets is tested.

If you're coming from a banking exam background, you need to know that SEBI Grade A is a different beast. Let's walk through the complete structure.

Selection Process Overview

Stage	Nature	Marks	Purpose
Phase I	Screening (CBT)	200	Shortlisting for Phase II
Phase II	Mains (CBT)	200	Merit
Phase III	Interview	50	Merit

Final merit = Phase II + Phase III marks. Phase I is purely screening — those marks are discarded once you qualify.

Phase I — Screening Examination

Total: 200 marks | 120 minutes

Phase I has two parts — a common section and a stream-specific section. Sectional timing is enforced.

Section	Questions	Marks	Duration
General Awareness (including Financial Awareness)	25	25	20 min
English Language	25	25	20 min
Quantitative Aptitude	25	25	20 min
Reasoning Ability	25	25	20 min
Stream-Specific Paper	50	100	40 min

Marking scheme: +1 for correct in the common section, +2 for correct in the stream-specific section. Negative marking of 0.25 per wrong answer across all sections.

Stream-Specific Paper in Phase I (100 marks)

The stream-specific section varies by the stream you're applying for:

Stream	Phase I Stream Paper Topics
General	Commerce, Accountancy, Management, Economics, Governance
Legal	Indian Constitution, Contract Act, Company Law, Securities Law
IT	Computer Science fundamentals, DBMS, Networking, Cybersecurity
Engineering (Civil/Electrical)	Branch-specific engineering subjects
Research	Statistics, Econometrics, Data Analysis, Research Methodology

The stream paper in Phase I carries 100 out of 200 marks — that's half the paper. Most candidates clear or fail Phase I based on their performance in this section. Don't ignore it.

Phase II — Mains Examination

Total: 200 marks | 120 minutes

Phase II consists of two papers conducted on the same day. The structure differs slightly by stream, but for the General stream (most common), here's the layout:

General Stream — Phase II

Paper	Subject	Marks	Duration	Type
Paper I	Commerce, Accountancy, Management, Economics, Governance, Financial System	100	60 min	MCQ + Descriptive
Paper II	Securities Market, SEBI Regulations, Capital Markets	100	60 min	MCQ + Descriptive

Each paper typically has an MCQ component (60-70 marks) and a descriptive component (30-40 marks). The descriptive section includes essay-type and analytical questions.

Legal Stream — Phase II

Paper	Subject	Marks	Duration
Paper I	Company Law, Securities Law, SEBI Act, SCRA, Depositories Act	100	60 min
Paper II	Indian Constitution, Civil Law, Criminal Law, Arbitration, IBC	100	60 min

IT Stream — Phase II

Paper	Subject	Marks	Duration
Paper I	Computer Science, Software Engineering, DBMS, Networking	100	60 min
Paper II	Information Security, Cyber Law, IT in Financial Markets	100	60 min

Key Subjects for SEBI Grade A (General Stream)

Phase II is where SEBI Grade A really stands out from other exams. You need to understand securities regulation at a practical level. Here's what the syllabus demands:

Securities Market & SEBI Regulations

SEBI Act 1992, Securities Contracts (Regulation) Act 1956, Depositories Act 1996
SEBI (LODR) Regulations 2015 — heavily tested; SEBI (ICDR) Regulations — IPO/FPO process
SEBI Takeover Regulations — open offer triggers; Insider Trading Regulations — connected persons
Mutual fund regulations, portfolio management, alternative investment funds, credit rating agencies

Commerce, Economics and Management

Financial statements analysis, corporate governance, Indian economy (fiscal and monetary policy)
Banking system, NBFCs, FEMA basics, government securities market
Strategic management, organizational behavior, HRM basics, marketing fundamentals

Phase III — Interview

Total: 50 marks | 30-40 minutes

The SEBI interview is conducted in Mumbai (SEBI headquarters). The panel includes senior SEBI officials and external experts.

Focus Area	Weight
Domain knowledge (securities market, regulation)	High
Current developments in capital markets	High
Analytical and logical reasoning	Medium
Communication and personality	Medium

Expect questions on recent SEBI orders, capital market developments, regulatory changes, and your understanding of SEBI's mandate. If you've been following SEBI circulars and board meeting outcomes, you'll have a significant edge.

Minimum qualifying marks for the interview are specified in the notification — typically 40% for General and 35% for reserved categories.

Final Merit Calculation

Component	Marks
Phase II (Paper I + Paper II)	200
Phase III (Interview)	50
Total	250

Phase I marks are not counted. Merit list is prepared stream-wise.

Qualifying Marks

Category	Phase I (%)	Phase II (%)
UR (General)	40%	40%
OBC (NCL)	35%	35%
SC / ST	30%	30%
PwBD	30%	30%

These minimums apply to the overall paper, not section-wise. However, SEBI may specify sectional minimums in certain recruitment cycles.

FAQ

How many vacancies does SEBI Grade A typically have?

SEBI Grade A recruitment varies widely — from as few as 30-40 posts in some years to 150+ in larger recruitment drives. The General stream usually accounts for the majority of vacancies.

Can I apply for multiple streams in SEBI Grade A?

No. You can apply for only one stream per recruitment cycle. Choose based on your academic background and strongest subject area.

Is SEBI Grade A harder than RBI Grade B?

They test different domains. RBI Grade B focuses on economic and social issues, monetary policy, and finance management. SEBI Grade A focuses on securities regulation, capital markets, and corporate governance. Both are demanding, but SEBI requires more specific knowledge of securities law and market regulation.

What is the salary of SEBI Grade A officer?

SEBI Grade A officers are among the highest-paid regulatory body officers in India. The CTC (Cost to Company) at the entry level is approximately Rs. 17-19 lakh per annum, including allowances. The basic pay is in the range of Rs. 44,500-89,150 with grade-specific allowances.

For SEBI recruitment notification updates, admit card alerts, and result announcements, check SarkariNaukriHub.