SEBI Grade A Exam Pattern 2026: Phase 1, Phase 2, Interview and Stream-Wise Details
The Securities and Exchange Board of India (SEBI) recruits Assistant Managers through a three-stage selection process comprising Phase 1 (Preliminary Examination), Phase 2 (Mains Examination), and Phase 3 (Interview).
Candidates apply under a specific stream, including General, Legal, Information Technology, Research, Official Language (Rajbhasha), or Engineering (Electrical).
The SEBI Grade A exam pattern varies for Paper 2 in both Phase 1 and Phase 2 depending on the stream selected by the candidate. Qualifying each stage is mandatory to progress to the next stage, while only the aggregate marks obtained in Phase 2 and the Interview are considered for the final merit list.
This page provides the complete SEBI Grade A exam pattern for Phase 1, Phase 2 (including the General, Legal, Information Technology, Research, Official Language, and Engineering streams), the Interview stage, the marking scheme, and the evolution of the exam pattern since 2018.
What Is the Selection Process for the SEBI Grade A Exam?
The SEBI Grade A recruitment process consists of three stages, and candidates must qualify at each stage to move to the next.
- Phase 1 (Preliminary Examination): An online, objective-type screening test. Paper 1 assesses general aptitude common to all streams, while Paper 2 is stream-specific and evaluates core domain knowledge. Only candidates who qualify Phase 1 are shortlisted for Phase 2.
- Phase 2 (Mains Examination): A more comprehensive stage comprising a Descriptive English paper that assesses writing and drafting skills, along with a second stream-specific paper. The marks obtained in this phase are considered for the final merit list.
- Phase 3 (Interview): Candidates qualifying Phase 2 are invited for a personal interview that evaluates personality, communication skills, domain knowledge, and awareness of SEBI's role and functions.
What Is the SEBI Grade A Phase 1 Exam Pattern?
Phase 1 is a qualifying, online, objective-type screening examination. The marks obtained in this stage are not considered for the final selection and are used only to shortlist candidates for Phase 2. The examination consists of two papers carrying 100 marks each.
| SEBI Grade A Phase 1 Pattern | ||||
|---|---|---|---|---|
| Paper | Subjects | Maximum Marks | Duration | Cut-Off |
| Paper 1 (All Streams) | MCQs on General Awareness (including questions on the Financial Sector of easy-to-moderate difficulty), English Language, Quantitative Aptitude, and Reasoning | 100 | 60 minutes | 30% |
| Paper 2 (General Stream) | MCQs on Commerce, Accountancy, Management, Finance, Costing, Companies Act & Economics | 100 | 40 minutes | 40% |
| Paper 2 (Legal, Research, Engineering-Electrical, Official Language & IT Streams) | MCQs on the specialized subject related to the respective stream | 100 | 40 minutes | 40% |
| Aggregate Cut-Off | 40% | |||
What Does Paper 1 of SEBI Grade A Phase 1 Cover?
Paper 1 is common to all streams and carries 100 marks, split equally across four subjects with 20 questions each:
| Section | Questions | Marks | Duration |
|---|---|---|---|
| General Awareness | 20 | 25 | 60 minutes (shared) |
| English Language | 20 | 25 | |
| Quantitative Aptitude | 20 | 25 | |
| Reasoning | 20 | 25 |
What Does Paper 2 of Phase 1 Cover for the General Stream?
Paper 2 for the General Stream carries 100 marks and must be completed in 40 minutes. It has 50 multiple-choice questions (2 marks each) drawn from:
| Subjects | Questions | Marks | Duration |
|---|---|---|---|
| Commerce & Accountancy, Management, Finance, Costing, Companies Act, Economics | 50 questions across these 6 areas | 100 | 40 minutes |
What Does Paper 2 of Phase 1 Cover for the Legal, Research, IT, Rajbhasha and Engineering Streams?
For candidates applying under the Legal, Research, Engineering (Electrical), Official Language (Rajbhasha), and Information Technology streams, Paper 2 replaces the General Stream subjects with multiple-choice questions on the specialized subject relevant to that specific stream.
This means candidates are tested on the core domain of their chosen stream, such as law for the Legal stream, computer science and IT concepts for the IT stream, and other specialized subjects for the remaining streams. Paper 2 carries 100 marks, has a 40-minute duration, and requires a minimum 40% cut-off to qualify.
What Are the Other Important Details of the SEBI Grade A Phase 1 Pattern?
- Mode: The Phase 1 examination is conducted online, and candidates answer questions directly on a computer screen.
- Structure: The examination consists entirely of objective-type (MCQ) questions.
- Nature: Phase 1 is purely qualifying. The marks obtained are used only to shortlist candidates for Phase 2 and are not included in the final merit list.
- Language: Both Paper 1 and Paper 2 are available in Hindi and English, except for the English Language section, which is conducted only in English.
- Number of Questions: Paper 1 contains 80 questions, while Paper 2 contains 50 questions for the General stream. The number of questions may vary slightly for other streams.
- Marks: Phase 1 carries a total of 200 marks, with 100 marks each for Paper 1 and Paper 2. Paper 1 awards 1.25 marks per question, while each General Stream Paper 2 question carries 2 marks.
- Cut-Off Marks: Candidates must score at least 30% (30 marks) in Paper 1, 40% (40 marks) in Paper 2, and an aggregate of 40% (80 out of 200) to qualify. There are no sectional cut-offs.
- Negative Marking: Each incorrect answer attracts a penalty of one-fourth of the marks assigned to the question. This amounts to 0.3125 marks deducted per wrong answer in Paper 1 and 0.5 marks per wrong answer in Paper 2. Unanswered questions do not attract any penalty.
- Duration: Paper 1 is conducted for 60 minutes, while Paper 2 is conducted for 40 minutes.
| SEBI Grade A Phase 1 Pattern — Other Details | |
|---|---|
| Mode | Online |
| Structure | Objective-Type (MCQs) |
| Nature | Qualifying |
| Language | Hindi & English (except the English Language test) |
| Number of Questions | Paper 1: 80, Paper 2: 50 |
| Total Marks | Paper 1: 100, Paper 2: 100 |
| Cut-Off Marks | Paper 1: 30%, Paper 2: 40%, Aggregate: 40% |
| Sectional Cut-Offs | No |
| Negative Marking | 1/4th per wrong answer — 0.3125 marks (Paper 1), 0.5 marks (Paper 2) |
| Total Duration | Paper 1: 60 minutes, Paper 2: 40 minutes |
What Is the SEBI Grade A Phase 2 Exam Pattern?
Phase 2 consists of two papers of 100 marks each. Paper 1 carries a weightage of 1/3rd and Paper 2 carries a weightage of 2/3rd towards the aggregate. The aggregate cut-off for Phase 2 is 50%.
| SEBI Grade A Phase 2 Pattern | |||||
|---|---|---|---|---|---|
| Paper | Stream/Subjects | Maximum Marks | Duration | Cut-Off | Weightage |
| Paper 1 (All Streams) | English (Descriptive Test) to test drafting skills | 100 | 60 minutes | 30% | 1/3rd |
| Paper 2 (General Stream) | MCQs on Commerce, Accountancy, Management, Finance, Costing, Companies Act, and Economics | 100 | 90 minutes | 40% | 2/3rd |
| Aggregate Cut-Off | 50% | – | |||
What Does Paper 1 of Phase 2 (Descriptive English) Cover?
Paper 1 is common across all streams and consists of descriptive English questions worth 100 marks, to be completed in 60 minutes. It has 3 question types:
| Subject | Topic | Questions | Marks | Duration |
|---|---|---|---|---|
| Descriptive English | Essay (1 out of 4 options) | 1 | 30 | 60 minutes (shared) |
| Precis | 1 | 30 | ||
| Reading Comprehension | 5 | 40 |
What Does Paper 2 of Phase 2 Cover for the General Stream?
Paper 2 for the General Stream carries 100 marks, with 90 minutes to attempt 100 multiple-choice questions from:
| Subjects | Questions | Total Marks | Duration |
|---|---|---|---|
| Commerce & Accountancy, Management, Finance, Costing, Companies Act, Economics | 100 | 100 | 90 minutes |
What Is the SEBI Grade A Legal Stream Exam Pattern for Paper 2?
The Legal Stream Paper 2 combines objective and descriptive questions on subjects specific to law.
- Number of Questions: 70 MCQs + 3 Descriptive Questions
- Maximum Marks: 100
- Duration: 120 minutes
- Cut-Off: 40%
- Weightage: 2/3rd
| Paper | Stream/Subjects |
|---|---|
| Paper 2 | Legal Stream: 70 MCQs of 1 mark each on the specialized subject related to the stream, plus 3 Descriptive Questions of 10 marks each on the specialized subject related to the stream. |
What Is the SEBI Grade A IT Stream Exam Pattern for Paper 2?
The Information Technology Stream Paper 2 is a coding test rather than an MCQ-based paper.
- Maximum Marks: 100
- Duration: 210 minutes
- Cut-Off: 40%
- Weightage: 2/3rd
| Paper | Stream/Subjects |
|---|---|
| Paper 2 | Information Technology Stream: Coding Test (Languages: C++/JAVA/Python) |
What Is the SEBI Grade A Research Stream Exam Pattern for Paper 2?
The Research Stream Paper 2 is a descriptive exam testing in-depth, practical knowledge of economics, financial markets, and statistics.
- Maximum Marks: 100
- Duration: 120 minutes
- Cut-Off: 40%
- Weightage: 2/3rd
| Stream/Subjects | No. of Questions |
|---|---|
| Research Stream: Descriptive exam testing practical, in-depth knowledge and drafting skills in economics, financial markets, and statistics | Section A – Financial Markets: 2 questions out of 4 (25 marks); Section B – Economics: 2 questions out of 4 (12.5 marks); Section C – Statistics: 1 question out of 3 (25 marks) |
What Is the SEBI Grade A Rajbhasha (Official Language) Stream Exam Pattern for Paper 2?
The Official Language (Rajbhasha) Stream Paper 2 tests Hindi-English translation and drafting skills through 8 questions.
- Number of Questions: 8
- Maximum Marks: 100
- Duration: 90 minutes
- Cut-Off: 40%
- Weightage: 2/3rd
| Paper | Stream/Subjects |
|---|---|
| Paper 2 | Official Language Stream: One simple paragraph (150 words) — English to Hindi translation (20 marks); one simple paragraph (150 words) — Hindi to English translation (20 marks); one technical/legal paragraph — English to Hindi translation (20 marks); one technical/legal paragraph — Hindi to English translation (20 marks); office notings (5 notings) — English to Hindi translation (5 marks); office notings (5 notings) — Hindi to English translation (5 marks); sentences — English to Hindi translation (5 marks); sentences — Hindi to English translation (5 marks). |
What Is the SEBI Grade A Engineering (Electrical) Stream Exam Pattern for Paper 2?
The Engineering (Electrical) Stream Paper 2 is an objective paper on core electrical engineering subjects.
- Number of Questions: 50
- Maximum Marks: 100
- Duration: 40 minutes
- Cut-Off: 40%
- Weightage: 2/3rd
| Paper | Stream/Subjects |
|---|---|
| Paper 2 | Engineering (Electrical) Stream: MCQs on the specialized subject related to the stream. |
What Are the Other Important Points About Phase 2 Across Streams?
- Paper 2 is conducted in different shifts for candidates who have applied for multiple streams.
- Negative marking of 1/4th applies to Paper 2 in Phase 2 (except for the IT stream, where the coding test does not follow standard MCQ negative marking).
- Question papers are available in Hindi and English, except for the English sections (Descriptive English Paper 1 and the Rajbhasha stream's language-specific content).
What Are the Other Important Details of the SEBI Grade A Phase 2 Pattern?
- Mode: Phase 2 is conducted online. Paper 1 requires typing descriptive answers on the keyboard, while Paper 2 involves selecting objective answers on screen (except the IT Stream, which involves live coding).
- Language: Available in Hindi and English, except for the Descriptive English paper, which is conducted only in English.
- Marks: Total marks for Phase 2 are 200. Paper 1 consists of Essay (30 marks), Precis (30 marks), and Reading Comprehension (40 marks). Paper 2 carries 100 marks.
- Cut-Off Marks: A minimum of 30% (30 marks) in Paper 1 and 40% (40 marks) in Paper 2 is required, along with an overall aggregate of at least 50% (100 out of 200) to be shortlisted for the interview.
- Weightage Calculation: Paper 1 carries a weightage of 1/3rd and Paper 2 carries a weightage of 2/3rd. For example, if a candidate scores 90 in Paper 1 and 60 in Paper 2: (1/3 × 90) + (2/3 × 60) = 30 + 40 = 70 marks out of 100 aggregate.
- Negative Marking: There is no negative marking for the Descriptive English paper. Paper 2 carries 1/4th negative marking (0.5 marks deducted per wrong answer for the General Stream), while unanswered questions are not penalized.
- Duration: 60 minutes for Paper 1 and 90 minutes for Paper 2 (General Stream; duration varies by stream as detailed above).
- Interview Shortlisting: Typically, around three times the number of available vacancies are shortlisted for the Interview stage (Phase 3).
| SEBI Grade A Phase 2 Pattern | |
|---|---|
| Mode | Online |
| Language | Hindi & English (except the English test) |
| Total Marks | Paper 1: 100, Paper 2: 100 |
| Cut-Off Marks | Paper 1: 30%, Paper 2: 40%, Aggregate: 50% |
| Sectional Cut-Offs | No |
| Weightage | Paper 1: 1/3rd, Paper 2: 2/3rd |
| Negative Marking | Paper 1: None; Paper 2: 1/4th (0.5 marks) per wrong answer |
| Total Duration | Paper 1: 60 minutes, Paper 2: 90 minutes (General Stream) |
What Is the SEBI Grade A Interview Pattern?
Candidates are shortlisted for the interview purely on the basis of their Phase 2 marks (aggregated from both papers).
- Mode: Conducted in person at designated examination centres.
- Language: The interview can be taken in Hindi or English.
- Number of Questions: Not fixed. It varies depending on the interview panel.
- Marks: The exact marks allotted for the interview are not disclosed in the official SEBI notification.
- Weightage: Phase 2 carries 85% weightage in the final selection, while the Interview carries 15%.
- Duration: Typically lasts between 20 and 45 minutes.
| SEBI Grade A Interview Pattern | |
|---|---|
| Mode | In-person |
| Language | Hindi or English |
| Questions | Varies depending on the panel |
| Weightage | Phase 2: 85%, Interview: 15% |
| Duration | 20 to 45 minutes |
How Is the Final Selection for SEBI Grade A Officer Calculated?
Final selection is based on the combined aggregate of Phase 2 (Papers 1 and 2) and the Interview. Here's a worked example: suppose a candidate scores 140 out of 200 in Phase 2.
- Normalize the Phase 2 score to 100 marks: 140/200 = 70 out of 100.
- Apply the Phase 2 weightage of 85%: 85% of 70 = 59.5 marks.
- Add the interview score. If the candidate scores 6 marks in the interview: 59.5 + 6 = 65.5 marks.
The candidate's final aggregate score would therefore be 65.5 marks, which is used to prepare the final merit list.
What Is the SEBI Grade A Marking Scheme?
Both papers of Phase 1 are objective in nature, while in Phase 2, Paper 1 is a Descriptive English Test and Paper 2 remains objective (except for the IT stream, where the format differs as it is a coding test).
Negative marking is applied to discourage guesswork and reward candidates with genuine subject knowledge.
| Criteria | Marks Considered |
|---|---|
| For wrong answers | Phase 1 (Paper 1 & 2): −¼ mark; Phase 2 (Paper 2): −¼ mark (except IT stream) |
| For unanswered questions | 0 marks (no penalty) |
How Has the SEBI Grade A Exam Pattern Changed Over the Years?
What Was the SEBI Grade A Phase 1 Pattern in 2018?
Before the changes introduced in 2020, the Phase 1 pattern looked like this:
| SEBI Grade A Phase 1 Pattern (2018) | |||
|---|---|---|---|
| Stream | Tests | Marks | Duration |
| General, Legal, Information Technology and Engineering | General Awareness | 40 | 120 minutes |
| English Language | 40 | ||
| Quantitative Aptitude | 40 | ||
| Test of Reasoning | 40 | ||
| Awareness about Securities Market | 40 | ||
- Phase 1 had 5 subjects: General Awareness, English Language, Quantitative Aptitude, Test of Reasoning, and Awareness about Securities Market.
- Candidates were given 2 hours to complete a 200-mark paper.
- A minimum of 40% marks in each paper was required to qualify for Phase 2.
What Changes Were Introduced to Phase 1 in 2020?
In 2020, SEBI introduced an additional paper in Phase 1 and revised the existing one.
Changes to Paper 1:
- The Securities Market subject was removed from Paper 1.
- Total marks were reduced to 100 and the duration to 1 hour.
- The qualifying requirement for Paper 1 was revised to 30%.
Introduction of Paper 2:
- A new 100-mark Paper 2 was introduced with a 40-minute duration, comprising 50 MCQs (2 marks each) on Commerce, Accountancy, Management, Finance, Costing, Companies Act, and Economics.
- Candidates were required to secure a minimum of 40% to qualify in Paper 2.
What Was the SEBI Grade A Phase 2 Pattern in 2018?
| SEBI Grade A Phase 2 Pattern (2018) | ||
|---|---|---|
| Paper | Marks | Duration |
| Paper 1: Securities Market | 100 | 40 minutes |
| Paper 2: English (Writing Skills) | 100 | 60 minutes |
| Paper 3: Economic & Social Issues and Finance & Management | 100 | 40 minutes |
- Phase 2 originally had 3 papers: Securities Market, Descriptive English, and Economic & Social Issues and Finance & Management, for a total of 300 marks.
- Candidates got 40 minutes each for Papers 1 and 3, and 60 minutes for Paper 2.
- A minimum of 40% in each paper was required to qualify for the interview, along with a minimum of 30% in Paper 1, 40% in Paper 2, and an aggregate cut-off of 50%.
What Changes Were Introduced to Phase 2 in 2020?
In 2020, SEBI reduced the number of Phase 2 papers from 3 to 2.
- Paper 1 (Securities Market) was removed entirely.
- Descriptive English became the new Paper 1, retaining the same marks and duration.
- The old Paper 3 became the new Paper 2, retaining its marks and duration, with MCQs from Commerce, Accountancy, Management, Finance, Costing, Companies Act, and Economics.
What Changes Were Introduced to Phase 2 in 2024?
In 2024, SEBI extended the duration of Phase 2 Paper 2 from 40 minutes to 90 minutes and increased the number of questions from 60 to 100.
Conclusion
Understanding the complete SEBI Grade A exam pattern across Phase 1, Phase 2, every stream (General, Legal, Information Technology, Research, Rajbhasha, and Engineering), and the Interview stage provides candidates with a clear roadmap for preparation.
Knowing the exact subjects, marks distribution, duration, cut-offs, and negative marking for the chosen stream helps candidates identify high-weightage areas, compare changes in the exam pattern over the years, and prepare with greater confidence and focus.
