SEBI Grade A
Securities and Exchange Board of India
Complete guide to passing the SEBI Grade A exam on your first attempt.
~$10 (INR 1,000)
~1%
Periodic recruitment
India
Securities and Exchange Board of India
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Complete Overview
SEBI Grade A is the recruitment examination for the post of Officer Grade A (Assistant Manager) at the Securities and Exchange Board of India, the statutory regulator of the Indian securities market. Graduates and postgraduates who have not crossed 30 years of age take it, and in the 2025 cycle the application fee was 1,000 rupees plus 18 percent GST for unreserved, OBC and EWS candidates, while SC, ST and PwBD candidates paid 100 rupees plus GST as intimation charges.
SEBI advertised 110 posts in the 2025 cycle spread across seven streams: 56 in General, 22 in Information Technology, 20 in Legal, 4 in Research, 3 in Official Language, 3 in Engineering (Civil) and 2 in Engineering (Electrical). Candidates apply to one stream at a time, and a separate application with a separate fee is required for each stream a candidate wants to attempt.
Selection runs in three phases. Phase I is an online screening test with two papers of 100 marks each. Paper 1 covers General Awareness including questions on the financial sector at easy to moderate difficulty, English Language, Quantitative Aptitude and Test of Reasoning, and runs 60 minutes. Paper 2 is stream-specific and runs 40 minutes. Both Phase I papers carry a penalty of one fourth of the marks assigned to a question for every wrong answer. The Phase I cut-offs are 30 percent in Paper 1, 40 percent in Paper 2 and 40 percent in the aggregate. Phase I marks are used only for shortlisting and do not count towards the final selection.
Phase II again has two papers of 100 marks each. Paper 1 is a descriptive English test of drafting skill for all streams, lasting 60 minutes, and Paper 2 is the stream paper. For the General stream, Phase II Paper 2 is a 90 minute objective paper on Commerce, Accountancy, Management, Finance, Costing, Companies Act and Economics, which is the same syllabus as Phase I Paper 2 for that stream. The Legal stream Phase II Paper 2 has 70 multiple choice questions of one mark each in 60 minutes plus 3 descriptive questions of 10 marks each in a further 60 minutes. The Information Technology stream Paper 2 runs 180 minutes. Phase II cut-offs are 30 percent in Paper 1, 40 percent in Paper 2 and 50 percent in the aggregate, where Paper 1 carries one third weight and Paper 2 carries two thirds.
Phase III is the interview. Phase II marks carry 85 percent weight and the interview carries 15 percent. Within that 15 percent, the interview itself is worth 11.25 marks and relevant post-qualification experience is worth up to 3.75 marks, and the experience component applies only to the Legal, Engineering (Electrical) and Engineering (Civil) streams.
The pay scale for Officer Grade A is 62,500 to 126,100 rupees over 17 years. SEBI states that gross monthly emoluments at the minimum of the scale in Mumbai are approximately 184,000 rupees without accommodation and 143,000 rupees with accommodation. Probation is two years.
Why Get SEBI Grade A Certified?
The pay scale runs from a starting basic of 62,500 rupees to 126,100 rupees across 17 years, and SEBI states that gross monthly emoluments at the minimum of the scale in Mumbai are around 184,000 rupees without accommodation.
Seven separate streams were advertised in the 2025 cycle, so a law graduate, a computer science postgraduate, an electrical engineer and a commerce postgraduate each compete in their own pool rather than in one undifferentiated queue.
The application fee is 1,000 rupees plus 18 percent GST for unreserved, OBC and EWS candidates, and 100 rupees plus 18 percent GST as intimation charges for SC, ST and PwBD candidates. SEBI does not refund it to candidates who are not shortlisted for Phase II or the interview.
Phase I marks are discarded once shortlisting is done, so a weak screening score does not follow a candidate into the final merit list. Only Phase II and the interview decide the outcome.
The General stream syllabus for Paper 2 is identical in Phase I and Phase II, so preparation for the screening paper transfers directly into the paper that actually counts.
SEBI accepts a wide set of entry qualifications for the General stream, including a Master's degree in any discipline, a two year postgraduate diploma, a Bachelor's degree in Law or Engineering, or membership qualifications such as Chartered Accountant, Company Secretary, Cost Accountant or Chartered Financial Analyst.
Officers work directly on market regulation across the Companies Act, 2013, securities regulations and market surveillance, which is experience that transfers to compliance and legal roles across exchanges, mutual funds and brokerages.
Exam Format & Structure
Duration
Phase I gives 60 minutes for Paper 1 and 40 minutes for Paper 2. Phase II gives 60 minutes for the descriptive English Paper 1 in every stream. Phase II Paper 2 runs 90 minutes for the General stream, 60 minutes of multiple choice plus 60 minutes of descriptive work for the Legal stream, and 180 minutes for the Information Technology stream.
Questions
SEBI publishes marks rather than question counts for most papers. Each Phase I paper is worth 100 marks and each Phase II paper is worth 100 marks. The one count SEBI does publish is for the Legal stream Phase II Paper 2, which has 70 multiple choice questions of one mark each plus 3 descriptive questions of 10 marks each.
Passing Score
Phase I requires at least 30 percent in Paper 1, 40 percent in Paper 2 and 40 percent in the aggregate. Phase II requires at least 30 percent in Paper 1, 40 percent in Paper 2 and 50 percent in the aggregate, with Paper 1 weighted one third and Paper 2 weighted two thirds. Clearing the cut-off does not guarantee progress past Phase II: SEBI shortlists candidates equalling three times the number of vacancies, in order of merit, for the interview.
Question Types
- Multiple choice questions in Phase I Paper 1 covering General Awareness, English Language, Quantitative Aptitude and Test of Reasoning
- Multiple choice questions in Phase I Paper 2 on the stream subject
- Descriptive English writing in Phase II Paper 1, framed to assess expression and understanding through precis writing, essay writing and comprehension
- Multiple choice questions in Phase II Paper 2 for the General stream on Commerce, Accountancy, Management, Finance, Costing, Companies Act and Economics
- Descriptive stream questions typed on the keyboard in Phase II Paper 2 for the Legal stream, with Hindi typing available on Inscript or Remington (GAIL) layouts
- Personal interview in Phase III, which the candidate may take in Hindi or English
Delivery Method
Computer based online examination at SEBI-designated test centres. Candidates report well before the time printed on the call letter so the centre can complete Aadhaar-linked biometric authentication, capture biometric data and a photograph, and collect documents. Separate call letters are issued for Phase I and Phase II.
Exam Domains & Topics
The common screening paper taken by every stream. It runs 60 minutes for 100 marks and mixes four areas, one of which is general awareness with a stated tilt towards the financial sector at easy to moderate difficulty. Negative marking of one fourth applies, and the paper carries a 30 percent cut-off of its own.
Key Topics to Master:
- General awareness with questions related to the financial sector
- Regulatory developments announced by SEBI, RBI and the Ministry of Finance
- English language comprehension, grammar and vocabulary
- Quantitative aptitude including arithmetic and data interpretation
- Test of reasoning covering puzzles, seating arrangement and syllogism
- National and international current affairs
- Basic awareness of Indian financial institutions and market intermediaries
The first block of the General stream syllabus, common to Paper 2 in both Phase I and Phase II. It tests accounting as a financial information system and the treatment of specific transactions under Indian accounting standards, then moves into statement preparation and analysis. Questions on share capital transactions appear regularly because they connect directly to SEBI's regulatory work.
Key Topics to Master:
- Accounting as a financial information system
- Accounting standards for depreciation, inventories and revenue recognition
- Accounting standards for fixed assets, foreign exchange transactions and investments
- Cash flow statement and fund flow statement
- Financial statement analysis and ratio analysis
- Accounting for share capital transactions including bonus shares and rights shares
- Employees stock options and buy-back of securities
- Preparation and presentation of company final accounts
A behavioural and organisational block that rewards precise definitions over opinion. SEBI lists the management process, leadership, human resource development, motivation and communication. Questions typically ask which theory or which step in a process matches a described situation, so knowing the named theories and their authors matters more than general reasoning about workplaces.
Key Topics to Master:
- Nature and scope of management and the management process
- Planning, organisation, staffing, directing and controlling
- Role of a manager and the tasks of a leader
- Leadership styles and leadership theories, and the successful leader compared with the effective leader
- Concept and goals of human resource development
- Theories of motivation, morale and the role of incentives in building morale
- Steps in the communication process and communication channels
- Oral compared with written communication, verbal compared with non-verbal communication
- Upward, downward and lateral communication and barriers to communication
The block closest to SEBI's own mandate. It splits into the financial system, financial markets and a set of general topics that reach into public finance. The syllabus explicitly names the role and functions of regulatory bodies in the financial sector, primary and secondary markets across forex, money, bond and equity, and recent developments in each.
Key Topics to Master:
- Role and functions of regulatory bodies in the financial sector
- Primary and secondary markets in forex, money, bond and equity, with their functions and instruments
- Recent developments in the financial sector
- Basics of derivatives covering forwards, futures and swaps
- Financial inclusion and the use of technology
- Alternate sources of finance, private and social cost-benefit analysis, and public-private partnership
- Direct and indirect taxes, GST, non-tax sources of revenue and the Finance Commission
- Fiscal policy and the Fiscal Responsibility and Budget Management Act
- Inflation definitions, trends, estimates, consequences and control, with WPI and CPI components
A compact but technical block that follows the structure of cost and management accounting syllabi used in Indian professional courses. It runs from the objectives and scope of cost accounting through the named methods of costing, then into cost control, and closes with a lean systems section that lists specific techniques by name.
Key Topics to Master:
- Objectives and scope of cost and management accounting
- Single output or unit costing, job costing and batch costing
- Contract costing, process or operation costing and costing of service sectors
- Standard costing and variance analysis
- Marginal costing, budget and budgetary control
- Lean systems, Just-in-Time and Kaizen costing
- 5 Ss, Total Productive Maintenance and cellular manufacturing or one-piece flow production
- Six Sigma, process innovation and business process re-engineering
SEBI restricts this block to named chapters of the Companies Act, 2013 rather than the whole statute, which makes it one of the most tractable parts of the syllabus. The listed chapters are III, IV, VIII, X, XI, XII and XXVII. These cover prospectus and allotment, share capital and debentures, declaration and payment of dividend, audit, appointment of directors, meetings and the special courts.
Key Topics to Master:
- Chapter III on prospectus and allotment of securities
- Chapter IV on share capital and debentures
- Chapter VIII on declaration and payment of dividend
- Chapter X on audit and auditors
- Chapter XI on appointment and qualification of directors
- Chapter XII on meetings of the board and its powers
- Chapter XXVII on the National Company Law Tribunal and Appellate Tribunal
- Definitions and interpretation clauses that apply across the named chapters
A macroeconomics-heavy block written in the vocabulary of a standard postgraduate course. SEBI names the classical and Keynesian approaches, the IS-LM framework, the Phillips curve and business cycles, then adds an open economy section covering the balance of payments, foreign exchange markets and non-banking financial institutions.
Key Topics to Master:
- Demand and supply and market structures
- National income concepts and measurement
- Classical and Keynesian determination of output and employment
- Consumption function, investment function, multiplier and accelerator
- Demand and supply for money and the IS-LM framework
- Inflation and the Phillips curve, and business cycles
- Balance of payments and foreign exchange markets
- Monetary and fiscal policy
- Non-banking financial institutions
Recommended Study Plan
- 1Download the SEBI Officer Grade A 2025 advertisement from the Careers section of sebi.gov.in and read the syllabus annexure end to end, since the Paper 2 syllabus is printed there in full
- 2Confirm eligibility against the qualification column for the stream, including whether a Master's degree, a two year postgraduate diploma, a Law or Engineering Bachelor's degree, or a CA, CS, CFA or Cost Accountant qualification is being used
- 3Check the age condition, which in the 2025 cycle was 30 years as on 30 September 2025, and note the relaxation applicable to the candidate's category
- 4Map the six General stream syllabus blocks onto a calendar, marking Companies Act as the smallest block because only seven chapters are examinable
- 5Take one untimed diagnostic on Paper 1 material to find whether reasoning, quantitative aptitude or English is the weakest of the four
- 1Work through accounting standards for depreciation, inventories and revenue recognition using the ICAI study material available free on icai.org
- 2Practise cash flow statement and fund flow statement preparation until a full statement takes under 20 minutes
- 3Build a one page ratio analysis sheet covering liquidity, solvency, turnover and profitability ratios with their formulas
- 4Read the accounting treatment for bonus shares, rights shares, employee stock options and buy-back of securities
- 5Do 40 multiple choice questions on company final accounts under timed conditions
- 1Read Chapters III and IV of the Companies Act, 2013 from the bare act published on mca.gov.in, covering prospectus, allotment, share capital and debentures
- 2Read Chapters VIII, X, XI and XII covering dividend, audit, directors and board meetings
- 3Read Chapter XXVII on the National Company Law Tribunal and the Appellate Tribunal
- 4Make a section-number index for the seven examinable chapters so that a question naming a section can be placed immediately
- 5Cross-reference the share capital chapter against SEBI's own regulations on issue of capital, since the two overlap in the questions
- 1Read the Legal section of sebi.gov.in and list the main regulations by name, including the ICDR, LODR, PIT and SAST regulations
- 2Read the most recent SEBI Annual Report, focusing on the chapters describing market trends and regulatory action taken during the year
- 3Cover forwards, futures and swaps to the level of definitions, payoff structure and settlement mechanics
- 4Read the fiscal chapter of the latest Economic Survey on indiabudget.gov.in for GST, non-tax revenue and the FRBM Act
- 5Write out the WPI and CPI baskets and their component weights from official releases rather than from memory
- 1Cover unit, job, batch, contract and process costing with one worked problem for each method
- 2Practise standard costing variances and marginal costing decision problems for two hours
- 3Learn the lean systems list by name: Just-in-Time, Kaizen costing, 5 Ss, Total Productive Maintenance, cellular manufacturing, Six Sigma and business process re-engineering
- 4Tabulate the named motivation theories and leadership theories with their originators, since SEBI questions attach names to theories
- 5Revise the communication block, covering the steps in the communication process, channels and barriers
- 1Cover national income concepts and measurement, including the three methods and the treatment of depreciation and net factor income from abroad
- 2Work through the classical and Keynesian determination of output and employment, then derive the multiplier and accelerator
- 3Build and use the IS-LM diagram to answer policy shift questions rather than only memorising its shape
- 4Cover balance of payments accounting and exchange rate determination in the foreign exchange market
- 5Read the RBI Annual Report chapter on monetary policy operations to connect theory to the current stance
- 1Run three timed 60 minute Paper 1 simulations covering general awareness, English, quantitative aptitude and reasoning together
- 2Track the accuracy rate section by section, since the one fourth negative marking makes low-confidence guessing expensive
- 3Fix a rule for how many uncertain questions to attempt, based on personal accuracy measured across the simulations
- 4Read six months of SEBI press releases and board meeting outcomes from sebi.gov.in for the financial sector awareness questions
- 5Practise data interpretation sets under a strict per-set clock
- 1Write two precis exercises and two essays per week under a 60 minute clock, since Phase II Paper 1 assesses precis writing, essay writing and comprehension
- 2Pick essay topics from SEBI's own subject matter, such as investor protection, market surveillance or corporate governance
- 3Type the answers rather than writing by hand, because Phase II Paper 1 is delivered on a computer
- 4Measure typing speed on plain prose and raise it if a 500 word answer takes longer than 25 minutes
- 5Have one written answer reviewed against the criteria SEBI names, which are expression and understanding of the topic
- 1Sit one full Phase II simulation on a single day: 60 minutes of descriptive English followed by the stream paper at its published length
- 2For the General stream, run Paper 2 at the full 90 minutes for 100 marks with one fourth negative marking applied
- 3Score against the real thresholds of 30 percent on Paper 1, 40 percent on Paper 2 and 50 percent aggregate weighted one third and two thirds
- 4Rework every incorrect Paper 2 question and classify the cause as knowledge gap, misread or time pressure
- 5Revise the two weakest of the six General stream syllabus blocks identified by the simulation
- 1Revise the section-number index for the Companies Act chapters and the ratio formula sheet in one pass
- 2Download the call letter as soon as it is released and affix a recent recognisable photograph that matches the one uploaded at registration
- 3Assemble the original photo identity proof, a photocopy of it, and the Aadhaar card needed for biometric authentication
- 4Confirm the test centre address printed on the call letter and plan the route to arrive well before the reporting time
- 5Do a final read of the last three months of SEBI press releases and the most recent Union Budget speech
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Best Study Resources
SEBI Officer Grade A 2025 advertisement
Official notification PDFThe primary document. It carries the vacancy table by stream, the age and qualification conditions, the full Phase I and Phase II mark and duration tables, the cut-off percentages, the interview weightage split, and a syllabus annexure that prints the examinable topics for every stream.
Free
SEBI Legal section: Acts, Rules and Regulations
Official regulatory libraryThe full text of the SEBI Act, 1992 and every regulation SEBI administers, kept current with amendments. Useful for the Finance block and needed in depth for the Legal stream Paper 2.
Free
SEBI Annual Report
Official publicationPublished each year on sebi.gov.in. It records the regulatory actions SEBI took, the trends in primary and secondary markets, and the state of intermediaries, which is the natural source for the financial sector awareness questions in Phase I Paper 1.
Free
Companies Act, 2013 bare act on the MCA portal
Official statuteThe Ministry of Corporate Affairs hosts the current text chapter by chapter. Only Chapters III, IV, VIII, X, XI, XII and XXVII are examinable for SEBI Grade A, which keeps the reading load manageable.
Free
ICAI study material for cost and management accounting and corporate law
Study materialThe Institute of Chartered Accountants of India publishes its full study modules free. The costing module matches the SEBI Costing block closely, including the lean systems section, and the corporate law module covers the examinable Companies Act chapters.
Free download
Economic Survey and Union Budget documents
Government publicationHosted on indiabudget.gov.in. The fiscal chapters supply the numbers behind GST, non-tax revenue, the Finance Commission and the FRBM Act, all of which are named in the SEBI Economics and Finance blocks.
Free
RBI Annual Report and Report on Trend and Progress of Banking in India
Regulator publicationThe Reserve Bank of India publishes both on rbi.org.in. They cover monetary policy operations, non-banking financial institutions and the banking sector, which fills the parts of the Economics and Finance blocks that SEBI's own reports do not.
Free
NISM certification workbooks
WorkbookThe National Institute of Securities Markets, established by SEBI, publishes workbooks for its certification modules. The securities operations, equity derivatives and mutual fund modules give a practitioner-level treatment of the instruments named in the Finance block.
Paid, varies by module
SEBI Investor Website
Educational portalSEBI's own investor education site explains market processes, intermediary roles and grievance mechanisms in plain language, which is a fast way to build the market vocabulary the interview panel expects.
Free
Press Information Bureau releases
Government news servicePIB carries the official text of ministry and regulator announcements on the day they are issued, which makes it a more reliable current affairs source than secondary compilations for the general awareness section.
Free
Common Mistakes to Avoid
Treating the Phase I score as the thing to maximise, and burning preparation time on aptitude drills at the expense of the stream subject.
SEBI states that Phase I marks are used only for shortlisting and are not counted for final selection. Clear the 30 percent, 40 percent and 40 percent thresholds, then put the remaining hours into Phase II Paper 2, which carries two thirds of the Phase II weight and feeds the 85 percent that Phase II contributes to the final score.
Guessing freely on Phase I because it is only a screening test, without accounting for the penalty.
Both Phase I papers deduct one fourth of the marks assigned to a question for every wrong answer. Measure personal accuracy on uncertain questions during practice, and only attempt a doubtful question when the historical hit rate on that category is above the break-even point that the one fourth penalty implies.
Reading the entire Companies Act, 2013 because it is listed in the syllabus.
SEBI names only Chapters III, IV, VIII, X, XI, XII and XXVII. Read those seven chapters to section level and skip the rest. The time saved is better spent on Commerce and Accountancy, which is the largest of the six General stream blocks.
Preparing the General stream Paper 2 syllabus twice, once for Phase I and again for Phase II.
The advertisement labels the General stream syllabus for Paper 2 as a common syllabus for both phases. The difference between the two sittings is duration and depth, 40 minutes in Phase I against 90 minutes in Phase II, so treat Phase I as a speed test on material already covered rather than as a separate course.
Practising the Phase II English paper by writing on paper.
Phase II Paper 1 is delivered online and answers are typed. Practise precis and essay writing directly into a text editor with a 60 minute timer, and measure typing throughput on prose. Legal stream candidates who want to answer in Hindi should specifically practise on the Inscript or Remington (GAIL) layout, since those are the two layouts SEBI provides.
Applying to several streams without submitting a separate application and fee for each.
SEBI requires a separate online application and a separate fee for each stream. Candidates who submit one application and expect it to cover multiple streams find themselves registered for only one. Where a candidate has applied in multiple streams, Paper 2 in Phase II is run in different shifts to allow both to be taken.
Claiming post-qualification experience in the interview without having entered it in the online application form.
SEBI awards up to 3.75 marks for relevant post-qualification experience, but only to Legal, Engineering (Electrical) and Engineering (Civil) candidates who filled those details in the online application form. Experience mentioned for the first time at the interview earns nothing, and false claims can cancel candidature at any stage.
Studying Management as general reasoning about workplaces rather than as a named-theory subject.
The syllabus lists leadership theories, theories of motivation and the distinction between a successful leader and an effective leader. Build a table pairing each named theory with its originator and its central claim, because the questions test recognition of the named model rather than judgement about management practice.
Arriving at the centre at the exam start time printed on the call letter.
The reporting time is earlier than the start time, and SEBI uses it for Aadhaar-linked biometric authentication, biometric and photo capture, document collection and instructions. Candidates who report after the specified reporting time are not permitted to take the examination.
Exam Day Tips
- 1
Carry the call letter with a recent recognisable photograph affixed, and make sure it is the same photograph uploaded during registration. A separate call letter is issued for Phase I and for Phase II.
- 2
Carry the original photo identity proof plus a photocopy of the same document. SEBI accepts PAN card, passport, permanent driving licence, voter's card with photograph, bank passbook with photograph, a photo identity proof issued by a Gazetted Officer or a People's Representative on official letterhead, a valid recent identity card from a recognised college or university, Aadhaar or e-Aadhaar with a photograph, an employee ID in original, or a Bar Council identity card with photograph.
- 3
Do not bring a ration card or a learner's driving licence as identification. SEBI names both as invalid ID proof, and a candidate carrying only one of those may be turned away.
- 4
Carry the Aadhaar card separately even if a different document is being used as the primary ID, because SEBI runs Aadhaar-linked biometric authentication at the centre.
- 5
Check that the name on the photo identity proof matches the name on the call letter exactly. Candidates whose name changed after marriage should carry the original Gazette notification, the original marriage certificate or an affidavit in original, since a mismatch alone can bar entry.
- 6
Report well ahead of the reporting time printed on the call letter, not the start time. Late reporting means no admission, with no discretion exercised at the centre.
- 7
In Phase I, watch the split clock. Paper 1 gets 60 minutes and Paper 2 gets only 40 minutes for the same 100 marks, so the stream paper demands roughly one and a half times the pace of the general paper.
- 8
In Phase II, remember that Paper 1 is a typing exercise. Budget the 60 minutes so the precis or essay is finished with time to reread, because there is no handwriting to fall back on if the answer runs long.
- 9
Legal stream candidates should split Phase II Paper 2 deliberately: 60 minutes for the 70 one-mark multiple choice questions, then a separate 60 minutes for the three descriptive questions of 10 marks each.
Career Paths & Salary Ranges
Officer Grade A (Assistant Manager), SEBI
The entry post. Work covers enforcement, inspection of intermediaries, processing of offer documents, policy drafting and market surveillance, depending on the department of posting. Probation runs two years and confirmation depends on satisfactory performance.
Basic pay starts at 62,500 rupees per month; SEBI states gross monthly emoluments at the minimum of the scale in Mumbai are approximately 184,000 rupees without accommodation
Manager and Assistant General Manager, SEBI
Promotion within SEBI moves an officer through the Grade A scale and then into higher grades. Responsibility shifts from casework to supervising investigations, running an intermediary regulation desk or drafting regulation amendments.
Within the Grade A scale rising to 126,100 rupees basic over 17 years, then higher grades
Compliance officer at a stock exchange, depository or broking house
Officers who leave SEBI after several years carry direct knowledge of the ICDR, LODR, PIT and SAST regulations, which market intermediaries hire for. The role involves filings, surveillance alerts and responding to regulatory correspondence.
Set by the hiring intermediary. SEBI publishes pay only for its own Grade A scale
Securities law practice or in-house legal counsel
A path taken mainly by Legal stream officers. The work covers representation before the Securities Appellate Tribunal, settlement applications, and advisory work on disclosure obligations for listed companies.
Set by the firm or chambers, and outside any SEBI-published scale
Risk and governance roles in mutual funds and asset management
Asset managers hire for the combination of regulation knowledge and financial statement analysis that the SEBI syllabus and the job both build. The role sits between the investment team and the compliance function.
Set by the asset manager, and outside any SEBI-published scale
Prerequisites & Requirements
- For the General stream in the 2025 cycle: a Master's degree or a postgraduate diploma of at least two years' duration in any discipline, or a Bachelor's degree in Law, or a Bachelor's degree in Engineering, or qualification as a Chartered Accountant, Chartered Financial Analyst, Company Secretary or Cost Accountant, from a recognised university or institute.
- Other streams carry their own qualification requirements printed in the vacancy table of the advertisement, covering Legal, Information Technology, Research, Official Language, Engineering (Electrical) and Engineering (Civil).
- Age not exceeding 30 years as on 30 September 2025 for the 2025 cycle, meaning candidates born on or after 1 October 1995.
- Upper age relaxation of five years for SC and ST candidates where posts are reserved, three years for OBC (non-creamy layer) candidates where posts are reserved, ten years for PwBD candidates whether or not the post is reserved, thirteen years for PwBD (OBC) and fifteen years for PwBD (SC or ST), and five years for eligible ex-servicemen.
- A two year postgraduate diploma counts only where it is recognised by the Association of Indian Universities as equivalent to a Master's degree in that discipline.
- No work experience is required for the General stream. Relevant post-qualification experience carries up to 3.75 interview marks, but only for the Legal, Engineering (Electrical) and Engineering (Civil) streams.
- There is no prior certification requirement and SEBI specifies no minimum percentage of marks for the General stream degree.
Frequently Asked Questions
What does SEBI Grade A cost to apply for?
In the 2025 cycle the fee was 1,000 rupees plus 18 percent GST for unreserved, OBC and EWS candidates, and 100 rupees plus 18 percent GST as intimation charges for SC, ST and PwBD candidates. Transaction charges are payable in addition. SEBI states the fee is non-refundable and is not returned to candidates who are not shortlisted for Phase II or the interview. A candidate applying to more than one stream must submit a separate application and pay the fee for each.
How many times can I take SEBI Grade A, and is there a waiting period after failing?
SEBI does not publish a limit on the number of attempts in its advertisement, so the binding constraint is the age condition rather than an attempt cap. There is no waiting period, but SEBI runs the recruitment as a periodic exercise rather than on a fixed annual calendar, so the next opportunity depends on when a fresh advertisement is issued. A candidate who fails applies again, pays the fee again and starts from Phase I.
What happens if I fail Phase I?
The process ends for that cycle and there is no partial credit carried forward. Phase I requires 30 percent in Paper 1, 40 percent in Paper 2 and 40 percent in the aggregate, and all three thresholds must be met. SEBI publishes the list of candidates shortlisted for Phase II on its website. Candidates who clear Phase I are issued fresh hall tickets for Phase II.
Do Phase I marks count towards final selection?
No. SEBI states explicitly that marks obtained in Phase I are used only for shortlisting candidates for the Phase II examination process and are not counted for final selection. The final merit is built from Phase II marks weighted at 85 percent and interview marks weighted at 15 percent.
How is the final score calculated?
Phase II carries 85 percent weight and the interview carries 15 percent. Within Phase II, Paper 1 carries one third weight and Paper 2 carries two thirds. Within the 15 percent interview component, the interview itself is worth 11.25 marks and relevant post-qualification experience is worth up to 3.75 marks, with the experience component applicable only to the Legal, Engineering (Electrical) and Engineering (Civil) streams.
Is there negative marking?
Yes. In Phase I, one fourth of the marks assigned to a question is deducted for a wrong answer in both Paper 1 and Paper 2. In Phase II, the same one fourth penalty applies to the multiple choice questions of Paper 2. SEBI does not apply a penalty to the descriptive Paper 1 in Phase II.
Which identity documents are accepted at the test centre?
SEBI accepts a PAN card, passport, permanent driving licence, voter's card with photograph, bank passbook with photograph, a photo identity proof issued by a Gazetted Officer or a People's Representative on official letterhead with photograph, a valid recent identity card issued by a recognised college or university, an Aadhaar or e-Aadhaar card with photograph, an employee ID in original, or a Bar Council identity card with photograph. A ration card and a learner's driving licence are not valid. The original document and a photocopy of it must both be produced along with the call letter.
Is the exam proctored online from home?
No. SEBI Grade A is a computer based examination taken at designated test centres named on the call letter. Candidates report ahead of the printed reporting time for Aadhaar-linked biometric authentication, biometric and photograph capture, document collection and instructions. SEBI asks candidates to carry the Aadhaar card specifically to enable that authentication.
Can I write the exam in Hindi?
Yes for the question papers, with one exception. SEBI states that all question papers in both phases, except the test of English, are set bilingually in Hindi and English. Legal stream candidates who wish to type descriptive answers in Phase II Paper 2 in Hindi may use either the Inscript or the Remington (GAIL) keyboard layout. The interview may also be taken in Hindi or English at the candidate's option.
Are calculators or reference materials allowed?
SEBI's advertisement does not list a permitted calculator or any allowed reference material for the online examination. Candidates should assume nothing beyond the call letter, the identity documents and the Aadhaar card is admitted, and confirm against the instructions printed on the call letter itself, which SEBI issues separately for each phase.
What accommodations are available for candidates with disabilities?
SEBI reserves vacancies for Persons with Benchmark Disabilities across streams and publishes the specific disability categories against each stream in the vacancy table. The advertisement sets out the rules for using a scribe, including the requirement to submit a declaration with a passport size photograph of the scribe along with the call letter at the time of examination. Upper age relaxation is ten years for PwBD candidates, thirteen years for PwBD (OBC) and fifteen years for PwBD (SC or ST), and it applies whether or not the post is reserved.
How long do results take?
SEBI does not publish a fixed turnaround. In the 2025 cycle the Phase I examination was scheduled for 10 January 2026 and Phase II for 21 February 2026, which left roughly six weeks between the two sittings for evaluation and publication of the Phase I shortlist. Results and shortlists are published on sebi.gov.in, and intimation to download call letters is also sent by email and SMS.
Does SEBI publish individual marks?
SEBI publishes lists of candidates shortlisted for Phase II and for the interview on its website. The advertisement does not commit to releasing a detailed mark sheet to every candidate, so plan on the shortlist as the operative output rather than on a per-section score report.
How does SEBI Grade A compare with RBI Grade B?
Both are three-stage regulator recruitments in India at a comparable pay level, and both use an objective screening phase followed by a written phase and an interview. The difference is subject focus: SEBI Grade A Paper 2 for the General stream is built on Commerce, Accountancy, Management, Finance, Costing, the Companies Act and Economics, while RBI Grade B leans on Economic and Social Issues and Finance and Management. SEBI also runs seven distinct streams including Legal, Information Technology and Official Language, so specialists compete within their own discipline.
How does it compare with NABARD Grade A?
NABARD Grade A recruits for rural and agricultural development banking and weighs Economic and Social Issues and Agriculture and Rural Development heavily in its merit sections, while SEBI Grade A tests securities market regulation, company law and cost accounting. NABARD's Phase I is a single 120 minute paper of 200 questions, whereas SEBI's Phase I is two separate papers of 100 marks each in 60 and 40 minutes. Both carry a one fourth negative marking penalty.
What qualification do I need for the General stream?
A Master's degree or a postgraduate diploma of at least two years' duration in any discipline, or a Bachelor's degree in Law, or a Bachelor's degree in Engineering, or qualification as a Chartered Accountant, Chartered Financial Analyst, Company Secretary or Cost Accountant, from a recognised university or institute. A postgraduate diploma qualifies only if it is treated as equivalent to a Master's degree in that discipline by the Association of Indian Universities.
What is the probation period and the pay progression?
Probation is two years, and confirmation depends on satisfactory performance during that period. The Grade A pay scale runs 62,500 with increments of 3,600 for four stages, then 76,900 with increments of 4,050 for seven stages, then 105,250 with an efficiency bar, then 4,050 increments for four stages to 121,450, then a final increment of 4,650 to 126,100, spanning 17 years.
Can I apply to more than one stream in the same cycle?
Yes. SEBI permits applications in multiple streams provided the candidate meets the qualification for each, but a separate online application and a separate fee are required for each stream. For candidates who applied in multiple streams, SEBI conducts Phase II Paper 2 in different shifts so that both papers can be attempted.
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