SEBI Grade A Exam Pattern 2025, Check Phase 1 and Phase 2 Pattern

The SEBI Grade A Exam Pattern 2025 gives a clear idea of how SEBI will shortlist candidates for the Assistant Manager posts. The exam will be held in two online stages, followed by an interview. Phase I will be conducted on 10th January 2026, and it includes objective tests on General Awareness, English, Quant, Reasoning, and basic Securities Market knowledge. Phase II will be held on 21st February 2026, where candidates will face both objective and descriptive papers to check their subject understanding and writing skills. After clearing both phases, shortlisted candidates will be called for the interview. In this article, we are providing the SEBI Grade A Exam Pattern 2025. Candidates can check the Phase 1 and Phase 2 detailed exam patterns. 

SEBI Grade A Exam Pattern 2025 Overview

A brief overview is provided to guide candidates on the SEBI Grade A Exam Pattern 2025 and the recruitment process. Interested candidates can get information on the Phase 1 and 2 exam patterns, the marking scheme, and negative markings. All details are compiled in the table regarding the SEBI Grade A Notification 2025.

SEBI Grade A Exam Pattern 2025 Phase 1

The SEBI Grade A Phase 1 exam is conducted online. The question pattern is an MCQ-based format. There are two papers in Phase 1, such as Paper 1 and Paper 2. There are four sections in Paper 1: English Language, Quantitative Aptitude, Reasoning, and General Awareness. In Paper 2, SEBI asks stream-wise questions in an objective-based format. There are 50 questions in Paper 2 of 100 marks. Paper 2 time duration is 40 minutes. Candidates can check the SEBI Grade A Exam Pattern for Phase 1.

• There shall be negative marking (1/4th of the marks assigned to the question) for Paper 1 and Paper 2 in Phase I.
• There shall be a cut-off of a minimum 30% for Paper 1 (no sectional cut-off shall be there) and a cut-off of a minimum 40% for Paper 2 in Phase I.
• Candidates would need to secure a separate cut-off in each paper as mentioned at (ii) above, as well as aggregate cut-off marks of 40% in the Phase I exam to be shortlisted for Phase II. Marks obtained in Phase I shall be used only for shortlisting the candidates for the Phase II examination process and will not be counted for the final selection of the candidates.

SEBI Grade A Exam Pattern 2025 Phase 2

Candidates who successfully qualify for Phase 1 have to appear in the Phase 2 exam. There are two papers in Phase 2. Paper 1 is for the General Stream, and Paper 2 is a stream-specific paper. The Phase 2 exam is conducted online. Check out the updated exam pattern as released by SEBI in its latest handout:

Structure of the test – Phase II

Paper 1: Common for All streams:

Paper 2: General Stream:

Paper 2: Engineering Stream (Electrical):

Paper 2: Legal Stream:

Paper 2: Research Stream:

Paper 2: Official Language Stream:

NOTE: AS per the latest handout released by SEBI, The maximum duration for the examination is 180 minutes i.e. Paper 1 – 60 Minutes and Paper 2 – 120 Minutes (depending on stream opted), however, you may have to be at the venue for approximately 240 minutes including the time required for attendance marking, submission of Call letter with photocopy of the photo ID proof, logging in, etc. Further, if a candidate has applied for two Streams, he/she will have to be at the center for more than 240 minutes.

SEBI Grade A 2025 Interview

Only the shortlisted candidates will be called for an interview after qualifying for Phase 1 and 2 exams. The application fee shall not be refunded to the candidates not shortlisted for Phase 2 and Interview. Candidates may opt for an interview either in Hindi or English. The weightage of marks obtained in Phase II will be 85%, while marks obtained in the interview shall be given a weightage of 15%. The Securities & Exchange Board of India (SEBI) reserves the right to modify the selection procedure if deemed fit.