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

The SEBI Grade A 2025 exam will be conducted in three stages: Phase 1, Phase 2, and the Interview. As per the latest schedule, the Phase 1 Online Exam will be held on 10th January 2026, and the Phase 2 Online Exam will be conducted on 21st February 2026. Before starting the preparation, candidates must clearly understand the exam pattern and syllabus for both phases. The Phase 1 Paper 1 contains four sections: Quantitative Aptitude, Reasoning, English Language, and General Awareness, whereas Paper 2 tests subject-specific knowledge based on the stream selected: General, Legal, IT, Research, or Engineering. In this article, we have provided stream-wise and section-wise SEBI Grade A Syllabus 2025 along with the latest exam pattern for Phase 1 & Phase 2.

SEBI Grade A Syllabus 2025 Overview

Understanding the syllabus helps plan preparation smartly and prioritise important topics. The exam includes objective & descriptive questions, and negative marking of 0.25 applies to both Phase 1 and Phase 2.

SEBI Grade A Exam Pattern 2025

The exam includes Phase 1 (Objective), Phase 2 (Objective + Descriptive), and an Interview.

• Phase 1: Paper 1 & Paper 2 (Objective)
• Phase 2: Paper 1 (Descriptive English) + Paper 2 (Objective & Descriptive Subject-wise)
• Final Merit = Phase 2 (85%) + Interview (15%)

SEBI Grade A 2025 Exam Pattern for Phase 1

The Phase 1 exam is conducted online and consists of objective-type questions.
Candidates must note that both papers are compulsory.

• 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.
• Subject to the criteria mentioned at (iii) above, all the candidates who clear Phase I shall be shortlisted for Phase II. The list of candidates shortlisted for Phase II will be made available on the SEBI website.

Phase 1 Exam Pattern

Note: Phase 1 is qualifying in nature, but candidates must meet both sectional and Overall cut-offs to be eligible for Phase 2.

SEBI Grade A 2025 Exam Pattern for Phase 2

Candidates who clear Phase 1 will appear for Phase 2, which also consists of two papers – Paper 1 and Paper 2. The exam is conducted online.

Phase 2 – Paper 1 Exam Pattern (Common for All Streams)

Phase 2 – Paper 2 Exam Pattern (Stream-Specific Papers)

For General Stream:

There shall be a cut-off of a minimum 30% for Paper 1 and a cut-off of minimum 40% for Paper 2 in Phase II.

SEBI Grade A Syllabus 2025

The SEBI Grade A selection process consists of three stages: Phase 1, Phase 2 and Interview. The syllabus for Phase 1 Paper 1 includes Quantitative Aptitude, Reasoning Ability, English Language, and General Awareness, with a strong focus on financial and economic awareness. Paper 2 in both Phase 1 and Phase 2 is stream-specific, covering detailed topics from Commerce, Economics, Finance, Management, Costing, and the Companies Act for the General stream. Phase 2 also includes Descriptive English, testing essay, precis, and comprehension writing skills. Here we are providing a detailed Phase 1 and Phase 2 subject-wise syllabus in the section below.

SEBI Grade A Phase 1 Paper 1 Syllabus

SEBI Grade A syllabus 2025 for Phase 1 paper 1 includes 4 Subjects: Quantitative Aptitude, Reasoning Ability, General Awareness, and English Language. Candidates can check subject wise detailed syllabus for phase 1 in the table below.

SEBI Grade A Phase 1 Paper 2 Syllabus

Candidates preparing for the SEBI exam should know the list of topics covered in the SEBI Grade A Syllabus 2025 for Phase 1 Paper 2. We have listed topics to study from the sections Commerce, Management, Finance, Economics, Costing, and Companies Act in a table format.

SEBI Grade A Syllabus for Phase 2

The SEBI Grade A syllabus 2025 for Stage 2 focuses on assessing a candidate’s in-depth knowledge, analytical skills, and writing ability. It consists of two papers, Paper 1 (Descriptive English) and Paper 2 (Subject-Specific). Candidates can check the detailed syllabus for phase 2 (paper 1 and paper 2) in the section below. 

SEBI Grade A Phase 2 Paper 1 Syllabus 

• English (Descriptive Test) – Tests drafting skills through Essay (30 marks), Precis (30 marks), and Comprehension (40 marks)

SEBI Grade A Phase 2 Paper 2 Syllabus 

SEBI Gade A Syllabus for Commerce & Management

• Accounting as a financial information system
• Accounting Standards with specific reference to Accounting for Depreciation, Inventories, Revenue Recognition, Fixed Assets, Foreign Exchange Transactions, Investments.
• Cash Flow Statement
• Fund flow statement
• Financial statement analysis
• Ratio analysis
• Accounting for Share Capital Transactions including Bonus Shares, Right Shares.
• Employees Stock Option and Buy-Back of Securities.
• Preparation and Presentation of Company Final Accounts.

SEBI Gade A Syllabus for Management

• Management: its nature and scope
• The Management Processes
• Planning, Organization, Staffing, Directing and Controlling
• The Role of a Manager in an Organization
• Leadership: The Tasks of a Leader
• Leadership Styles
• Leadership Theories
• A successful Leader versus an effective Leader
• Human Resource Development: Concept of HRD
• Goals of HRD
• Motivation, Morale and Incentives
• Communication

SEBI Gade A Syllabus for Finance

• Financial System
• Role and Functions of Regulatory bodies in Financial Sector.
• Financial Markets
• Primary and Secondary Markets (Forex, Money, Bond, Equity, etc.), functions, instruments, and recent developments.
• Basics of Derivatives
• Forward, Futures and Swap
• Recent Developments in the Financial Sector
• Financial Inclusion
• Use of technology
• Alternate Source of Finance
• Private and social cost-benefit, Public-Private Partnership
• Direct and Indirect taxes
• Non-tax sources of Revenue, GST, Finance Commission, Fiscal Policy, Fiscal Responsibility and Budget Management Act (FRBM)
• Inflation
• Definition, trends, estimates, consequences, and remedies (control): WPI, CPI – components and trends.

SEBI Gade A Syllabus for Economics

• Demand and Supply
• Market Structures
• National Income: Concepts and Measurement
• Classical & Keynesian Approach: Determination of output and employment
• Consumption Function
• Investment Function
• Multiplier and Accelerator
• Demand and Supply for Money
• IS-LM, Inflation and Phillips Curve
• Business Cycles
• Balance of Payments
• Foreign Exchange Markets
• Inflation
• Monetary and Fiscal Policy
• Non-banking Financial Institutions

SEBI Gade A Syllabus for Costing

• Overview of Cost and Management Accounting – Introduction to Cost and Management Accounting, Objectives and Scope of Cost and Management Accounting.
• Methods of Costing – Single Output/ Unit Costing, Job Costing, Batch Costing, Contract Costing, Process/ Operation Costing, Costing of Service Sectors.
• Basics of Cost Control and Analysis – (i) Standard Costing, (ii) Marginal Costing, (iii) Budget and Budgetary Control.
• Lean System and Innovation
• Introduction to Lean System
• Just-in-Time (JIT)
• Kaizen Costing
• 5 Ss
• Total Productive Maintenance (TPM)
• Cellular Manufacturing/ One-Piece Flow Production Systems
• Six Sigma (SS)
• Introduction to Process Innovation and Business Process Re-engineering (BPR).

SEBI Gade A Syllabus for Companies Act

• The Companies Act, 2013 – Specific reference to Chapter III, Chapter IV, Chapter VIII, Chapter X, Chapter XI, Chapter XII and Chapter XXVII.

SEBI Grade A Syllabus 2025 PDF

To make your preparation easier, we have provided a downloadable PDF of the SEBI Grade A Syllabus 2025. This comprehensive PDF includes the complete syllabus of all streams, such as Commerce, Management, IT, Law, Research, and Official Language, along with the detailed topic-wise structure for Phase 1 and Phase 2. Candidates are advised to download and refer to this PDF regularly to ensure they are preparing strictly according to the official syllabus released by SEBI.

Download SEBI Grade A Syllabus 2025 PDF