SEBI Grade A Exam Pattern 2026: Phases, Marks and Marking Scheme

The SEBI Grade A exam pattern has three stages: a qualifying Phase I, a merit-deciding Phase II and a personal interview. Each online phase has two papers of 100 marks, one common English and aptitude paper or descriptive English paper, and one stream-specific subject paper.

The upcoming notification had not been released as of 22 October 2026, so the pattern below is the one reported for the last completed cycle. Different websites show slightly different details, especially for question counts, negative marking and Phase II timing. Where sources disagree, we say so, and you should confirm the figure in the official notification on https://www.sebi.gov.in.

Table of Contents

• SEBI Grade A exam pattern at a glance

• Phase I pattern

• Phase II pattern

• Marking scheme and negative marking

• What the pattern means for you

• Interview stage

• Final merit calculation

• Time management and exam-day strategy

• Check the official pattern before you plan

SEBI Grade A exam pattern at a glance

The exam is held in English and Hindi for the objective papers, except the English language sections. The descriptive English paper is in English only.

Phase I pattern

Phase I is an online objective test of two papers. It acts as a filter: you must clear the qualifying marks to be shortlisted for Phase II.

Number of questions

One coaching source reports 80 questions in Paper 1 (20 each from four areas, at 1.25 marks each) and 50 questions in Paper 2 (2 marks each). Other sources do not state question counts. Treat these numbers as indicative and check the notification.

Qualifying rules

Coaching sources agree that candidates need at least 30 marks in Paper 1, 40 marks in Paper 2 and about 80 marks in total to qualify. Because the qualifying marks have stayed stable across several cycles, they are a reasonable planning assumption. Still, SEBI can change them, so confirm them in the notification.

Phase II pattern

Phase II decides your merit. It has a descriptive English paper and a stream-specific paper.

One source breaks down the descriptive paper as essay 30 marks, precis 30 marks and comprehension 40 marks, and reports 100 questions for the stream paper. These splits are not confirmed elsewhere, so use them only as a rough guide. Paper 1 is typed on the computer keyboard, while Paper 2 is answered on screen by selecting options.

Sectional timing

Each paper has its own timer. You cannot carry unused time from one paper to another, so plan time inside each paper.

Marking scheme and negative marking

Objective papers carry negative marking for wrong answers, and unattempted questions carry no penalty. The exact deduction is where websites disagree. One source reports a deduction of one-fourth of the marks assigned to a question, another reports a different rate for each paper. Since we could not confirm this on the official site, check the notification for the precise rule before you decide how much to guess.

What the pattern means for you

• Phase I is a clearance, not a ranking: Aim for comfortable margins above the qualifying marks, and avoid spending months perfecting Phase I speed at the cost of the stream subjects.

• The Phase II stream paper decides your rank: Its marks count towards merit, and the competition is strongest here because only those who cleared Phase I remain.

• Wrong guesses cost marks: With negative marking, attempt questions where you can eliminate at least one option, and skip those where you have no basis.

• The 40-minute Paper 2 is tight: If it has around 50 questions, you have under a minute per question, so factual recall matters more than long calculations.

• Typing matters: The descriptive paper is typed, so slow typing can cost you content.

• Watch the paper-wise cut-off: Being strong in one paper does not help if you miss the qualifying marks of the other.

Interview stage

Candidates who clear the Phase II cut-off in their stream and category are called for the interview. Coaching sources describe an in-person interview lasting roughly 20 to 45 minutes, in Hindi or English, but this is not an official description. SEBI announces the interview schedule on its website.

Final merit calculation

Final selection is based on the combined performance in Phase II and the interview. Third-party sources report a weightage of 85 percent for Phase II and 15 percent for the interview. This split is not confirmed in the sources we could check, so treat it as indicative. If it holds, the calculation would work like this:

1. Convert your Phase II marks (out of 200, or the weighted combination of the two papers) to a score out of 85.

2. Convert your interview marks to a score out of 15.

3. Add both to get the final score out of 100.

For example, a candidate scoring 120 out of 200 in Phase II would get 51 out of 85 (120 divided by 200, times 85). With an interview score of 10 out of 15, the final score would be 61. This is only an illustration of the method and not a prediction of any cut-off.

One source also reports that the two Phase II papers are weighted one-third and two-thirds before the final calculation. This is another unconfirmed detail, so check the notification for the exact formula.

Time management and exam-day strategy

Phase I Paper 1

Give roughly 15 minutes to each of the four areas, and start with the area where you are most accurate. Skip long puzzle sets on the first pass and return to them if time remains.

Phase I Paper 2 and Phase II Paper 2

Do the direct, concept-based questions first, then the numerical questions in costing and accountancy. In Phase II, use the longer time for calculation-based questions where your working must be careful.

Phase II descriptive English

• Plan first: Spend 3 to 5 minutes on an outline for the essay.

• Keep the precis tight: Count words as you type and remove repetition.

• Reserve review time: Keep the last 5 minutes for spelling and grammar.

Practice habit

Take full-length papers in exam conditions to build stamina. You can practise SEBI Grade A online tests on Testkart in the paper format and review the section-wise analysis to find where time is lost.

Check the official pattern before you plan

Older pages may still show a different version of the pattern, and details such as question counts, negative marking and Phase II timing can change in a new notification. Read the exam pattern in the official notification at https://www.sebi.gov.in.