The SEBI Grade A mock test on SarkariExam.Center replicates the Securities and Exchange Board of India Assistant Manager exam across both phases: Phase 1 has 2 papers of 100 MCQs each in 60 minutes with 0.25 negative marking, and Phase 2 has a descriptive English paper and a stream-specific paper. Final selection uses 85% Phase 2 marks and 15% Interview score. Start free now, no login required.
SEBI Grade A Phase 1 Exam Pattern: Paper 1 and Paper 2
SEBI Grade A Phase 1 has 2 separate papers on the same day, each with its own qualifying cut-off. Failing to meet the cut-off in either paper eliminates a candidate from Phase 2 regardless of the other paper’s score. Phase 1 marks do not count in the final merit list.
| Paper | Questions | Marks | Duration | Negative Marking | Qualifying Mark |
|---|---|---|---|---|---|
| Paper 1 (General Aptitude) | 100 | 100 | 60 minutes | 0.25 per wrong answer | 30 marks (30%) |
| Paper 2 (Stream-Specific) | 100 | 100 | 60 minutes | 0.25 per wrong answer | 40 marks (40%) |
Phase 1 Paper 1: Section-Wise Structure
Paper 1 covers 4 equal sections with 25 questions each, running for 60 minutes without individual sectional time limits.
| Section | Questions | Marks | Recommended Time |
|---|---|---|---|
| General Awareness | 25 | 25 | 12 minutes |
| English Language | 25 | 25 | 10 minutes |
| Quantitative Aptitude | 25 | 25 | 20 minutes |
| Reasoning Ability | 25 | 25 | 18 minutes |
| Total | 100 | 100 | 60 minutes |
SEBI Grade A Phase 2 Exam Pattern and Merit Weightage
Phase 2 carries 85% of the final SEBI Grade A merit score across 2 papers. Phase 2 Paper 1 holds 1/3 of Phase 2 weightage and Paper 2 holds 2/3. Candidates who clear Phase 1 but underperform in Phase 2 lose the selection even with a strong interview.
| Paper | Subject | Marks | Format | Phase 2 Weightage |
|---|---|---|---|---|
| Paper 1 | English Descriptive | 100 | Essay, Precis, Comprehension, Letter or Report | 1/3 of Phase 2 score |
| Paper 2 | Stream-Specific Subject | 100 | Descriptive and MCQ (stream dependent) | 2/3 of Phase 2 score |
The Interview contributes 15% to the final merit. SEBI combines Phase 2 and Interview scores in an 85:15 ratio to produce the final merit list for all 5 streams.
SEBI Grade A Selection Process: 3 Stages Explained
SEBI selects Assistant Managers across 3 sequential stages. Phase 1 qualifies you for Phase 2. Phase 2 builds your merit rank. The Interview finalises your position on the selection list.
- Phase 1 (Qualifying CBT): Paper 1 needs 30% minimum; Paper 2 needs 40% minimum; marks from Phase 1 do not count in final merit; only qualifying status matters
- Phase 2 (Merit CBT and Descriptive): Paper 1 English Descriptive plus Paper 2 stream-specific paper; combined Phase 2 score forms 85% of final merit; SEBI shortlists candidates for Interview based on Phase 2 rank
- Interview: 15% of final merit; SEBI panel assesses domain knowledge, analytical thinking, communication, and suitability for the regulatory role
Stream-Wise Topics in SEBI Grade A Phase 1 Paper 2
SEBI Grade A Paper 2 in Phase 1 is stream-specific, and the stream you select at application time determines every paper you write across both phases. Stream selection cannot change after submission.
General Stream (Finance, Management, Economics)
General stream Paper 2 tests Financial Management, Managerial Economics, Corporate Accounting, and Business Statistics. High-frequency topics include:
- Capital budgeting: NPV, IRR, Payback Period, and WACC calculations
- Working capital management and cash flow analysis
- Demand and supply analysis, market structures, and pricing theories
- Financial statement analysis: ratio analysis, fund flow, and cash flow statements
- Companies Act provisions on corporate governance and shareholder rights
- SEBI regulations on IPO, FPO, mutual funds, and insider trading
- Securities markets: equity, debt, derivatives, and commodity markets
IT Stream (Computer Science and Information Technology)
IT stream Paper 2 tests Data Structures, Database Management, Computer Networks, Operating Systems, and Information Security. Key areas include:
- Data Structures and Algorithms: arrays, trees, graphs, sorting, and complexity analysis
- DBMS: SQL queries, normalization, ER diagrams, and transaction management
- Computer Networks: OSI model, TCP/IP protocols, routing, and switching
- Operating Systems: process scheduling, memory management, and deadlock handling
- Cybersecurity: encryption, digital signatures, firewall, and intrusion detection
- Software Engineering: SDLC models, testing methodologies, and project management
Legal Stream (Securities Laws and Company Law)
Legal stream Paper 2 tests Securities Laws, Company Law, Contract Law, and Constitutional provisions relevant to SEBI’s regulatory mandate. Critical areas:
- Securities Contracts (Regulation) Act 1956 and its amendments
- SEBI Act 1992: powers, functions, and enforcement mechanisms
- Companies Act 2013: incorporation, share capital, directors, and winding up
- SEBI regulations on takeovers, insider trading, and listing obligations
- Indian Contract Act, Negotiable Instruments Act, and Arbitration law
- Constitution of India: fundamental rights, DPSPs, and judicial review
Research Stream (Economics and Econometrics)
Research stream Paper 2 tests Econometrics, Applied Statistics, Macroeconomics, and Indian Economy. Focus areas:
- Regression analysis: OLS, heteroscedasticity, autocorrelation, and multicollinearity
- Time series analysis: ARIMA models, unit root tests, and cointegration
- Hypothesis testing: t-test, chi-square, ANOVA, and non-parametric tests
- Macroeconomic theory: IS-LM model, Mundell-Fleming model, and growth theories
- Indian economy: monetary policy, fiscal policy, balance of payments, and trade
Engineering Stream (Civil, Electrical, or Electronics)
Engineering stream Paper 2 tests core engineering subjects specific to the discipline chosen at application. Civil Engineering candidates face Structural Analysis, Fluid Mechanics, and Construction Technology. Electrical and Electronics candidates face Circuit Theory, Digital Electronics, and Control Systems.
Phase 2 Paper 1: What the English Descriptive Mock Test Covers
Phase 2 Paper 1 is the most frequently underprepared component of SEBI Grade A despite carrying 1/3 of Phase 2 merit weightage. It tests structured English writing under a strict time limit.
- Essay writing (400 to 500 words): Topics from contemporary financial regulation, capital markets, economic policy, and SEBI’s mandate; plan the essay structure before writing
- Precis writing (150 to 200 words): Summarise a 500-word passage into one-third its length while retaining all key points
- Comprehension passage: Read a 300-word passage and answer 4 to 5 questions testing inference, tone, and specific fact recall
- Formal letter or report writing: Write a regulatory letter or internal SEBI report in the correct format; marks go to structure, tone, and accuracy equally
Practise at least 2 descriptive writing sets per week from 4 weeks before your Phase 2 date. A candidate who writes 8 practice essays consistently outscores an unprepared candidate by 15 to 20 marks in Paper 1 alone.
Negative Marking Decision Framework for Phase 1
4 wrong answers cancel 1 correct answer under the SEBI Grade A 0.25 negative marking rule. Both Paper 1 and Paper 2 carry this penalty. Use this framework in every mock test session to build the right attempt habit before exam day.
- Confidence above 75%: Attempt; expected score contribution is strongly positive
- Confidence between 50% and 75% after eliminating 2 options: Attempt with calculated risk; the 50% probability on 2 remaining options gives positive expected value
- Confidence below 50%: Skip; random guessing from 4 equal options produces a net loss of 0.0625 marks per attempt
- Paper 1 target: Attempt 82 to 90 questions with 78% accuracy to score above 62 marks net
- Paper 2 target: Attempt 78 to 85 questions with 80% accuracy to score above 59 marks net, well above the 40-mark cut-off
5 Mistakes That Prevent SEBI Grade A Qualification
These specific errors eliminate candidates at Phase 1 or cost them the Phase 2 merit rank they need for Interview shortlisting.
- Treating Phase 1 as easy and underestimating Paper 2: Paper 2 stream-specific questions test graduate-level domain depth; candidates who rely on general awareness for Paper 2 consistently fail to reach the 40% cut-off, ending their selection at Phase 1
- Skipping Phase 2 Paper 1 descriptive practice: Paper 1 holds 1/3 of Phase 2 weightage and rewards disciplined writing practice; candidates who score 45 marks in Paper 1 versus 65 marks lose approximately 7 rank positions per 100 candidates, which often decides Interview shortlisting
- Overallocating time to Quantitative Aptitude in Paper 1: QA is the slowest section per question but carries the same 25 marks as General Awareness; spending 25 minutes on QA leaves only 35 minutes for 75 questions in 3 other sections
- Random guessing in stream-specific Paper 2: Paper 2 questions test precise domain knowledge; guessing on legal provisions, econometric methods, or network protocols without elimination produces guaranteed net losses under the 0.25 rule
- Practising mock tests without reviewing wrong answers: Attempting 20 full tests without post-test analysis builds the same conceptual errors repeatedly; 30 minutes of solution review after each test improves accuracy faster than 2 hours of additional theory reading
SEBI Grade A General Awareness: High-Priority Topics
General Awareness in Phase 1 Paper 1 heavily favours finance, capital markets, and regulatory topics over general current affairs. These 5 sub-areas carry the highest question concentration.
- SEBI regulations and circulars: Recent SEBI orders, new regulations for mutual funds, alternative investment funds, and stockbrokers; 4 to 6 questions per paper
- RBI monetary policy: Repo rate, reverse repo, CRR, SLR, and open market operations; 3 to 5 questions
- Capital market instruments: Equity, bonds, derivatives, ETFs, REITs, INVITs, and sovereign gold bonds; 4 to 6 questions
- Government economic schemes and budget: Union Budget provisions, PLI schemes, FDI policy, and disinvestment targets; 3 to 4 questions
- Financial institutions: SEBI, RBI, IRDAI, PFRDA, NaBFID, and their mandates, recent appointments, and policy actions; 3 to 5 questions
21-Day SEBI Grade A Mock Test Practice Plan
This plan builds Paper 1 speed in Week 1, stream-specific Paper 2 accuracy in Week 2, and full Phase 1 and Phase 2 simulation in Week 3.
Week 1: Paper 1 Section Accuracy (Days 1 to 7)
- Days 1 to 2: General Awareness section tests focusing on SEBI regulations, RBI policy, and capital markets; target 75% accuracy
- Days 3 to 4: Quantitative Aptitude section tests on Data Interpretation and arithmetic; target 65% accuracy
- Days 5 to 6: Reasoning section tests on puzzles, arrangements, and syllogisms; target 70% accuracy
- Day 7: First full Paper 1 mock test under strict 60-minute timer; record section-wise accuracy and net score
Week 2: Stream Paper 2 Mastery (Days 8 to 14)
- Days 8 to 10: Stream-specific Paper 2 chapter tests on your 3 lowest-accuracy topic areas; target 65% accuracy per topic
- Days 11 to 12: Full Paper 2 stream-specific mock test under strict 60-minute timer; check if net score exceeds 40 marks
- Days 13 to 14: Phase 2 Paper 1 descriptive practice: write 1 essay and 1 precis per day with model answer comparison
Week 3: Full Phase Simulation (Days 15 to 21)
- Attempt Paper 1 and Paper 2 back-to-back every alternate day to simulate the actual Phase 1 exam day (2 papers, 120 minutes total)
- After each full session: review all wrong answers in both papers, identify misapplied concepts, and revise those topics the next day
- Target by Day 21: Paper 1 net score above 55 marks, Paper 2 net score above 60 marks, and at least 3 descriptive Phase 2 Paper 1 sets completed with model answer review
SEBI Grade A Mock Test: Frequently Asked Questions
SEBI Grade A Phase 1 has 2 papers: Paper 1 (General Aptitude with 100 MCQs in 60 minutes) and Paper 2 (stream-specific with 100 MCQs in 60 minutes). Paper 1 requires 30% minimum to qualify. Paper 2 requires 40% minimum. Failing either paper eliminates the candidate from Phase 2. Marks from both Phase 1 papers do not count toward the final merit list.
Phase 2 carries 85% of the SEBI Grade A final merit score. Within Phase 2, Paper 1 English Descriptive holds 1/3 weightage and Paper 2 stream-specific holds 2/3 weightage. The Interview contributes the remaining 15%. A candidate who scores 10 marks higher in Phase 2 Paper 2 gains significantly more merit position than scoring 10 marks higher in the Interview.
No, the stream selected during SEBI Grade A application is permanent and cannot be changed after form submission. Phase 1 Paper 2 and Phase 2 Paper 2 both test the stream declared in the application. Choose based on your educational background: Finance or Commerce graduates suit General stream; LLB graduates suit Legal stream; Economics postgraduates suit Research stream; Engineering graduates suit IT or Engineering streams.
SEBI Grade A Phase 1 deducts 0.25 marks for every wrong answer in both Paper 1 and Paper 2. Each correct answer earns 1 mark. Four wrong answers cancel one correct answer. Unattempted questions score zero with no penalty. Build a selective skipping habit through mock tests: attempt only when you can eliminate at least 2 of the 4 options or feel above 70% confident in the correct answer.
Attempt at least 15 full Phase 1 mock tests (Paper 1 and Paper 2 combined) before your actual exam date. Start with section-wise tests for the first 7 days to build accuracy per subject, then shift to full Paper 1 and Paper 2 tests from Day 8 onward. Space full tests 2 to 3 days apart and use the gap days to review wrong answers and revise the specific concepts you misapplied. For Phase 2, practice at least 10 descriptive writing sessions alongside stream-specific Paper 2 mock tests.
