The SEBI Grade A Exam Phase 2 (Mains) examination 2026 concluded on 21 February 2026, and candidates across streams are now analysing the exam standard, question pattern and difficulty level. This stage of recruitment for Assistant Manager (Grade A) roles is crucial in shortlisting candidates for the interview, as it assesses both writing skills and subject knowledge. Candidates reported that while some sections were manageable, others required deeper conceptual understanding and precise answers, particularly in the stream-specific subjects.
The SEBI Grade A Phase 2 exam included a descriptive English paper that tested expression and clarity
Phase 2 commenced with Paper 1: English Descriptive, held online as part of the SEBI Grade A Mains pattern. This paper required candidates to write structured responses, focusing on clear expression, coherence and analytical writing. Questions were typically based on essays, comprehensions and precis writing, testing communication skills and organisational clarity. Candidates indicated that the descriptive paper demanded strong writing ability and time management, as it formed a significant portion of the evaluation criteria for Phase 2.
Paper 2 of Phase 2 focused on stream-specific subjects with a concept-driven format
Following the English paper, Paper 2: Stream-Specific subjects tested domain knowledge across areas such as Commerce, Accountancy, Management, Finance, Costing, Companies Act and Economics. Most questions were conceptual rather than memory-based, requiring application of theory to practical scenarios. For example, questions in economics included topics like market price calculations, nominal and real GDP, and money multiplier concepts that demanded analytical thinking and clarity of fundamentals
Overall difficulty level of the Mains exam was reported as moderate to difficult
Based on feedback from numerous candidates, the general consensus is that the overall difficulty level of SEBI Grade A Phase 2 2026 was moderate to difficult, with certain sections being lengthier and more complex. The descriptive nature of Paper 1 added to the challenge, while Paper 2 tested deeper understanding of stream-related topics. Candidates noted that strong fundamentals, good writing practice and time-management strategies were key to navigating the exam successfully.
Phase 2 performance largely influences shortlisting for the interview round
Success in Phase 2 is essential as it significantly impacts shortlisting for Phase 3: Interview, the final stage of SEBI Grade A selection. Candidates are typically shortlisted for interviews based on their aggregated Phase 2 scores, and strong performance in both papers increases the likelihood of progressing further. The interview stage assesses overall aptitude, domain clarity and communication skills required for regulatory roles within SEBI, and carries a weightage that contributes to the final selection process.
Candidates preparing for future attempts should focus on analytical and conceptual clarity
A key insight from the Phase 2 analysis is the emphasis on analytical answers and subject depth rather than rote memory. Aspirants preparing for future cycles should emphasise descriptive writing practice, stream-related case studies and application-based exercises. Practising past papers, mock descriptive responses, and focused revision on core subjects like companies act provisions, financial ratios, market economics and managerial concepts can help improve readiness for similar exams.
SEBI Grade A exam pattern knowledge remains vital for aspirants
Understanding the SEBI Grade A Phase 2 exam pattern can assist candidates in strategic preparation. The Mains phase comprises two papers, with Paper 1 testing descriptive English skills and Paper 2 focusing on objective or stream-specific questions relevant to chosen disciplines such as General, Legal or IT streams. A solid grasp of this structure helps candidates allocate preparation time effectively and design revision plans that match the exam’s evaluation priorities.