SEBI Gr A Interview

Each body convenes a board of four to six members: its own senior officers (General Manager to Executive Director level) plus one or two external experts from a university, the RBI or the sector. The interview runs 20 to 30 minutes. It opens with your background, degree and why this institution; the longest part is on your stream (rural development and agriculture for NABARD, securities markets for SEBI, MSME finance for SIDBI, housing finance for NHB, insurance for IRDAI, pensions for PFRDA) and on what the regulator has done in the last year; a member then puts a regulatory or field scenario to you and asks how you would act. Weightage differs by body: NABARD adds the interview (50 marks) to Phase II marks, SEBI and PFRDA count the interview at 15 percent against 85 percent for Phase II, IRDAI's interview carries 100 marks, and SIDBI and NHB combine the written and interview marks as per the latest notification. Candidates may answer in Hindi or English. The ExamPilot mock compresses this into a 15-minute panel: introduction and background, a stream-knowledge stage drawn from the specialisation you choose, a regulatory-scenario stage, and a short closing on mobility and motivation.

1. 1

   Market structure

   What problem was the move to T+1 settlement meant to solve, and what new risks did it bring for market participants?

   What a strong answer covers

   Shorter settlement reduces counterparty and margin risk and frees capital faster, but compresses timelines for foreign investors across time zones, funding and operational processes. Balanced view. Avoid confusing settlement with trading hours.

2. 2

   Securities law

   Explain insider trading under the SEBI Prohibition of Insider Trading Regulations to a junior employee of a listed company.

   What a strong answer covers

   Defines unpublished price-sensitive information and insiders, explains that trading on such information or sharing it is prohibited, and mentions trading windows, structured digital databases and disclosure requirements. Avoid vague or incorrect definitions.

3. 3

   Investor protection

   SEBI has tightened rules on equity derivatives for retail investors. Why, and what are the arguments on both sides?

   What a strong answer covers

   Studies showing most individual F&O traders lose money, concerns about speculation and household savings, versus arguments about market liquidity, investor choice and price discovery. A balanced view on measures such as larger contract sizes. Avoid inventing statistics.

4. 4

   Surveillance

   A listed company announces a major order win, and its share price had jumped two days earlier on heavy volumes. How would you investigate?

   What a strong answer covers

   Analyses trading data, identifies accounts with unusual trades, checks connections to insiders, reviews the company's disclosure timeline and structured digital database, and follows due process for show-cause notices. Avoid jumping to conclusions without evidence.

5. 5

   Finfluencers

   Why does SEBI regulate financial influencers, and how do you balance investor protection with free speech?

   What a strong answer covers

   Unregistered advice, conflicts of interest and misleading claims harm retail investors; SEBI restricts regulated entities from associating with unregistered advisers making return claims, while educational content remains allowed. Balanced view. Avoid saying SEBI bans all financial content online.

6. 6

   IT stream

   For the IT stream, how would you strengthen cyber resilience of a stock exchange or depository?

   What a strong answer covers

   Security operations centres, segmentation, multi-factor authentication, regular audits, disaster recovery and business continuity, incident reporting and alignment with SEBI's cyber security framework. Avoid relying only on firewalls.

7. 7

   Legal stream

   For the legal stream, explain the difference between a settlement order and an adjudication order at SEBI.

   What a strong answer covers

   A settlement lets a noticee close proceedings by paying a settlement amount and taking corrective steps, without admitting or denying the findings, subject to exclusions for serious violations. Adjudication follows a show-cause notice and hearing and ends in a reasoned order with penalty, appealable to the Securities Appellate Tribunal. Avoid confusing the two.

8. 8

   Research stream

   For the research stream, how would you measure whether a new regulation has improved market quality?

   What a strong answer covers

   Defines measurable indicators such as bid-ask spreads, depth, volatility, price efficiency and retail participation, uses event studies or difference-in-differences with a comparison group, and controls for market-wide shocks. Explains limits of the evidence. Avoid assuming a before-and-after change proves the regulation caused it.

9. 9

   Grievance redressal

   An investor complains on SCORES that a broker has not returned his funds. What should SEBI's process ensure?

   What a strong answer covers

   Forwards the complaint to the broker promptly, monitors the response within prescribed timelines, escalates and seeks records if unresolved, links repeated complaints to inspection or enforcement, and keeps the investor informed of the online dispute resolution route. Avoid closing complaints merely because the broker replied.

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