What is the role of a SEBI Research Officer?

A SEBI Research Officer works in the Research Department of SEBI and is responsible for economic and market research to support regulatory policy decisions. Key tasks include analysis of capital market trends, evaluation of IPO pricing norms, market surveillance research, and producing empirical studies on market microstructure, investor behaviour, and systemic risk. Research officers contribute to SEBI's consultation papers, annual reports, and academic publications in financial regulation.

How is Phase II different for SEBI Research stream versus General stream?

In the Research stream, Phase II Paper I focuses on advanced Securities Market topics with an emphasis on quantitative research, financial econometrics, valuation techniques, and empirical market analysis. Candidates may also need to write research-oriented essays on topics like market efficiency, capital structure, and investor protection frameworks. The General stream's Phase II has a more regulatory and operations-focused paper rather than a research-oriented one.

Is CFA or MBA preferred for SEBI Research Officer?

SEBI accepts graduates in Economics, Statistics, Finance, or any discipline for the Research stream; however, CFA, CA, or MBA candidates have a natural advantage in Phase II due to their stronger quantitative and financial analysis background. CFA Level II or III candidates particularly excel in the securities valuation and risk management topics tested. SEBI's interview panel appreciates demonstrated knowledge of real-world markets and regulatory literature.

What is the vacancy for SEBI Research Officer typically?

SEBI Research Officer vacancies are generally in the range of 5–15 per notification cycle, making this one of the most competitive specialist streams. The small intake relative to the high quality of applicants (economists, CFA charterholders, IIM graduates) makes cut-offs for Phase I very high — typically 140+ out of 200 in recent cycles. Despite fewer seats, the role offers significant intellectual engagement and policy impact.

What topics should I focus on for SEBI Research Officer Phase II?

Focus on financial economics: efficient market hypothesis, portfolio theory (CAPM, APT), derivatives pricing (Black-Scholes), equity valuation (DCF, relative valuation), bond pricing and duration, and market microstructure. Also cover SEBI-specific research areas: IPO underpricing, promoter shareholding patterns, insider trading detection methods, and mutual fund performance evaluation. Reading SEBI working papers and RBI research publications available online is highly recommended.

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SEBI Research Officer Preparation Guide

Securities and Exchange Board of India

Your Complete Preparation Guide for SEBI Research Officer 2027 — strategy, study plan, tips & more.

DifficultyVery Hard

Total Marks200

Duration100 min

Start Practising Now →Free Mock Tests

Exam Overview

Mode

Online (CBT) + Descriptive + Interview

Frequency

Annual (with SEBI Grade-A notification)

Next Exam Date

September 2026

EEligibility Criteria

Graduate in Economics/Finance/Statistics with 60%+ marks; or MBA/CFA/CA; Age 22–30 years

ANumber of Attempts

Age-limit based

Study Plan by Subject

Securities Market & Finance

Week 1-4: Foundation

Core concepts & basics

Week 5-8: Deep Practice

Advanced problems & revision

Week 9-12: Mock Tests + Revision

Full-length tests & weak-area focus

Refer to official syllabus for complete topic list

Economics

Week 1-4: Foundation

Core concepts & basics

Week 5-8: Deep Practice

Advanced problems & revision

Week 9-12: Mock Tests + Revision

Full-length tests & weak-area focus

Refer to official syllabus for complete topic list

General Awareness

Week 1-4: Foundation

Core concepts & basics

Week 5-8: Deep Practice

Advanced problems & revision

Week 9-12: Mock Tests + Revision

Full-length tests & weak-area focus

Refer to official syllabus for complete topic list

English

Week 1-4: Foundation

Core concepts & basics

Week 5-8: Deep Practice

Advanced problems & revision

Week 9-12: Mock Tests + Revision

Full-length tests & weak-area focus

Refer to official syllabus for complete topic list

Expert Preparation Tips

Build strong financial modelling intuition — SEBI Research Phase II rewards candidates who can think empirically and apply quantitative frameworks to market problems.

Study SEBI's own research publications, consultation papers, and enforcement orders to understand the regulator's analytical vocabulary and policy priorities.

CFA curriculum Levels 1–2 (Equity, Fixed Income, Derivatives) maps closely to Phase II content; use CFA mock exams as supplementary practice.

Practice writing research-style arguments in the Phase II English paper — academic precision combined with regulatory awareness is the desired writing style.

Exam Pattern at a Glance

Section	Questions	Marks	Duration (est.)
Securities Market & Finance	50	50	25 min
Economics	50	50	25 min
General Awareness	50	50	25 min
English	50	50	25 min
Total	200	200	100 min

Important Dates

Registration Opens

June–July 2026

Next Exam Date

September 2026

Conducted By

Securities and Exchange Board of India

Frequently Asked Questions

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