CMA Final · December 2025 · Paper 13
CMA Final Corporate and Economic Laws December 2025: paper analysis
Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICMAI; read them on ICMAI's website.
Chapter-wise marks
Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).
What each question tested
In our words, by question number. Open the official paper for the full question.
| Q | Marks | Tests | Chapter |
|---|---|---|---|
| 2(a) | 7 | Validity of a member's notice proposing a director in a government company, ballot elections and newspaper publicity | Board of Directors and Key Managerial Personnel |
| 2(b) | 7 | Eligibility and limits for a public company accepting deposits from the public and members | Investment and Loans |
| 3(a) | 7 | Board meetings at shorter notice, independent director presence and venue for video meetings | Board Meetings and Procedures |
| 3(b) | 7 | Remedy of dissenting shareholders in a government-ordered amalgamation in the public interest | Compromises, Arrangements and Amalgamations |
| 4(a) | 7 | Validity of a board meeting's timing, venue, notice and resolutions when video participants drop off | Board Meetings and Procedures |
| 4(b) | 7 | Whether a company can be a non-profit company and the procedure for converting to one | Company Formation and Conversion |
| 5(a) | 7 | Procedure for auditors reporting fraud to the Central Government and the audit committee | Accounts and Audit |
| 5(b) | 7 | Procedure for approval of a resolution plan by the adjudicating authority | Insolvency and Bankruptcy Code, 2016 |
| 6(a) | 7 | National guidelines on responsible business conduct and their evolution from voluntary guidelines and global principles | Corporate Governance and Social Responsibility and Sustainability |
| 6(b) | 7 | How the business intelligence process works within an organisation | Laws and Regulations related to Cyber Security and Data Privacy |
| 7(a) | 7 | IPO eligibility conditions on net worth, tangible assets and operating profit, and the reason for them | SEBI Laws and Regulations |
| 7(b) | 7 | Whether a manufacturer's dealer discount restrictions breach competition law | The Competition Act, 2002 |
| 8(a) | 7 | Capital account transactions and a returning resident's use of foreign currency held abroad | Foreign Exchange Management Act, 1999 |
| 8(b) | 7 | Role of the central bank in monetary, banking and financial policy | Laws and Regulations related to Banking Sector |
What stood out
- Company law dominated Section B with seven parts, and most were situational: director nomination, deposits, board meeting validity, amalgamation dissent and non-profit conversion.
- Board meetings and procedures appeared twice in written form, including video-conferencing rules, making it the most tested single chapter.
- Economic laws took one part each (IBC resolution plan, SEBI IPO eligibility, Competition Act resale restrictions, FEMA capital account, RBI role).
- The MCQ section opened with a four-question case on auditor appointment, resignation and remuneration.
- Compared with June 2026, this paper was more application-oriented, with about half the written parts framed as cases.
Practise the chapters that carried the marks
Accounts and Audit, Board Meetings and Procedures, Corporate Governance and Social Responsibility and Sustainability: study guides and practice questions in the CMA Final format.