CS Executive · December 2025 · Paper 5
CS Executive Capital Market and Securities Laws December 2025: paper analysis
Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICSI; read them on ICSI'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 |
|---|---|---|---|
| 1(a)(i) | 2 | Procedure and timeline for filing appeal before Securities Appellate Tribunal | Securities and Exchange Board of India |
| 1(a)(ii) | 2 | Powers of Securities Appellate Tribunal while hearing appeals | Securities and Exchange Board of India |
| 1(a)(iii) | 2 | Bar on civil court jurisdiction over matters within SEBI or SAT domain | Securities and Exchange Board of India |
| 1(a)(iv) | 2 | Further appeal to Supreme Court against SAT order | Securities and Exchange Board of India |
| 1(a)(v) | 2 | Establishment of special courts for speedy trial of SEBI Act offences | Securities and Exchange Board of India |
| 1(b)(i) | 2 | Core activities performed by a stock broker | Securities Market Intermediaries |
| 1(b)(ii) | 2 | Roles and responsibilities of a stock broker under SEBI regulations | Securities Market Intermediaries |
| 1(b)(iii) | 2 | Minimum net worth requirement for registration as stock broker | Securities Market Intermediaries |
| 1(b)(iv) | 2 | Parameters for designation as qualified stock broker | Securities Market Intermediaries |
| 1(b)(v) | 2 | Distinction between portfolio manager and stock broker | Securities Market Intermediaries |
| 2(a) | 5 | Regulatory framework governing the secondary market | Secondary Market in India |
| 2(b) | 5 | Companies ineligible to issue shares with differential voting rights | Issue of Capital and Disclosure Requirements |
| 2(c) | 5 | Remedy against stock exchange refusal to list: appeal to SAT rather than Central Government | Securities Contracts (Regulation) Act, 1956 |
| 2(d) | 5 | Civil court powers vested in SEBI for inquiries and investigations | Securities and Exchange Board of India |
| 2A(i) | 5 | Second review mechanism in SEBI complaint redressal | Securities and Exchange Board of India |
| 2A(ii) | 5 | Cyber security and resilience measures required of depository participants | Laws Governing Depositories and Depository Participants |
| 2A(iii) | 5 | Custodian: definition, responsibilities, net worth and governing regulations | Securities Market Intermediaries |
| 2A(iv) | 5 | Financial products notified under the IFSCA Act | International Financial Services Centres Authority (IFSCA) |
| 3(a) | 5 | Additional conditions for offer for sale under ICDR Regulation 8 | Issue of Capital and Disclosure Requirements |
| 3(b) | 5 | Stock appreciation rights and determination of SAR price | Share Based Employee Benefits and Sweat Equity |
| 3(c) | 5 | Conditions for listing commercial paper under NCS Regulations | Issue and Listing of Non-Convertible Securities |
| 4(a) | 5 | Eligibility of a director to act as compliance officer of a listed entity | Listing Obligations and Disclosure Requirements |
| 4(b) | 5 | Transactions excluded from the scope of related party transactions | Listing Obligations and Disclosure Requirements |
| 4(c) | 5 | Structured digital database contents where information is shared with fiduciaries or intermediaries | Prohibition of Insider Trading |
| 5(a) | 5 | Acts and transactions not treated as fraud under PFUTP regulations | Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market |
| 5(b) | 5 | Applicability of delisting regulations to companies listed on innovators growth platform | Delisting of Equity Shares |
| 5(c) | 5 | Mandatory disclosures in offer document of a collective investment scheme | Collective Investment Schemes |
| 6(a) | 3 | Meaning and illustrations of unpublished price sensitive information | Prohibition of Insider Trading |
| 6(b) | 3 | Mule accounts and regulatory restrictions on their use | Securities Market Intermediaries |
| 6(c) | 3 | Public notice by stock exchange after compulsory delisting order | Delisting of Equity Shares |
| 6(d) | 3 | Permitted forms of escrow account in open offers | Acquisition of Shares and Takeovers - Concepts |
| 6(e) | 3 | Three-tier structure of a mutual fund | Mutual Funds |
| 6A(i) | 5 | Annual and overall caps on sweat equity issue for innovators growth platform companies | Share Based Employee Benefits and Sweat Equity |
| 6A(ii) | 5 | Computation of enterprise value from market capitalisation, debt and cash | Basics of Capital Market |
| 6A(iii) | 5 | Investment restrictions and segregation of funds of each collective investment scheme | Collective Investment Schemes |
What stood out
- Q1 was a two-part case (20 marks) split into ten 2-mark parts on SAT appeals and stock broker regulation, so SEBI and intermediaries together made up the case block.
- Securities Market Intermediaries and Securities and Exchange Board of India were the most frequently tested chapters, with 7 entries each.
- Recent regulatory themes appeared, including mule accounts, cyber resilience for depository participants, IFSCA products and listing of commercial paper.
- Innovators growth platform featured in more than one question (delisting applicability and sweat equity caps), signalling examiner interest in this segment.
- Q6 offered short notes worth 3 marks each, while the 6A alternative required computations on sweat equity limits and enterprise value.
Practise the chapters that carried the marks
Securities and Exchange Board of India, Securities Market Intermediaries, Issue of Capital and Disclosure Requirements: study guides and practice questions in the CS Executive format.