CS Executive · June 2025 · Paper 5
CS Executive Capital Market and Securities Laws June 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 | Meaning of private equity | Basics of Capital Market |
| 1(a)(ii) | 2 | Characteristics of a minority private equity investment in an unlisted company | Basics of Capital Market |
| 1(a)(iii) | 2 | Types of private equity investments | Basics of Capital Market |
| 1(a)(iv) | 2 | Typical investors in a private equity fund | Basics of Capital Market |
| 1(a)(v) | 2 | Alternative sources of funds besides private equity | Basics of Capital Market |
| 1(b)(i) | 2 | SEBI power to issue directions to an intermediary | Securities and Exchange Board of India |
| 1(b)(ii) | 2 | Grounds on which SEBI may order investigation into an intermediary | Securities and Exchange Board of India |
| 1(b)(iii) | 2 | Powers of the investigating authority appointed by SEBI | Securities and Exchange Board of India |
| 1(b)(iv) | 2 | Factors considered by the adjudicating officer when deciding quantum of penalty | Securities and Exchange Board of India |
| 1(b)(v) | 2 | Timing and manner of returning seized books and records | Securities and Exchange Board of India |
| 2(a) | 5 | Impact of RBI monetary policy on the economy and the stock market | Basics of Capital Market |
| 2(b) | 5 | Powers of the Central Government under the securities contracts law | Securities Contracts (Regulation) Act, 1956 |
| 2(c) | 5 | Meaning of depository and beneficial owner and rights of a beneficial owner | Laws Governing Depositories and Depository Participants |
| 2(d) | 5 | Eligibility to act as banker to an issue and its permitted activities | Securities Market Intermediaries |
| 2A(i) | 5 | Role of a company secretary under depository laws | Laws Governing Depositories and Depository Participants |
| 2A(ii) | 5 | Role and objectives of capital market intermediaries | Securities Market Intermediaries |
| 2A(iii) | 5 | Contribution of the first IFSC to the Indian economy | International Financial Services Centres Authority (IFSCA) |
| 2A(iv)(a) | 2 | Eligibility conditions for a SPAC IPO on an IFSC exchange | International Financial Services Centres Authority (IFSCA) |
| 2A(iv)(b) | 1 | Minimum offer size and sponsor holding for a SPAC listing in IFSC | International Financial Services Centres Authority (IFSCA) |
| 2A(iv)(c) | 1 | Minimum application size in a SPAC IPO in IFSC | International Financial Services Centres Authority (IFSCA) |
| 2A(iv)(d) | 1 | Time limit for a SPAC to complete its business combination | International Financial Services Centres Authority (IFSCA) |
| 3(a) | 5 | General employee benefit schemes and retirement benefit schemes under the SBEB regulations | Share Based Employee Benefits and Sweat Equity |
| 3(b) | 5 | Obligations of a listed issuer making a public issue of non-convertible debentures | Issue and Listing of Non-Convertible Securities |
| 3(c) | 5 | Corporate governance requirements for subsidiaries of a listed holding company | Listing Obligations and Disclosure Requirements |
| 4(a) | 5 | One-time compliances of a listed entity under the listing regulations | Listing Obligations and Disclosure Requirements |
| 4(b) | 5 | Objectives recommended by the expert committee that shaped the 2011 takeover regulations | Acquisition of Shares and Takeovers - Concepts |
| 4(c) | 5 | Principles of fair disclosure of unpublished price sensitive information | Prohibition of Insider Trading |
| 5(a) | 5 | Prohibited dealings in securities under the PFUTP regulations | Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market |
| 5(b) | 5 | Obligations of the manager to a voluntary delisting offer before the detailed public announcement | Delisting of Equity Shares |
| 5(c) | 5 | Holding period return and annualised return on a mutual fund investment with a dividend | Mutual Funds |
| 6(a) | 3 | Issuers not eligible to make a rights issue | Issue of Capital and Disclosure Requirements |
| 6(b) | 3 | Filing of information documents for privately placed non-convertible securities | Issue and Listing of Non-Convertible Securities |
| 6(c) | 3 | SEBI power to exempt from open offer obligations under the takeover regulations | Acquisition of Shares and Takeovers - Concepts |
| 6(d) | 3 | Advertisement code for mutual funds | Mutual Funds |
| 6(e) | 3 | Fixed price delisting mechanism | Delisting of Equity Shares |
| 6A(i) | 5 | Additional compliances for top 1000 listed entities by market capitalisation | Listing Obligations and Disclosure Requirements |
| 6A(ii) | 5 | Expenses included in a mutual fund expense ratio and its effect on NAV | Mutual Funds |
| 6A(iii) | 5 | Due diligence by a peer reviewed company secretary in a voluntary delisting | Delisting of Equity Shares |
What stood out
- Q1 is a 20-mark double case with ten 2-mark parts: one on private equity funding and one on SEBI enforcement against a merchant banker.
- Listing obligations, delisting and mutual funds are the most frequent Part II chapters, with 3 listed parts each.
- IFSCA features prominently in the Q2A alternative, including a split SPAC listing question with 1 and 2 mark sub-parts.
- The paper is mostly descriptive; the only numerical part is a mutual fund holding period and annualised return (Q5(c)).
- Q6 consists of five 3-mark short notes spanning rights issue eligibility, private placement of NCS, takeover exemptions, mutual fund advertising and fixed price delisting.
Practise the chapters that carried the marks
Basics of Capital Market, Listing Obligations and Disclosure Requirements, Delisting of Equity Shares: study guides and practice questions in the CS Executive format.