CS Executive · June 2026 · Paper 5
CS Executive Capital Market and Securities Laws June 2026: 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 | Net worth eligibility for registration under depository regulations | Laws Governing Depositories and Depository Participants |
| 1(a)(ii) | 2 | Required frequency of reconciling dematerialised records | Laws Governing Depositories and Depository Participants |
| 1(a)(iii) | 2 | Who may issue the reconciliation of share capital audit report | Laws Governing Depositories and Depository Participants |
| 1(a)(iv) | 2 | Management experience and capability as eligibility criteria | Laws Governing Depositories and Depository Participants |
| 1(a)(v) | 2 | Regulatory framework applicable to a depository | Laws Governing Depositories and Depository Participants |
| 1(b)(i) | 2 | Concept of part-time investment adviser under the 2024 amendments | Securities Market Intermediaries |
| 1(b)(ii) | 2 | Client limits for part-time investment advisers | Securities Market Intermediaries |
| 1(b)(iii) | 2 | Regulations applicable to an investment advisory firm | Securities Market Intermediaries |
| 1(b)(iv) | 2 | Net worth requirement for non-individual investment advisers | Securities Market Intermediaries |
| 1(b)(v) | 2 | Annual compliance audit for investment advisers | Securities Market Intermediaries |
| 2(a) | 5 | Meaning of a bond and types issued in the Indian market | Basics of Capital Market |
| 2(b) | 5 | SEBI risk management measures for stock exchange operations | Secondary Market in India |
| 2(c) | 5 | Penalties under Sections 23C, 23D and 23E of SCRA | Securities Contracts (Regulation) Act, 1956 |
| 2(d) | 5 | Listing conditions for special purpose acquisition companies in IFSC | International Financial Services Centres Authority (IFSCA) |
| 2A(i) | 5 | Rights entitlements and procedure for renunciation | Issue of Capital and Disclosure Requirements |
| 2A(ii) | 5 | Liability of a legal representative for penalty imposed on a deceased person | Securities and Exchange Board of India |
| 2A(iii) | 5 | Offences under Section 20 of the Depositories Act and penalties | Laws Governing Depositories and Depository Participants |
| 2A(iv) | 5 | General obligations of intermediaries and validity of registration | Securities Market Intermediaries |
| 3(a) | 5 | Restrictions on bonus issues and whether an announced bonus can be withdrawn | Issue of Capital and Disclosure Requirements |
| 3(b) | 5 | Eligible objectives for issuing social bonds | Issue and Listing of Non-Convertible Securities |
| 3(c) | 5 | Board composition compliance for a top-listed entity: independence and woman director | Listing Obligations and Disclosure Requirements |
| 4(a) | 5 | Role of the company secretary under LODR | Listing Obligations and Disclosure Requirements |
| 4(b) | 5 | Manner of service of SEBI summons and notices | Securities and Exchange Board of India |
| 4(c) | 5 | Cooling-off restriction on relisting after voluntary delisting | Delisting of Equity Shares |
| 5(a) | 5 | Buy-back size and debt-equity compliance check | Buy-Back of Securities |
| 5(b)(i) | 2 | Total net assets of a scheme | Mutual Funds |
| 5(b)(ii) | 3 | Net asset value per unit | Mutual Funds |
| 5(c) | 5 | Subscription period and minimum subscription conditions for a CIS | Collective Investment Schemes |
| 6(a) | 3 | Obligations of debenture trustees | Issue and Listing of Non-Convertible Securities |
| 6(b) | 3 | Discovered price in delisting | Delisting of Equity Shares |
| 6(c) | 3 | Prohibitions applicable to buy-back | Buy-Back of Securities |
| 6(d) | 3 | Disqualifications for mutual fund trustees | Mutual Funds |
| 6(e) | 3 | Periodic and continual disclosure obligations of a CIS management company | Collective Investment Schemes |
| 6A(i) | 5 | Omnibus approval of related party transactions by the audit committee | Listing Obligations and Disclosure Requirements |
| 6A(ii) | 5 | Delisting compliances for companies listed on the innovators growth platform | Delisting of Equity Shares |
| 6A(iii) | 5 | Risks faced by a mutual fund business | Mutual Funds |
What stood out
- Q1 has two mini-cases (20 marks, 10 parts of 2 marks) on depository regulations and the 2024 amendments for part-time investment advisers.
- The paper leans towards theory: 18 of 36 listed parts are theory, with 8 practical and 10 case-based parts.
- Recent developments feature: SPAC listing in IFSC, social bonds and the 2024 investment adviser amendments.
- Delisting (3 parts) and Mutual Funds (4 parts) recur across main and alternative questions, and Q6 is a short-notes question worth 15 marks.
- Numerical content is limited to a buy-back compliance check and a mutual fund NAV computation in Q5.
Practise the chapters that carried the marks
Laws Governing Depositories and Depository Participants, Securities Market Intermediaries, Listing Obligations and Disclosure Requirements: study guides and practice questions in the CS Executive format.