exempt from payment of application fee even in such case but will have to pay specified intimation

charges. OBC/ PwBD/EWS candidates should possess a latest valid certificate to this effect
issued by the Competent Authority in the prescribed Format.

IV. MODE OF SELECTION:

Mode of selection shall be a three-stage process i.e. Phase I (on-line screening examination
consisting of two papers of 100 marks each), Phase II (on-line examination consisting of two
papers of 100 marks each) and Phase III (Interview).

a) Phase I On-Line Examination:

An online screening examination consisting of two papers (Multiple Choice questions of 100
marks each) will be held in April 2024 (tentatively). The exam will consist of:

Maximum
Paper Streams/ Subjects Duration Cut off
Marks
Multiple choice questions
General awareness (financial sector) -25
questions X 1 mark each
Paper 1
English language – 25 questions X 1 mark
(Common
each 100 60 minutes 30%
for both
Quantitative Aptitude – 25 questions X 1 mark
streams)
each
Test of Reasoning- 25 questions X 1 mark
each
General Stream
Multiple choice questions on General
knowledge, Current events of national and
international importance, Economic and social
development (sustainable development,
poverty, inclusion, and demographics),
Commerce, Accountancy, Management,
100 60 minutes 40%
Finance and costing, Indian Economy, Global
Economy, Five-year plans, Central
Paper 2
Government’s initiatives/ Schemes in the
financial sector.
(50 questions X 2 marks each)
(Please refer Annexure 1 for detailed syllabus)
Legal Stream
Multiple choice questions on Specialized
subject related to stream (Please refer 100 60 minutes 40%
Annexure 2)
Aggregate Cut off 40%

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 i. There shall be negative marking (1/4th of marks assigned to the question) for the Paper 1 and
Paper 2 in Phase I.
ii. There shall be a cut-off of minimum 30% for Paper 1 (no sectional cut-off shall be there) and
a cut-off of minimum 40% for Paper 2 in Phase I.
iii. Candidates would need to secure separate cut-off in each paper as mentioned at (ii) above
as well as aggregate cut-off marks of 40% in Phase I exam to be shortlisted for Phase II.
Marks obtained in Phase I shall be used only for shortlisting the candidates for Phase II
examination process and will not be counted for final selection of the candidates.
iv. Subject to the criteria mentioned at (iii) above, all the candidates who clear Phase I shall be
shortlisted for Phase II. List of candidates shortlisted for Phase II will be made available on
IFSCA website www.ifsca.gov.in .

b) Phase II On-Line Examination:

An on-line examination consisting of two papers of 100 marks each will be held in May 2024
(tentatively). The papers shall be as follows:

Maximum Cut
Paper Streams/ Subjects Duration Weightage
Marks off
Paper 1 English (Descriptive Test)
(Common Precis Writing – 35 marks 60
100 30% 1/3rd
for both Essay writing – 30 marks minutes
Streams) Comprehension- 35 marks
General Stream
Multiple choice questions on subjects like
IFSCA Act, Union Budget, Economic
Survey, Banking, Capital Market,
Insurance, Pension Funds, Bullion, GIFT 60
100 40% 2/3rd
City, GIFT IFSC, IFSCA, Global Financial minutes
Centres etc.
Paper 2
(50 questions X 2 marks each)
(Please refer Annexure 1 for detailed
syllabus)
Legal Stream
Multiple choice questions on Specialized 60
100 40% 2/3rd
subject related to stream (Please refer minutes
Annexure 2)
Aggregate Cut off 40%

i. Candidates shortlisted for Phase II will be issued new Hall Tickets.

ii. There shall be negative marking (1/4th of marks assigned to the question) for Paper 2 in
Phase II
iii. There shall be a cut-off of minimum 30% for Paper 1 and a cut-off of minimum 40% for Paper
2 in Phase II.

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 Annexure 1
Syllabus for Paper 2 of Phase I in General Stream:

1. General knowledge, Current events of national and international importance

2. Economic and social development (sustainable development, poverty, inclusion, and
demographics)
(i) Growth and Development
a) Measurement of growth: National Income and per capita income
b) Poverty Alleviation and Employment Generation in India
c) Sustainable Development and Environmental issues.
(ii) Social Structure in India
a) Multiculturalism
b) Demographic Trends
c) Urbanisation and Migration
d) Gender Issues – Social Justice
3. Commerce and Accountancy
(i) Accounting as a financial information system;
(ii) Accounting Standards with specific reference to Accounting for Depreciation,
Inventories, Revenue Recognition, Fixed Assets, Foreign Exchange Transactions,
Investments.
(iii) Cash Flow Statement, Fund flow statement, Financial statement analysis; Ratio
analysis;
(iv) Accounting for Share Capital Transactions including Bonus Shares, Right Shares.
(v) Employees Stock Option and Buy-Back of Securities.
(vi) Preparation and Presentation of Company Final Accounts
4. Management
(i) Management: its nature and scope; The Management Processes; Planning,
Organization, Staffing, Directing and Controlling;
(ii) The Role of a Manager in an Organization. Leadership: The Tasks of a Leader;
(iii) Leadership Styles; Leadership Theories; A successful Leader versus an effective
Leader.
(iv) Human Resource Development: Concept of HRD; Goals of HRD;
(v) Motivation, Morale and Incentives: Theories of Motivation; How Managers Motivate;
Concept of Morale; Factors determining morale; Role of Incentives in Building up
Morale.
(vi) Communication: Steps in the Communication Process; Communication Channels;
Oral versus Written Communication; Verbal versus non-verbal Communication;
upward, downward and lateral communication; Barriers to Communication, Role of
Information Technology.
(vii) Corporate Governance: Factors affecting Corporate Governance; Mechanisms of
Corporate Governance
5. Finance
(i) Financial System
a) Role and Functions of Regulatory bodies in Financial Sector.

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 (ii) Financial Markets
a) Primary and Secondary Markets (Forex, Money, Bond, Equity, etc.), functions,
instruments, recent developments.
(iii) General Topics
a) Basics of Derivatives: Forward, Futures and Swap
b) Recent Developments in the Financial Sector
c) Financial Inclusion- use of technology
d) Alternate source of finance, private and social cost-benefit, Public-Private
Partnership
e) Direct and Indirect taxes; Non-tax sources of Revenue, GST, Finance
Commission, Fiscal Policy, Fiscal Responsibility and Budget Management Act
(FRBM),
f) Inflation: Definition, trends, estimates, consequences, and remedies (control): WPI,
CPI - components and trends.
g) Financial Risk Management
6. Costing
(i) Overview of Cost and Management Accounting - Introduction to Cost and
Management Accounting, Objectives and Scope of Cost and Management
Accounting.
(ii) Methods of Costing - Single Output/ Unit Costing, Job Costing, Batch Costing,
Contract Costing, Process/ Operation Costing, Costing of Service Sectors.
(iii) Basics of Cost Control and Analysis - (i) Standard Costing, (ii) Marginal Costing, (iii)
Budget and Budgetary Control.
(iv) Lean System and Innovation:-
a) Introduction to Lean System
b) Just-in-Time (JIT)
c) Kaizen Costing
d) 5 Ss
e) Total Productive Maintenance (TPM)
f) Cellular Manufacturing/ One-Piece Flow Production Systems
g) Six Sigma (SS)
h) Introduction to Process Innovation and Business Process Re-engineering (BPR).

7. Indian Economy & Global Economy

(i) Demand and Supply, Market Structures, National Income: Concepts and
Measurement, Classical & Keynesian Approach Determination of output and
employment, Consumption Function, Investment Function, Multiplier and
Accelerator, Demand and Supply for Money , IS – LM, Inflation and Phillips Curve,
Business Cycles
(ii) Balance of Payments, Foreign Exchange Markets, Inflation, Monetary and Fiscal
Policy, Non-banking Financial Institutions.
(iii) Role of International Financial Institutions: BIS, IOSCO, IMF & World Bank.
8. Central Government’s initiatives/ Schemes in the financial sector.

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Syllabus for Paper 2 of Phase II in General Stream:
1. IFSCA Act, IFSCA, IFSC, GIFT IFSC, GIFT City and Global Financial Centres
2. Union Budget — Concepts, approach and broad trends & Economic Survey
3. Banking
(i) Structure and Functions of Financial Institutions
(ii) Functions of Reserve Bank of India
(iii) Banking System in India – Structure and Developments, Financial Institutions –
SIDBI, EXIM Bank, NABARD, NHB, NaBFID etc.
(iv) Recent Developments in Global Financial System and its impact on Indian Financial
System
(v) Role of Information Technology in Banking and Finance
(vi) Non-Banking System
(vii) Developments in Digital Payments
4. Capital Market
(i) Role and Functions of Regulatory bodies in Financial Sector.
(ii) Primary and Secondary Markets (Forex, Money, Bond, Equity, etc.), functions,
instruments, recent developments
(iii) Basics of Derivatives: Forward, Futures and Swap
(iv) Spot and Derivative market of Precious Metals
5. Insurance
(i) History of Indian Insurance, principles of Insurance;
(ii) Risk and uncertainty, pooling and diversification of risk, Indemnity and Insurable
interest;
(iii) Legal foundations of Insurance, basics in Group/Health Insurance/Pensions;
Intermediation: role in mobilising savings, evolution of various types and
Bancassurance in India;
(iv) Functions performed by Insurers: Product design, pricing, distribution, underwriting,
claims, Investment and Reinsurance;
(v) Insurance lines and products: Property-Liability, Life Insurance and Annuities and
Health Insurance; Liability risks and Insurance, valuation and Solvency requirements,
Specialist Insurance lines in India - Agricultural and Export Credit Guarantee;
Reinsurance, GIC of India, obligator sessions and retention of risk within the
Country.
6. Pension Sector
(i) Status of pension sector in India
(ii) Types of retirement schemes in India and their features
(iii) National Pension System
(iv) Atal Pension Yojana
(v) Annuity Plans
(vi) Basics of investment

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