CMA Final Law: Paper 13 Study Material, Syllabus and Classes

Which CMA Final papers are law papers

CMA Final has eight papers in two groups, and each paper carries 100 marks (ICMAI Curriculum 2022). Paper 13 is the only one entirely about corporate and economic law; Papers 15 and 19 are tax-law papers. The whole course has 20 papers across three levels, all listed in our guide to the CMA exams.

Older notes and PDFs may follow Syllabus 2016, where the numbers differ: Paper 13 was Corporate Laws & Compliance, Paper 16 was Direct Tax Laws and International Taxation and Paper 18 was Indirect Tax Laws and Practice (ICMAI Prospectus 2025). Syllabus 2022 has applied from the June 2023 exam term, and Syllabus 2016 exams ran only until December 2023 (Curriculum 2022), so check that any material you use says Syllabus 2022.

If you are a qualified company secretary, ICMAI's prospectus lists exemption from Paper 13, as well as Papers 19 and 20B. The fee is ₹1,000 per paper, and you apply online at least 60 days before the exam starts.

Paper 13 syllabus and weights

ICMAI gives every module a weight. It says the weights guide how much study time each topic needs and show the approximate share of marks in any single exam (Prospectus 2025).

The Companies Act alone is 40% of the paper, so give it the largest share of your time. Paper 13 builds on Intermediate Paper 5, Business Laws and Ethics, in which Corporate Laws carry 40% (Curriculum 2022).

What you study in each module

These topics come from the contents and chapter headings of ICMAI's Paper 13 study notes.

Section A: Corporate laws

• Companies Act, 2013: company formation and conversion; investments and loans; dividends; accounts and audit; directors and key managerial personnel; board meetings and procedures; inspection, inquiry and investigation; compromises, arrangements and amalgamations; prevention of oppression and mismanagement.
• Insolvency and Bankruptcy Code, 2016: definitions, the corporate insolvency resolution process, liquidation of a corporate person and personal insolvency.
• Corporate governance, social responsibility and sustainability: governance concepts and Indian codes, governance in family businesses, CSR activities and the evaluation of CSR projects, and sustainability management.

Section B: Economic laws and regulations

• SEBI: raising finance through an IPO, insider trading and the Takeover Code.
• Competition Act, 2002: anti-competitive agreements, abuse of dominant position, combinations and the Competition Commission of India.
• FEMA, 1999: its main features and the master directions on foreign direct investment, external commercial borrowings and trade credit, and the Liberalised Remittance Scheme.
• Banking: the Banking Regulation Act, 1949, the role of the Reserve Bank of India and the SARFAESI Act, 2002.
• Insurance: the Insurance Act, 1938 and the IRDA Act, 1999.
• MSME: the definition of an MSME and the rights and promotion measures under the MSMED Act, 2006.
• Cyber security and data privacy: the Information Technology Act, 2000 and its rules on sensitive personal data, principles of data privacy, and cybercrime remedies and penalties.
• Anti-money laundering: the Prevention of Money Laundering Act, 2002 and the record-keeping rules of 2005.

Paper 13 study material: ICMAI's PDF and the supplement

ICMAI calls its books "Study Notes". The Paper 13 study notes PDF on the Final page was first published in August 2022 and reprinted in April 2026 and July 2026. Its numbered pages run to 410, with Section A on pages 1 to 252 and Section B on pages 253 to 410, and the printed copy is priced at ₹700. Students in ICMAI's postal or oral coaching are given the Institute's study material (Prospectus 2025).

The law changes faster than the book is reprinted, so ICMAI also posts a supplement for each exam term on its Supplementary page. The Paper 13 supplement for December 2026 covers changes to the Companies Act, the Insolvency and Bankruptcy Code, SEBI regulations, FEMA, insurance law, and cyber security and data privacy. For example, it notes that from 1 December 2025 a "small company" is one with paid-up capital of up to ₹10 crore and turnover of up to ₹100 crore, with the existing exclusions (such as holding and subsidiary companies) still applying.

Practice material from ICMAI

• MCQ Bank: a Paper 13 MCQ file on ICMAI's Final MCQ Bank page.
• Practice Test Paper: a Paper 13 test with a separate answer paper on the Final practice test page.
• Postal Test Paper: a further Paper 13 test on the Final postal test page.
• Model Question Paper: a June 2026 Paper 13 model paper with a separate answer paper on ICMAI's Model Question Paper page (choose June 2026, then Final).
• Past exam papers: ICMAI's Question Papers page has the Syllabus 2022 Paper 13 for every term from December 2023 to June 2026; our CMA Final question papers guide explains where to find the answers.

ICMAI's Final Work Book page has workbooks for Papers 14 to 20A but none for Paper 13 (October 2026).

Books ICMAI recommends for Paper 13

ICMAI tells students to read other textbooks besides its study material for the depth a professional exam needs. Its prospectus lists these for Paper 13:

For ICMAI's study notes and practice material at every CMA level, and how to use them, see our guide to CMA study material.

The tax-law papers: 15 and 19

Many students count the two tax papers as law papers too. ICMAI's study notes for both are on the same Final page, each has a December 2026 supplement, and both have ICMAI workbooks.

How the Paper 13 exam is set

Paper 13 is a 3-hour paper of 100 marks. In ICMAI's June 2026 paper, Question 1 was compulsory and carried 30 marks: 15 multiple-choice questions of 2 marks each, the first four based on a case study. Candidates then answered any five of Questions 2 to 8, each worth 14 marks.

To pass a Final group you need at least 40% in each paper of the group and 50% in aggregate of the group's papers, not counting any you are exempt from (Prospectus 2025). In the December 2026 term, Paper 13 is the first Final paper, on Thursday 10 December 2026 from 10 am to 1 pm Indian time at offline exam centres; Paper 15 is on 14 December and Paper 19 on 15 December (ICMAI time table, 13 August 2026).

What ICMAI's examiners advise

After the June 2026 exam, ICMAI's examiners suggested that Paper 13 candidates:

• practise past exam questions in timed, exam-style conditions and set a time for each question;
• keep theory answers brief, to the point and simply presented;
• study the whole syllabus steadily, not a few selected questions at the last minute;
• write a 7-mark answer in three parts: the relevant provision of the Companies Act or other Act with its section, an analysis of the problem against that provision, and a conclusion.

CMA Final law classes: ICMAI coaching and what it costs

Coaching is compulsory at CMA Final: ICMAI requires every student enrolled in the Final course to complete its coaching, postal (e-learning) or oral, along with the Industry Oriented Training Programme and practical training (Prospectus 2025). Coaching is taken for both groups when you enrol, and enrolment has to be done at least four months before the exam.

• Postal (e-learning): the study material is sent to your registered address, and ICMAI's E-Learning page links to its online coaching classes (log-in required).
• Oral: classes at an ICMAI regional council, chapter, recognised oral coaching centre or accredited institution, lasting 4 months per group with at least 240 lecture hours of 45 minutes each.
• Fee: ICMAI's tuition fee for the Final course is ₹25,000 for postal or oral coaching (inland students), subject to GST, and Final students other than foreign students can pay in instalments (Prospectus 2025, Annexure IX).

If you also take private classes for the law paper, check that they teach Syllabus 2022 and cover the supplement for your exam term.