The Common Management Admission Test (CMAT) will be held twice a year, with a second testing window for the computer-based exam already scheduled for some time in August or September.
The All India Council for Technical Education (AICTE) conducted the first CMAT in the last week of February this year, a test that was introduced to replace different entrance tests conducted by business schools across the country.
More than 3,000 business schools in India will accept CMAT scores this year.
Those qualifying either of the two CMATs will begin the academic year in June.
"If a student feels he or she has not done well, that doesn't mean they have to wait for one year, they can always take the test in the next slot," said SS Mantha, chairperson of the AICTE. "Even the Common Admission Test doesn't have this option."
While the dates are yet to be finalised, the second testing window will most likely be some time in August or September.
The first testing period of the inaugural CMAT held between February 20 and 28 went off without any major glitches being reported.
Results will be released online on Sunday.
Around 70,000 candidates across 68 centres in the country had sat for the first CMAT. Students in different testing slots had reported a few errors in questions. Mantha said they would look into such complaints.
"We will be reviewing the process," said Mantha. "If there is a genuine issue we will look into it."
When students log in to check their scores they will get a total score, as well as separate scores for the four different sections. Colleges that they apply to will also be able to verify students' CMAT scores using their designated numbers.