SEBI vide its circular dated 11th December, 2025, has further deferred the implementation of Phase III of the revised nomination framework (originally introduced via the January 10, 2025 circular and subsequently modified on February 28, 2025 and July 30, 2025). Owing to continued operational and structural challenges highlighted by depositories, DPs, AMCs, RTAs and industry associations—particularly relating to system changes and process adjustments—SEBI has postponed the Phase III implementation timeline from December 15, 2025 to a new date that will be notified separately. All other provisions of the earlier nomination-related circulars remain unchanged, and the present circular comes into force with immediate effect.
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