The Securities and Exchange Board of India (SEBI) on December 11, 2025, issued a circular further extending the timeline for implementing Phase III of the revised nomination framework introduced through SEBI’s circular dated January 10, 2025, and subsequently modified through circulars dated February 28, 2025, and July 30, 2025.
SEBI noted that despite earlier extensions—first to September 1, 2025, then to December 15, 2025—industry stakeholders, including depositories and depository participants, continue to face operational and structural challenges in adapting to the new nomination framework. Various representations sought additional time to complete system development, integration, and process changes required for implementation.
In view of these challenges, SEBI has deferred the implementation of Phase III to a future date, which will be notified separately. All other provisions of the earlier nomination circulars remain unchanged, and the present circular takes effect immediately under the regulatory powers granted by the SEBI Act, 1992 and the relevant SEBI Regulations.
[Notification No. HO/42/36/12(4)2025-OIAE-IAD3]
