Date: 2025-12-11Category: Not ApplicableState: Union GovernmentCountry: India
Deferment of timeline for implementation of Phase III of Nomination Circular dated January 10, 2025 read with Circular dated February 28, 2025 and July 30, 2025
**Executive Summary**
This circular, issued by the Securities and Exchange Board of India (SEBI) on December 11, 2025, addresses the deferment of the Phase III implementation timeline of the Nomination Circular dated January 10, 2025, and subsequent related circulars. The decision to defer implementation is due to stakeholder representations requesting a re-examination of structural implications. A new date for implementation will be notified separately, and the circular is effective immediately.
**Key Points / Main Content**
* **Background and Original Circular:**
* SEBI issued a circular on January 10, 2025, regarding revised nomination facilities in the Indian Securities Market.
* Due to stakeholder feedback, implementation was planned in three phases.
* Previous circulars deferred Phase II to August 8, 2025, and Phase III to December 15, 2025.
* **Deferment of Implementation Timeline:**
* SEBI has deferred the implementation of the Circular from December 15, 2025.
* The new implementation date will be notified separately.
* **General Provisions:**
* The provisions of this circular are effective immediately.
* Provisions in the earlier circulars (January 10, February 28 and July 30, 2025) remain in effect.
* **Legal Basis and Availability:**
* This circular is issued under the powers conferred by the SEBI Act, 1992 and the SEBI (Depositories and Participants) Regulations, 2018 and the SEBI (Mutual Funds) Regulations, 1996.
* The circular is available on the SEBI website under "Legal → Circulars".
**Impact Analysis**
**Stakeholder:** Asset Management Companies (AMCs) of Mutual Funds (MFs) and their Registrars to an issue and share Transfer Agents (RTAs), Association of Mutual Funds in India (AMFI), Recognized Depositories, Registered Depository Participants
**Impact:** Implementation of Phase III of the nomination circular will be delayed.
**Action Required:** Await further notice from SEBI regarding the revised implementation date. Adhere to the provisions laid out in the earlier circulars (January 10, February 28 and July 30, 2025) until further notice.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The primary regulator issuing the circular and responsible for regulating the Indian securities market.
Circular dated January 10, 2025: The original circular regarding 'Revise and Revamp Nomination Facilities in the Indian Securities Market' which is being amended and deferred.
Asset Management Companies (AMCs): Entities directly addressed by the circular and affected by the deferment of nomination facilities implementation.
Association of Mutual Funds in India (AMFI): Association of Mutual Funds in India
CIRCULAR
HO/42/36/12(4)2025-OIAE-IAD3 December 11, 2025
To,
1. Asset Management Companies (AMCs) of Mutual Funds (MFs) and their
Registrars to an issue and share Transfer Agents (RTAs)
2. Association of Mutual Funds in India (AMFI)
3. Recognized Depositories
4. Registered Depository Participants
Dear Sir / Madam,
Subject: Deferment of timeline for implementation of Phase III of Nomination
Circular dated January 10, 2025 read with Circular dated February 28, 2025 and
July 30, 2025
1. SEBI had issued a circular on “Revise and Revamp Nomination Facilities in the
Indian Securities Market” on January 10, 20251.
2. Pursuant to the representations received from various stakeholders and
discussions held thereafter, it was, inter-alia, decided to implement the circular in
three (3) phases, instead of from March 01, 2025. Accordingly, vide circular dated
February 28, 20252, implementation of certain provisions were deferred to Phase
II (i.e. June 01, 2025) and Phase III (i.e. September 01, 2025).
3. In view of the operational difficulties expressed by the Depositories, depository
participants and Industry Associations, vide circular dated July 30, 20253, the
implementation of the Phase II and Phase III was further deferred to August 08,
2025 and December 15, 2025 respectively.
4. SEBI has since then received representations from various stakeholders
requesting for re-examination of the structural implications of implementing this
1 SEBI Circular ref. no. SEBI/HO/OIAE/OIAE_IAD-3/P/ON/2025/01650
2 SEBI Circular ref. no. SEBI/HO/OIAE/OIAE_IAD-3/P/ON/2025/0027 titled ‘Amendments and clarifications to
Circular dated January 10, 2025 on Revise and Revamp Nomination Facilities in the Indian Securities Market’
dated February 28, 2025.
3 SEBI Circular ref. no. SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/110 titled ‘Extension of timeline for implementation
of Phase II & III of Nomination Circular dated January 10, 2025 read with Circular dated February 28, 2025’
Page 1 of 2circular and also seeking extension of time to carry out the system developments
/ process changes for its implementation.
5. In view of the foregoing, it has been decided to defer the timeline for implementing
the aforesaid Circular from December 15, 2025 to a further date to be notified
separately.
6. The provisions of this circular shall come into force with immediate effect.
7. All other provisions in the aforementioned circulars dated January 10, 2025,
February 28, 2025 and July 30, 2025 shall continue to remain the same.
8. This circular is issued with the approval of the competent authority.
9. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 read with Regulation 60A of
the SEBI (Depositories and Participants) Regulations, 2018 and Regulation 29A
of the SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors
in securities and to promote the development of, and to regulate the securities
market.
10. This circular is available on SEBI website at www.sebi.gov.in under the category:
“Legal Circulars”.
Yours faithfully,
S. Manjesh Roy
General Manager
Officer of Investor Assistance and Education
Investor Awareness Division - 3
Tel no.: +91-22-2644 9710 or 4045 9710
manjeshsr@sebi.gov.in
***
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