The Securities and Exchange Board of India (SEBI), via Circular dated July 30, 2025, has extended the implementation timelines for Phase II and III of its Nomination Circular initially issued on January 10, 2025, and amended on February 28, 2025. Originally scheduled for June 1 and September 1, 2025 respectively, the new deadlines are August 8, 2025 for Phase II and December 15, 2025 for Phase III. These extensions were granted in response to representations from depositories (CDSL, NSDL), depository participants, and industry bodies like ANMI and CPAI, who cited operational difficulties and the need for additional time to complete necessary system and process changes. The rest of the provisions in the Nomination Circular remain unchanged. The circular has been issued under SEBI’s regulatory powers to safeguard investor interests and ensure smooth transition across stakeholders in the securities market. The revised circular is available on SEBI’s official website under the “Legal → Circulars” section.
Securities and Exchange Board of India
Circular No. SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/110|Dated: July 30, 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: Extension of timeline for implementation of Phase II & III of Nomination Circular dated January 10, 2025 read with Circular dated February 28, 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. The aforementioned circulars dated January 10, 2025 and February 28, 2025 are hereinafter collectively referred to as ‘Nomination Circular’.
4. SEBI has received representations from the Depositories (CDSL, NSDL), depository participants and Industry Associations (ANMI, CPAI) requesting for extension of time to carry out the system developments / process changes, which are pre-requisites for implementation of Phase II of Nomination Circular.
5. In view of the operational difficulties expressed by the Depositories, depository participants and Industry Associations, it has been decided to extend the timeline for implementation of Phase II of Nomination Circular to August 08, 2025.
6. Further, the Depositories, after consultation with depository participants and ANMI, have requested for extension of time for implementation of Phase III of Nomination Circular till December 15, 2025 to allow depository participants sufficient time for development and testing. Accordingly, Phase III of Nomination Circular stands deferred to December 15, 2025.
7. All other provisions in the aforementioned circulars dated January 10, 2025 and February 28, 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 sebi.gov.in under the category: “Legal and 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
Notes:
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.
