HO/42/36/12(4)2025-OIAE-IAD3 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR HO/42/36/12(4)2025-OIAE-IAD3 To , 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 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 SEBI had issued a circular on "Revise and Revamp Nomination Facilities in the Indian Securities Market" on January 10, 2025 1 . 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, 2025 2 , implementation of certain provisions were deferred to Phase II (i.e. June 01, 2025) and Phase III (i.e. September 01, 2025) . In view of the operational difficulties expressed by the Depositories, depository participants and Industry Associations, vide circular dated July 30, 2025 3 , the implementation of the Phase II and Phase III was further deferred to August 08, 2025 and December 15, 2025 respectively . 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