Valuation of money market and debt securities shifted to security level pricing using a mandated waterfall and agency-driven poll governance. SEBI requires security level pricing for money market and debt securities using a documented waterfall approach by valuation agencies and AMFI. Traded/non-traded definitions are updated; amortization-based valuation is permitted transiently with comparison to agency reference prices, after which all securities must be valued from agency security level prices. Government securities are always agency-priced. Polling protocols, mandatory participation, governance, NAV timeline extension, disclosure of any deviations with rationale, prohibition on use of own trades for valuation, inter-scheme transfer pricing rules, and uniform treatment for below investment grade or default securities are mandated.