Nomination framework implementation deferred further as SEBI extends Phase III timeline for system changes and stakeholder readiness. Implementation of Phase III of the nomination framework for the securities market was deferred from December 15, 2025 to a further date to be notified separately, in view of stakeholder representations seeking additional time for system development, process changes, and re-examination of the structural implications of implementation. The earlier phased rollout and prior deferments remain in place, while all other provisions of the earlier circulars continue unchanged.