Section 181(4) in The Naval Ceremonial, Conditions Of Service And Miscellaneous Regulations, 1964
(4)A report on form I.N. 708, specified in Appendix III shall be rendered on 31st May and 30th November to the Chief of the Naval Staff, through the Captain, Naval Barracks (Drafting Office), in respect of candidates for Branch Rank as indicated in sub-regulation (7).If, however, the candidates become fully eligible as indicated in sub-regulation (7) prior to 31st May or 30th November, a report on form I.N. 708 is to be rendered on them without waiting for the half-yearly reports.