Segregation - Metaphase II
Significance of melosis - Production of genetically similar cells
Exchange of genetic material - Diakinesis
Anaphase II of meiosis - Centromeric division
Segregation is the characteristic event of anaphase stage. Meiosis produces genetically diverse cells due to cross over during prophase I. Exchange of genetic material takes place during pachytene of prophase I of meiosis I. Splitting of centromere during anaphase II of meiosis leads to segregation of chromatids towards opposite pole. So, the correct answer is option D.