Concept:
Meiosis is a reduction division in which chromosome number is reduced to half. It occurs in two divisions: meiosis I and meiosis II.
Step 1: Understand meiosis I.
During meiosis I, homologous chromosomes separate from each other.
\[
\text{Homologous chromosomes separate} \rightarrow \text{Meiosis I}
\]
Step 2: Identify the exact phase.
In anaphase I, homologous chromosomes move towards opposite poles, but sister chromatids remain joined at their centromeres.
\[
\text{Anaphase I} \rightarrow \text{separation of homologous chromosomes}
\]
Step 3: Compare with anaphase II.
In anaphase II, sister chromatids separate. But the question says sister chromatids remain associated, so it must be anaphase I.
\[
\therefore \text{Correct Answer is (D)}
\]