The correct option is
C Separation of homologous chromosomes at anaphase
Anaphase-I is a step in meiosis-I. In this phase two chromosomes of each bivalent separate and move towards the opposite poles due to spindle action. In anaphase-II of meiosis-II, the sister chromatids are pulled apart. This separation of homologous chromosomes and sister chromatids in anaphase-I and II respectively is called disjunction.
So, the correct option is 'C'.