Trending @Cognizant; Promotion process for SA to M in QEA CRM?

I am SA from QEA CRM and past promotion was on 1st Jan 2021 and current CTC is 11.35L, what is the base slab on promotion to M and what is the criteria?

After discussion with my Manager he said there is no nomination for M promotion and has to be done through IJP but would be a problem as new billing rate from client has to be agreed to create new SO for IJP to Manager. Is this the only promotion option and is this true?