Declaration Of Significant Beneficial Owner

In an attempt to address the global issue of money laundering, bribery and corruption, insider dealings, tax fraud, terrorist financing and other illegal activities, the Ministry of Corporate Affairs (MCA), based on the recommendation of the Financial Action Task Force, an intergovernmental organization has notified the provisions of Disclosure of Significant Beneficial Ownership of Companies with effect from 13 June 2018.

Section 90 of the Companies Act, 2013 read with the Companies (Significant Beneficial Owner) Rules, 2018 are notified with an intent to ensure adequate, accurate and timely information on the beneficial ownership of companies to the regulatory authorities and to identify and verify the identity of the individuals who ultimately own and control a corporate entity.