India Tightens Beneficial Ownership Disclosure Requirements

India's Ministry of Corporate Affairs (the "MCA") has notified the Companies (Management and Administration) Second Amendment Rules, 2023 (the "Amendment Rules"), which amend Rule 9 of the Companies (Management and Administration) Rules, 2014 (the "Management Rules") relating to disclosure of beneficial interest held in shares of an Indian company. In addition, the Indian government has also notified the Limited Liability Partnership (Third Amendment) Rules, 2023, under which, inter alia, LLPs will also have to declare the names of persons holding an interest in the LLP (by way of contribution) through a nominee or registered holder-beneficial owner relationship.

Under Section 89 of the Companies Act, 2013 (the "CA"), beneficial interest in a share includes, directly or indirectly, through any contract, arrangement or otherwise, the right or entitlement of a person alone or together with any other person to: (i) exercise or cause to be exercised any or all of the