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ARTICLE · 14 FEBRUARY 2019

Significant Beneficial Ownership: MCA Releases Amended Rules

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On 8 February 2019, the Ministry of Corporate Affairs released the Companies (Significant Beneficial Owners) Amendment Rules, 2019 to revise and amend the Companies (Significant Beneficial Owners), 2018.

IndiaCorporate/Commercial Law
Sameer Sah
Sameer Sah
Varun Narayan
Varun Narayan
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Introduction

On 8 February 2019, the Ministry of Corporate Affairs (MCA) released the Companies (Significant Beneficial Owners) Amendment Rules, 2019 (New SBO Rules) to revise and amend the Companies (Significant Beneficial Owners), 2018 (Old SBO Rules). The New SBO Rules have once again kick-started the process of requiring significant beneficial owners to start the reporting procedures. On certain aspects, the New SBO Rules have brought in clarity to the significant beneficial owner disclosure regime.

Who needs to disclose?

Every individual, who acting alone or together, or through one or more persons or trust, possesses one or more of the following rights or entitlements in a reporting company shall be deemed to be a significant beneficial owner (SBO):

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