ARTICLE
27 August 2024

MCA Notifies The Companies (Significant Beneficial Owners) Amendment Rules, 2024

J
JSA

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JSA is a leading national law firm in India with over 600 professionals operating out of 7 offices located in: Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Mumbai and New Delhi. Our practice is organised along service lines and sector specialisation that provides legal services to top Indian corporates, Fortune 500 companies, multinational banks and financial institutions, governmental and statutory authorities and multilateral and bilateral institutions.
The Companies (Significant Beneficial Owners) Rules, 2018 is a framework established for identifying persons holding beneficial ownership of a company i.e. persons holding a significant stake in the company either directly or indirectly, to ensure transparency and prevent fraudulent activities.
India Corporate/Commercial Law

The Companies (Significant Beneficial Owners) Rules, 2018 is a framework established for identifying persons holding beneficial ownership of a company i.e. persons holding a significant stake in the company either directly or indirectly, to ensure transparency and prevent fraudulent activities.

A company is required to report information pertaining to its Significant Beneficial Owners ("SBOs") in Form BEN-2. The amended rules have revised the existing format of Form BEN-2 and replaced it with a newer form which highlights the importance of thorough documentation and requires digital signatures from authorised personnel. This form ensures that the information provided is accurate and verified by a professional such as a chartered accountant, cost accountant or company secretary.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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