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MCA notifies Companies (Significant Beneficial Owners) Rules,2018

GOVERNMENT OF INDIA

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

NEW DELHI, 13th June,2018

G.S.R. (E) _. In exercise of the powers conferred by Section 90 read with sub-section (l) of section 469 of the Companies Act,2013 (18 of 2013), the Central Government hereby makes the following rules, namely :-

Short title and commencement.-

  1. These rules may be called the Companies (Significant Beneficial Owners) Rules,2018.
  2. They shall come into force on the date of their publication in the Official Gazette. Definitions.-

(l) In these rules, unless the context otherwise requires,-

(a) “Act” means the Companies Act,2013 (18 of 2013);

(b) “form” means the form specified in Annexure to these rules;

(c) “registered owner” means a person whose name is entered in the register of members ofa company as the holder of shares in that company but who does not hold beneficial interest in such shares;

(d) “section” means a section ofthe Act (eJ “significant beneficial owner” means an individual referred to in sub-section (1) of section 90 fholding ultimate beneficial interest ofnot less than ten per cent.) read with sub-section [10J ofsection 89, but whose name is not entered in the register of members of a company as the holder ofsuch shares, and the term ‘significant beneficial ownership’ shall be construed accordingly; Explanation l. – For the purpose of this clause, the significant beneficial ownership, in case ofpersons other than individuals or natural persons, shall be determined as under

To read whole notification click here

[F.No.1 /1/2018 CL-V]

K.V.R. Murthy,
Joint Secretary

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