Information on beneficial owner- As per Finance (Miscellaneous Provisions Bill 2019)
All companies will have to keep an updated records of the information on the Beneficial Owner (BO) or Ultimate Beneficial Owner (UBO) (names and addresses) and actions taken to identify a BO or UBO in accordance with the above new definition.
The information will also have to be conveyed to the Registrar of Companies (ROC) within 14 days from the date on which any entry or alteration is made in the share register.
Changes In The Definition Of Beneficial Owner
2018 – all other entities to keep and disclose their beneficial owner in the register and file with the Registrar (Mandatory Requirement)
2019 – prescribed % of aggregate voting power to be determined by Regulations – 20%
Registrar empowered to disclose the information in specific circumstances(investigation or inquiry)
2019 – Companies Act 2001 Amended by the Finance (Miscellaneous Provisions) Act 2019 (GN No 13 of 2019) :
Beneficial Owner and Ultimate Beneficial Owner redefined as natural person with direct and indirect ownership.
Filing Obligation By Companies
- Any Beneficial Ownership information must be lodged with the Registrar within 14 days from the date on which any entry or alteration is made in the share register
- The share register must be kept by a company for a period of at least 7 years from the date of the completion of the transaction, act or operation to which it relates
