Companies (Significant Beneficial Ownership) Amendment Rules, 2019

Feb 11, 2019 | by Avantis RegTech Legal Research Team


Ministry of Corporate Affairs (MCA) on February 08, 2019, passed a Notification to further amend Companies (Significant Beneficial Owners) Rules, 2018 and the amended Rule called as Companies (Significant Beneficial Owners) Amendment Rules, 2019.

Under Rule 2(1)(b) to (e) of Rule 2018 which talks about the “Definition “ has been substituted with the definition of control, form, majority stake, partnership entity, reporting company, significant beneficial owner, significant influence.

For Rule 3 and 4 of Rules, 2018 which specifies about Declaration and Return of significant beneficial owners in shares, has been substituted with:

·         Rule 2A which defines the duty of the reporting company;

·         Rule 3 defines the declaration of significant beneficial ownership; and

·         Rule 4 defines Return of significant beneficial owners in shares.

For Rule 7 and 8 of Rules, 2018 which specifies Application to the Tribunal and Non applicability has been substituted with a new amended rule.

 

Form No. BEN-1; BEN-2; BEN-3; BEN-4 has also been substituted with a new form.

The Amended Rule will come into force on the date of the publication in the Official Gazette.

URL: http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf


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