7 December, 2018
Securities and Exchange Board of India (SEBI) has issued a circular dated December 7, 2018 to prescribe a format for disclosure of significant beneficial ownership in the share holding pattern of the listed entities.
The circular issued by SEBI is in reference to the notification dated June 14, 2018 issued by the Ministry of Corporate Affairs (MCA) wherein as per the provisions of Section 90 of Companies Act, 2013 read with Companies (Significant Beneficial Owners) Rules, 2018, every individual who, either by himself or with others (including a trust and persons resident outside India), holds a beneficial interest of 10% or more in the shares of a company or has the right to exercise significant influence or control over a company qualifies as significant beneficial owner (SBO).
This circular shall come into force with effect from the quarter ended March 31, 2019. For more information on the circular, please click here.
For further information, please contact:
Vineet Aneja, Partner, Clasis Law
vineet.aneja@clasislaw.com
