Beneficial ownership rules for businesses have been changed | India News

NEW DELHI: The government has changed the important rules on beneficial ownership for businesses, by putting in place a clearer regulatory framework that would also identify the entities likely to be controlled from there. out of the country, according to a manager.

The Department of Corporate Affairs has issued amendments to the material beneficial ownership rules under the Companies Act 2013.

In addition to providing clearer definitions for determining whether a person or entity has a significant beneficial interest, companies will need to provide more detailed details to the department.

The manager stated that the amended rules were clear and precise and that "all forms of control" that could be exercised in the business of a company were seized. "The whole principle of proportional calculation has been removed.It is very clear that the significant beneficial owners would be identified in various circumstances (…) .The rules are intended to lift the veil on the company," added the manager. .