Updates by PracticeGuru

The Ministry of Corporate Affairs (MCA) has introduced the Companies (Significant Beneficial Owners) Amendment Rules, 2024, to improve transparency in the identification and reporting of significant beneficial owners (SBOs). Key changes include the mandatory designation of an SBO Officer, the requirement for SBOs to declare their ownership using Form BEN-1, and the obligation for companies to maintain a register of SBOs and file returns using Form BEN-2. These amendments aim to strengthen compliance and corporate governance practices within companies.