Non-applicability of significant beneficial ownership rules excludes specified government, regulated and certain institutional investors; holding company must be reported. Rule 8 excludes the SBO rules for shareholdings held by specified public authorities, central or state governments and local authorities, entities controlled by governments, and holding reporting companies (whose details must be reported in Form BEN-2). It also exempts SEBI regulated investment vehicles such as mutual funds, AIFs, REITs and InVITs, and investment vehicles regulated by the central bank, insurance regulator, or pension regulator.