Beneficial ownership identification required for intermediaries, mandating KYC/AML verification of ultimate natural owners and controllers. SEBI requires intermediaries to identify and verify natural persons who ultimately own, control or influence non-individual clients by: (1) identifying persons with a controlling ownership interest (specified ownership thresholds for companies, partnerships and unincorporated bodies); (2) identifying persons who exercise control by other means (voting rights, agreements, arrangements); and (3) where no such persons exist, identifying the senior managing official. For trusts, identify settlor, trustees, protector, beneficiaries with significant interest and any person exercising ultimate effective control. Listed companies and majority-owned subsidiaries are exempt. Immediate implementation and monitoring obligations are mandated.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Beneficial ownership identification required for intermediaries, mandating KYC/AML verification of ultimate natural owners and controllers.
SEBI requires intermediaries to identify and verify natural persons who ultimately own, control or influence non-individual clients by: (1) identifying persons with a controlling ownership interest (specified ownership thresholds for companies, partnerships and unincorporated bodies); (2) identifying persons who exercise control by other means (voting rights, agreements, arrangements); and (3) where no such persons exist, identifying the senior managing official. For trusts, identify settlor, trustees, protector, beneficiaries with significant interest and any person exercising ultimate effective control. Listed companies and majority-owned subsidiaries are exempt. Immediate implementation and monitoring obligations are mandated.
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