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of <h1>New Rules for Identifying Significant Beneficial Owners Under Companies Act 2013: Key Changes in Reporting and Compliance.</h1> The Companies (Significant Beneficial Owners) Amendment Rules, 2019, issued by the Ministry of Corporate Affairs, amend the 2018 rules under the Companies Act, 2013. These amendments redefine terms like 'control,' 'majority stake,' and 'significant beneficial owner.' Reporting companies must identify significant beneficial owners and require them to declare ownership using Form No. BEN-1. Companies must file returns with the Registrar using Form No. BEN-2. If a person fails to provide required information, the company can apply to the Tribunal for restrictions on shares. These rules do not apply to shares held by government entities or certain regulated investment vehicles.
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