Amendment of Significant Beneficial Owner Rules
HOME SERVICES FEEDBACK CONTACT US BLOG X Deepti Arora & Co. – Chartered Accountants Amendment of Significant Beneficial Owner Rules 14 January 2020 | compliance, India, mca The 2013 Corporate Act has brought a new revolution by lifting the Corporate Veil concept with an aim to safeguard the investor interests in every possible way. In addition to the prevailing stringent norms with regard to related party transactions, the MCA has taken a step further and mandated all companies under its administration to disclose as a part of their routine regulatory filings, the significant beneficial owners in form BEN-2 to the Registrar of Companies in their respective jurisdictions. This notification which is largely based on the recommendations of Financial Action Task Force, an inter-governmental organization is also seen as a move against money laundering and terror financing through complex structured transactions. Who is a significant beneficial owner (SBO)? An individual, acting alone or together with others (including trusts and persons resident outside India), who beneficial interests of not less than 10% in the shares of the relevant company or holds the right to exercise significant influence over the firm. The Act has defined beneficial interest pervasively as the direct or indirect right of a person exercised through contract or otherwise upon shares or to receive or participate in any dividends or other distribution in respect of the shares. The SBOs are required to make a declaration to the companies expressing their status in BEN-1, upon the receipt of which companies shall file such particulars with ROC in BEN-2. Subsequently, a unique number gets allocated to each SBO. It is noteworthy to mention here that the SEBI has also now issued separate circular directing the listed companies to file the disclosure of SBOs as a part of the quarterly disclosure of shareholdings to stock exchanges. The penalty for non- compliance shall fall on the reporting company and every officer in default for a fine amount not less than ₹10 lakhs which may extend up to ₹50 lakhs and in case of continuing default a fine of ₹1000 per day. Currently the Companies Regulator has permitted companies to furnish this information by March 31, 2020. Share this post: Facebook-f X-twitter Contact Categories work from home tax self-employed salary slip roc rent paid rent payslip payroll deductions payroll pay slip mca kyc job change ITR india union target India income tax return income tax hra house rent allowance freelancing freelancer Form 16 finance employee compliance budget 2020 budget allowances Deepti Arora & Co. – Chartered Accountants Address 811, SIDCO ARAVALI APARTMENTS, GH-1,SECTOR 1, IMT MANESAR, GURUGRAM 122051 Contact Us +91 9999017642 +91 7827261120
DIR-3 KYC Who should file & when
HOME SERVICES FEEDBACK CONTACT US BLOG X Deepti Arora & Co. – Chartered Accountants DIR-3 KYC Who should file & when 6 August 2018 | accounting, compliance, finance, kyc, mca, roc In its latest announcement the Ministry of Corporate Affairs (MCA) had made it mandatory to do KYC of directors annually. For complying with the same DIR-3 KYC form has been provided. Who does it apply and what needs to be done is presented in the flow-chart below: Basic Documents required for DIR-3 1. PAN Card 2. Passport size photos of directors 3. Address proof of directors 4. Photo ID proof of directors 5. Passport No. 6. Driving Licence 7.Digital Signature 8. Aadhaar card 9. Electricity/Utility/Phone bill not more than 2 months old 10. Verified email and phone no. 11. Voter id number The copies of documents need to be self-attested by the Directors and the form to be certified by a practicing professional (Chartered Accountant or Company Secretary or CMA. Need help in filing DIR-3? Call us! Share this post: Facebook-f X-twitter Contact Deepti Arora & Co. – Chartered Accountants Address 811, SIDCO ARAVALI APARTMENTS, GH-1,SECTOR 1, IMT MANESAR, GURUGRAM 122051 Contact Us +91 9999017642 +91 7827261120