SEBI revises format for disclosing details of significant beneficial owners, effective 30th June, 2019
The Securities and Exchange Board of India (“Board”) has in a circular dated 12th March, 2019 revised the format pertaining to disclosure of details of significant beneficial owners applicable to all listed entities.
This has been done for bringing more transparency to the investors in the securities market and will be effective from 30th June, 2019.
A few inclusions in the revised format are as follows:
- Now, PAN or Passport number to be mentioned in the format of disclosure. Earlier the option of entering Passport Number in the disclosure format was not present.
- Details of holding/exercise right of the Significant Beneficial Owner in the reporting company is to be specifically mentioned i.e. details of shares, voting rights, rights on distributable dividend or any other distribution rights, exercise of control and significant influence. In the earlier format only the percentage of shareholding was needed to be mentioned. The revised format has made the disclosure format more specific and detailed.