Tag Archives: reporting of beneficial ownership

Significant Beneficial Owners Rules – Disclosures

SEBI vide its circular number SEBI/HO/CFD/CMD1/CIR/P/2018/0000000149 dated December 7, 2018 issued this circular in  exercise  of  the  powers  conferred  under  Section  11  and Section  11A  of  the  Securities  and  Exchange  Board  of  India  Act,  1992  read  with Regulation 31 and Regulation 101(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, in the in the interest of transparency.

This circular is in furtherance to the previous circulars and notifications (SEBI Circular No.  CIR/CFD/CMD/13/2015 and Companies (Significant Beneficial Owners) Rules, 2018 notified June 2018 by the Ministry of Corporate Affairs). SEBI clarified and laid down specific disclosures with respect to the shareholding pattern to determine the significant beneficial ownership.

Highlights:

  • Modification: The format specified in the Annexure to the circular shall be Table V  under clause  5 of  the format of  holding  of  specified  securities specified  in  the circular No. CIR/CFD/CMD/13/2015 dated November 30, 2015.
  • Disclosure: contents of the circular to be brought to notice of all listed entities and onus on stock exchange to disseminate this information though notice and publication in website
  • Annexure contains details of-
  • (i) Significant Beneficial Owner (Name, PAN, Nationality)
  • (ii) Registered Owner (Name, PAN, Nationality)
  • (iii) Particulars of shares held by significant beneficial owner which amount to significant beneficial ownership (the quantum of shares in the form of – exact number, percentage of the total number of shares)
  • (iv) Date of creation of Significant beneficial interest (/acquisition of the shares)

The manner of disclosure, as specified in the Annexure (tabular form) to the circular, will come to force from the quarter ending 31 March 2019.

LINK: https://www.sebi.gov.in/legal/circulars/dec-2018/disclosure-of-significant-beneficial-ownership-in-the-shareholding-pattern_41245.html

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