Increased Transparency for India Inc. —New Beneficial Ownership Rules
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Key takeaways:
- The Indian government recently issued rules for significant beneficial ownership (“SBO”) disclosures, aligning India’s laws (to some extent) with recommendations of the Financial Action Task Force.
- The SBO shareholding threshold is pegged at 10% and applies to all types of companies in India. Companies must now maintain SBO registers and make them accessible to their shareholders.