Pursuant to the amendments made to the Companies (Significant Beneficial Owners) Rules, 2018 (“Rules”) by the Companies (Significant Beneficial Owners) Amendment Rules, 2019, the Securities and Exchange Board of India (“SEBI”) issued a circular on March 12, 2019 (“Amending Circular”) for modification of its circular dated December 7, 2018 (“Circular”) on ‘Disclosure of significant beneficial ownership in the shareholding pattern’.
As per the Amending Circular, the Circular would be applicable only to those listed entities that are reporting companies as per the amended Rules. The submissions under the Circular have to be made by such listed in entities in line with the requirements specified under the amended Rules.
The Amending Circular provides a revised format for submitting details of significant beneficial owners. Further, in view of the revised timelines under the amended Rules, the Circular shall come into force with effect from the quarter ended June 30, 2019.
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