Background:
Ministry of Corporate affairs (“MCA”) vide its notification dated June 13, 2018 enforced the provisions of the amended Section 90 of the Companies Act, 2013 and also issued the Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018 (“SBO Rules”) in relation to the determination of Significant Beneficial Owner (“SBO”).
Further, in line with the MCA notification and in the interest of the shareholders to bring more transparency, SEBI vide its circular date December 07, 2018 introduced the requirement of disclosure pertaining to SBO in the shareholding pattern which was applicable for the quarters from March 31, 2019.
Thereafter, considering various practical difficulties in implementing the provisions of the SBO rules, MCA revised the SBO rules vide its notification dated February 08, 2019 in order to facilitate better implementation of the provisions.
Amendment:
SEBI after considering the aforementioned revised SBO rules, vide circular dated March 12, 2019 revised the format of disclosure of SBO in the Shareholding pattern as per Regulation 31 of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015 and granted relaxation to the listed entities by extending the timelines of the disclosure of the same in SHP from the quarter ended March 31, 2019 to June 30, 2019.
The new format of SHP shall be as follows:
| Format of holding of specified securities | |
| Table-I | Summary statement showing holding of specified securities of the Listed Entity |
| Table-II | Statement showing holding of specified securities of the Promoter and Promoter Group |
| Table-IIII | Statement showing holding of specified securities of the public shareholders |
| Table-IV | Statement showing holding of specified securities of the Non Promoter- Non Public shareholder |
| Table-V | Statement showing details of Significant Beneficial Ownership – Newly Inserted- w.e.f. Quarter ended June 30, 2019 |
| S.No |
Details of the Significant Beneficial Owner (SBO) (I) |
Details of the registered owner (II) |
Details of holding/ exercise of right of the SBO in the reporting company, whether direct or indirect*: (III) |
Date of creation/ acquisition of significant beneficial interest (IV) |
|||||
| Name | Pan/Passport no. in case of foreign national | Nationality | Name | Pan/Passport no. in case of foreign national | Nationality | Whether by Virtue of: | |||
| Shares |
%
|
||||||||
| Voting Rights |
%
|
||||||||
| Rights on Distributable or any other distribution | |||||||||
| Exercise of Control | |||||||||
| Exercise of Significant influence | |||||||||