New Beneficial Ownership Rules – Transactional Implications

Following through on India's commitment to align its regulatory framework with the recommendations of the Financial Action Task Force, to check the misuse of multi-layered corporate entities for money laundering and other illegal activities, the Ministry of Corporate Affairs (MCA), vide the Companies (Amendment) Act, 2017 (Amendment Act), amended the Companies Act, 2013 (Act) with an intent to strengthen beneficial ownership disclosures.