Listed companies will have to make disclosures about details pertaining to significant beneficial owners in a prescribed format, the Securities and Exchange Board of India said on Friday.
This will come into effect from the quarter-ended March, the market regulator said in a circular. As per SEBI, listed entities need to disclose details such as name, permanent account number and nationality of the significant beneficial owner as well as registered owner.
Among other disclosures are details of the shares in which significant beneficial interest is held by the beneficial owner and date of acquisition of significant beneficial interest. The move is aimed at bringing transparency to investors.
Significant Beneficial Owner is a person who is not a registered shareholder of the company but the person either individually or jointly owns at least 10 percent stake in the company or directly or indirectly exercises significant control over the company.
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