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Matter for Auditors’ Attention

Updates from ICAI

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On 18 October 2023, ICAI issued an announcement, sensitising companies to abide by the provisions of Section 90 of the Companies Act, 2013 (the 2013 Act) read with the Companies (Significant Beneficial Owners) Rules, 2018 (the SBO Rules), pertaining to Significant Beneficial Ownership (SBO). The announcement is in line with the initiative of the MCA to create wider awareness of the SBO provisions. Some of the key aspects that have been reiterated in the announcement include:

  • Meaning of SBO
  • Declaration in e-form BEN-1
  • SBO return in e-form BEN-2
  • SBO register in e-form BEN-3

To access the text of the announcement, please click here

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