Ministry of Power

Application of Reliance Industries Limited

Issue Date: 26 November 2025 Published: 26 November 2025

Gazette ID: CG-DL-E-26112025-267975 Download PDF

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Core Purpose

The notification establishes revised criteria for the identification of Significant Beneficial Owners (SBOs) under the Companies Act, 2013, by amending the Companies (Significant Beneficial Owners) Rules, 2018.

Detailed Summary

The Ministry of Corporate Affairs, in exercise of powers conferred by sub-sections (1) and (2) of section 469 read with sub-section (1) of section 90 of the Companies Act, 2013, has issued these rules to amend the Companies (Significant Beneficial Owners) Rules, 2018. These rules are named the Companies (Significant Beneficial Owners) (Amendment) Rules, 2024, and come into force on the date of their publication in the Official Gazette. The key amendments include replacing clauses (d), (e), (f), (g), and (h) of sub-rule (1) of rule 2, which define 'significant beneficial owner'. The new definition states that an individual acting alone or together with others, who holds *indirectly, or together with any direct holdings*, at least ten percent of the shares, voting rights, or right to receive or participate in the distributable dividend or other distribution in a reporting company, or has the right to exercise significant influence or control over the company, is a significant beneficial owner. This definition now includes cases where the individual holds through a trust, a partnership, or any other entity, specifying that the holding should be 'at least ten percent' instead of 'not less than ten percent'. The amendment also clarifies that if an individual holds through a pooled investment vehicle or other entity based in a Financial Action Task Force (FATF) compliant jurisdiction, the intermediary entity should report its SBO. Specifically, for shares, voting rights, or distributable dividends, the threshold for indirect holding is 'at least ten percent' of the total. The amendment replaces the previous specific criteria for indirect holding through various entity types (body corporate, Hindu Undivided Family, partnership, trust, etc.) with a more consolidated approach focusing on the 'at least ten percent' threshold for indirect holdings, or combined direct and indirect holdings, and control or significant influence. The amendment primarily aims to refine the identification and reporting mechanism for SBOs.

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