India Issues Rules on Beneficial Ownership Reporting

India's Ministry of Corporate Affairs has issued the Companies (Significant Beneficial Owners) Rules, 2018, which were published in the Office Gazette on 14 June 2018. The rules require that every significant beneficial owner in a company must file a declaration (Form No. BEN-1) to the company in which the owner holds significant beneficial ownership. For this purpose, a significant beneficial owner generally means an individual holding an ultimate beneficial interest of at least 10%, but who…