The Companies Act will be amended, inter alia, asfollows:
- As part of actions taken to identify its beneficial owner (BO) or ultimate beneficial owner (UBO), a company will be required to keep a written declaration by the BO or UBO himself that he is the BO or UBO. The UBO or BO shall be required to notifythe company of any change in his status;
- All companies (other than small private companies) incorporated before the introduction of this measure will be required to comply with the requirements set out above by 30 June 2026; and
- Any company which fails to abide by the requirements set out above will commit an office and will beliable to a fine not exceeding Rs300,000.