Introduction
SECP issued Circular # 20 of 2017 notifying amendment in Circular No. 16 of 2018 (maintenance of register of ultimate beneficial ownership information by the companies) issued on August 29, 2018.
Commentary
Amendment pertains to Para # 3 of the Circular No. 16 of 2018, whereby minimum threshold of shareholding to seek information to maintain Register of Beneficial Ownership under Section 453 of Companies Act 2017, is prescribed now, i.e. natural persons who ultimately own or control the company through direct or indirect ownership of not less than ten (10) percent shares, voting rights, ownership or controlling interest in that company.
Earlier requirement was to maintain register of All Beneficial Ownership irrespective of the percentage held.
Link to Document
Please click below to view the Original Circular
