MCA amends provisions of SBO's share transfer to investor awareness fund

Shares of significant beneficial owners (SBOs) once transferred to the Investor Education and Protection Fund (IEPF) are not allowed to be claimed back, according to the latest amendment made to the IEPF rules by the corporate affairs ministry.
 

An SBO is a person holding a beneficial interest of at least 10 per cent whether acting alone, together or through one or more individuals or trust, in a company. Section 90 of the Companies Act requires an SBO to make a declaration to the company specifying the nature of his/her interest and other essential particulars within the permitted time frame.
 

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