SBO Confusion After FEMA 2024: CEOs Beneficial Owners?

Introduction: "Clarity is the bedrock of trust in law. Absent clarity, even compliance runs the risk of being haphazard guesswork." For companies operating in India's corporate governance space, it was hoped that the SBO requirements would be the bedrock of clarity; specifying the individuals who had ultimate control and/or who benefited from the asset, even through multiple layers of control and ownership. In early 2024, however, the Registrar of Companies (RoC) declared Satya Nadella...