MCA Notified Rules on Significant Beneficial Owners for LLPs

The Ministry of Corporate Affairs (MCA) notified the Rules on Significant Beneficial Owners for LLPs via issuing a notification.

Essential Points of the Notification:

In exercise of the powers conferred by section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules, namely:

Title and commencement:

These rules may be called the Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023.

They shall come into force on the date of their publication in the Official Gazette.

Applicability:

The provisions of these rules shall apply to any Limited Liability Partnership.

Non-applicability:

These rules shall not apply to the extent the contribution of the reporting limited liability partnership is held by.-

1. the Central Government, State Government, or any local authority;

2. (a) a reporting limited liability partnership, or
(b) a body corporate, or
(c) an entity, controlled by the Central Government or by one or more State Government, or partly by the Central Government and partly by one or more State Government;

3. an investment vehicles registered with, and regulated by the Securities and Exchange Board of India, such as mutual funds, alternative investment funds (AIF), Real Estate Investment Trusts (REITs), Infrastructure Investment Trust (lnVITs).

4. an investment vehicles regulated by the Reserve Bank of India, or the Insurance Regulatory and Development Authority of India, or the Pension Fund Regulatory and Development Authority.

For Official Notification Download the PDF Given Below: