What changes and with effect from which dates the provision of the above mentioned details become mandatory?
The summary of changes is as below :
|WEF November 1, 2015||WEF January 1, 2016|
|Mandatory for all new MF investors to provide Additional KYC details||Mandatory for all existing investors to provide the Additional KYC details for executing any additional purchase or switch.|
How do I know whether the supplementary KYC details are updated in your records once I submit the same?
This information will be updated by CAMS in their central database. This information will be shared with all other AMCs serviced by CAMS where you have investments. Please visit www.camsonline.com to check the list of all AMCs serviced by CAMS.
The beneficial owner is the natural person or persons who ultimately own, control or influence a client and/or persons on whose behalf a transaction is being conducted, and includes a person who exercises ultimate effective control over a legal person or arrangement.
SEBI vide its Circular No. CIR/MIRSD/2/2013 dated January 24, 2013 has mandated that all investors (other than individuals and HUF) are required to provide details of UBO(s).
In case the investor or owner of the controlling interest is a company listed on a stock exchange or is a majority owned subsidiary of such a company, the details of share holders or beneficial owners are not required to be provided.
The identity of the UBO can be ascertained from the following information:
- For investments of Non Individuals (other than trusts) i.e. company, partnership or unincorporated association/body of individuals, the identity of the natural person , who, whether acting alone or together, or through one or more juridical person exercises control through ownership or who ultimately has a controlling ownership interest of /entitlements to:
- More than 25% of shares or capital or profits of the juridical person, where the juridical person is a company
- More than 15% of shares or capital or profits of the juridical person, where the juridical person is a partnership
- More than 15% of shares or capital or profits of the juridical person, where the juridical person is an unincorporated association or body of individuals.
- Where there exists doubt as to whether the person with the controlling ownership interest is the beneficial owner or where no natural person exerts control through ownership interests, the identity of the natural person exercising control over the juridical person through other means such as through voting rights, agreement, arrangements or any other manner.
- Where the client is a trust, the identity of the settlor of the trust, the trustee, the protector, the beneficiaries with 15% or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership have to be identified.
- Where no natural person is identified the identity of the relevant natural person who holds the position of senior managing official.
A NIL declaration cannot be submitted. If no beneficial owner or where no natural person exerts control through ownership interests could be ascertained based on ownership/shareholding pattern, the natural person who exercises control over the juridical person through other means like through voting rights, agreement, arrangements or in any other manner shall be treated as the UBO.
If the UBO could not be identified based on the above process, then the senior managing official who manages the operations of the organization shall be treated as the UBO.
You can register the UBO by filling the FATCA, CRS & UBO DECLARATION (For Non Individual Investors) and submit it at any Official Point of Acceptance. The information will be updated by CAMS in their central database.