a. Where the customer is a company
Where the customer is a company, the beneficial owner is the natural person(s), who, whether
acting
alone or together, or through one or more juridical persons, has/have a controlling ownership
interest or who exercise control through other means.
Explanation- For the purpose of this sub-clause-
- 1. “Controlling ownership interest” means ownership of/entitlement to more
than
25 per cent of the shares or capital or profits of the company.
- 2. “Control” shall include the right to appoint majority of the directors
or to
control the management or policy decisions including by virtue of their shareholding or
management rights or shareholders agreements or voting agreements.
b. Where the customer is a partnership firm
Where the customer is a partnership firm, the beneficial owner is the natural person(s), who,
whether acting alone or together, or through one or more juridical person, has/have ownership
of/entitlement to more than 15 per cent of capital or profits of the partnership.
c. Where the customer is an unincorporated association or body of
individuals
Where the customer is an unincorporated association or body of individuals, the beneficial owner
is
the natural person(s), who, whether acting alone or together, or through one or more juridical
person, has/have ownership of/entitlement to more than 15 per cent of the property or capital or
profits of the unincorporated association or body of individuals.
Explanation: Term ‘body of individuals’ includes societies. Where no natural
person
is identified under (a), (b) or (c) above, the beneficial owner is the relevant natural person
who
holds the position of senior managing official.
d. Where the customer is a trust
Where the customer is a trust, the identification of beneficial owner(s) shall include
identification of the author of the trust, the trustee, 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.