Introduction:Practical aspects related to SBO ID
After the great success of my published Article on “SIGNIFICANT BENEFICIAL OWNER- A New Move To Pierce Corporate Veil”, I have tried to write down and will talk about the SBO ID. Let’s share my experience.
Who is SBO:
The SBO is a person who holds significant beneficial ownership in the reporting Company either directly or indirectly.
What is SBO ID:
The SBO id is a 10 digits unique identification number of such person. The rule “ONE ID FOR ONE PERSON” prevails here.
How to generate SBO ID:
The moment you file the eForm BEN-2, the SBO id gets generated instantly and it will be sent on the email id of the SBO entered in the form.
Practical issue:
In case, the SBO is same in more than one Company, then at the time of filling of form of second Company, you will have to put the SBO id which generated from earlier Company and while prescrutiny, you will see the error THE SBO ID <YOU ENTERED> IS NOT ASSOCIATED WITH THE SELECTED CIN.
At present, I am not able to find any solution for above issues expect to wait for the revised version of eForm or any clarification from MCA in this regard.
These were the Practical aspects related to SBO ID
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CS Varun Kapoor
