The Ministry of Corporate Affairs (MCA) has revised the time limit for filing the Form BEN-2 (Declaration by the beneficial owner pursuant to section 90(4) of Companies Act, 2013 read with Rule 4 of Companies (Significant Beneficial Owners) Rules, 2018) to 30 days from the date of deployment of BEN-2 e-form on the MCA-21 portal and no additional fee shall be levied if the same is filed within 30 days from the date of deployment of the said e-form.

Dematerialization mandated for Unlisted Public Companies (UPC) by MCA vide notification dated September 10, 2018. The major highlights are:

• Every UPC can issue/ transfer the securities only in dematerialized form and facilitate dematerialization of all its existing securities effective 02nd October 2018
• Before any issue entire holding of promoters/director should be in demat.
• Every UPC shall secure ISIN and inform to all its existing shareholders about demat facility.
• Submit Reconciliation of Share Capital Audit Report by PCS to ROC on Half yearly basis.
• Applicability of following regulations on UPC
  • Depository Act, 1996,
  • SEBI (Depositories and Participants) Regulation, 1996, and
  • SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
• Any grievances shall be filed before IEPF Authority.