ICSI Proposes One-Time Relief Window for Overdue SBO Declarations Under Section 90

The regulatory landscape governing corporate transparency in India has grown increasingly stringent, particularly concerning the disclosure of ultimate human owners behind corporate veils. In a recent development dated 16th March 2026, the Institute of Company Secretaries of India (ICSI) submitted a formal representation to the Ministry of Corporate Affairs (MCA). The professional body is strongly advocating for the implementation of a condonation or amnesty initiative to assist corporate assessees who have missed the statutory deadlines for filing Significant Beneficial Ownership (SBO) declarations.

This proposed relief mechanism specifically targets the delayed submission of crucial compliance documents, namely Form BEN-1, Form BEN-2, and Form BEN-3, which are mandated under the prevailing corporate legal framework.

The Statutory Mandate: Decoding SBO Compliance

To curb money laundering and shell company operations, the legislative framework requires absolute transparency regarding who ultimately controls or profits from a corporate entity.

Under the stringent provisions of Section 90 of the Companies Act, 2013, read in conjunction with the Companies (Significant Beneficial Owners) Rules, 2018, every corporate assessee is legally bound to identify individuals holding significant beneficial interests. Once identified, these individuals must submit their declarations, and the company must subsequently register this data with the Registrar of Companies (RoC).