<On Letter head of Merchant>
Ultimate Beneficial Ownership (UBO) Declaration / Controlling Person
Date
Name of Director
PAN
Entity
UBO / Controlling Person Details:
S.I. No Name of the Country of Tax Registered % of beneficial
UBO/Controlling Residency of Address of interest of the
Person * UBO UBO UBO
I acknowledge and confirm that the information provided above is true and correct to the best of my
knowledge and belief. In case any of the above specified information is found to be false or untrue or
misleading or misrepresenting, I am aware that I may be liable for it.
For and behalf of
ABC Limited
Name
Designation
Signature with Stamp
* The beneficial owner for this purpose shall be determined as under—
a) where the client is a company, the beneficial owner is the natural person(s), who, whether
acting alone or together, or through one or more juridical person, has a controlling ownership
interest or who exercises control through other means.
(i) Controlling ownership interest” means ownership of or entitlement to more than ten
per cent. of shares or capital or profits of the company.
(ii) 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 client 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 ownership
of/entitlement to more than ten percent of capital or profits of the partnership or who exercises
control through other means.
Explanation - For the purpose of this clause, “Control” shall include the right to control the
management or policy decision.
c) where the client 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 ownership of or entitlement to more than fifteen percent of the property or capital
or profits of such association or body of individuals.
d) where no natural person is identified under (a) or (b) or (c) above, the beneficial owner is the
relevant natural person who holds the position of senior managing official.
e) where the client is a trust, the identification of beneficial owner(s) shall include identification of
the author of the trust, the trustee, the beneficiaries with ten percent 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; and
f) where the client or the owner of the controlling interest is an entity listed on a stock exchange
in India, or it is an entity resident in jurisdictions notified by the Central Government and listed
on stock exchanges in such jurisdictions notified by the Central Government, or it is a subsidiary
of such listed entities, it is not necessary to identify and verify the identity of any shareholder or
beneficial owner of such entities.
