My employer is karta of Hindu Undivided Family (HUF). He has some investments in mutual funds. He want to file FATCA and UBO forms. What is the UBO Code for Karta and Beneficiaries.
- Ashok Athavale
As per SEBI circular, non-individuals and trusts are required to provide details of ultimate beneficiary owner (UBO) and submit appropriate proof of identity of such UBOs. The beneficial owner has been defined in the circular as the natural person or persons, who ultimately own, control or influence a client and/or persons on whose behalf a transaction is being conducted, and includes a person who exercises ultimate effective control over a legal person or arrangement.
Here is a list of Ultimate Beneficiary Owner (UBO) codes. As you can see, UBO-03 would apply to Hindu Undivided Family.
UBO Code: Sub-category
UBO-01: Controlling ownership interest of more than 25% of shares or capital or profits of the juridical person [Investor], where the juridical person is a company
UBO-02: Controlling ownership interest of more than 15% of the capital or profits of the juridical person [Investor], where the juridical person is a partnership
UBO-03: Controlling ownership interest of more than 15% of the property or capital or profits of the juridical person [Investor], where the juridical person is an unincorporated association or body of individuals / HUF
UBO-04: Natural person exercising control over the juridical person through other means exercised through voting rights,
agreement, arrangements or in any other manner [In cases where there exists doubt under UBO-1 to UBO - 3 above as to
whether the person with the controlling ownership interest is the beneficial owner or where no natural person exerts
control through ownership interests]
UBO-05: Natural person who holds the position of senior managing official [In case no natural person cannot be identified as above]
UBO-06: The settlor(s) of the trust
UBO-07: Trustee(s) of the Trust
UBO-08: The Protector(s) of the Trust [if applicable].
UBO-09: The beneficiaries with 15% or more interest in the trust if they are natural person(s)
UBO-10: Natural person(s) exercising ultimate effective control over the Trust through a chain of control or ownership
This article was originally published on December 23, 2015.
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