Under section 21 of the Companies Act, the Registrar is required to establish and maintain a Register of beneficial owners in manual or electronic form.
Pursuant to section 124, the Registrar also ensures that the beneficial ownership of shares is known, ascertained, and verified before the shares can be registered and transacted in accordance with section 124.
Where necessary to ascertain and verify the beneficial ownership of a share or class of shares of a company, the Registrar may serve a notice to furnish within a period specified in the notice, specified information with regard to the beneficial ownership of the share in accordance with section 124.
In view of the above, the Registrar ensures that there is adequate, accurate, and up-to-date Beneficial Ownership information on legal persons and on legal arrangements that can be obtained in a timely fashion by competent authorities