New LLP rules to improve transparency: Experts

The 'Significant Beneficial Owners' (SBO) rules recently issued by the ministry of corporate affairs for Limited Liability Partnerships (LLPs) will bring more transparency to investment structures. The rules require LLPs to identify and report on ultimate owners, strengthening disclosure frameworks. Previously, this requirement only applied to companies under the Companies Act. LLPs gaining popularity as investment vehicles in India necessitated regulations to ensure transparency and curb illicit financing. The challenge lies in obtaining data from beneficial owners residing outside India.

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