A. Background

This refers to the related (1) Important TLQC 2676 of 22.3.24 in trail, blue, italic and double Line about Clarification sought regarding UBO Form (2) More relevant QCs List is given Para C  especially COQC 625 of 20.2.24 refer for ready reference

B. Updated Commentary

1. We would inform you that Attention all Companies- Filing of Form-19 with SECP regarding Ultimate Beneficial Ownership (UBO) information in ensuing paragraph, with emphasis ours in bold & Underline for quick reading.

2. Every company is required to file a declaration of compliance regarding Ultimate Beneficial Ownership (UBO) on prescribed Form 19 under section 123A of the Companies Act, 2017 read with Regulation 48 of the Companies Regulations, 2024 (COQC 625 of 20.2.24 refer).

3. This form must be submitted along with the annual return each year through eZfile portal of SECP

4. Non-submission of Form-19 may attract penal provisions under sub-section (3) of Section 123A of the Act, which state:

(a) a director or officer of the company or any other person shall be liable to a penalty which may extend to one million rupees; and

(b) the company shall be liable to a penalty which may extend to ten million rupees.

5. In light of the above, you are, therefore, advised to immediately file overdue Form 19 with the SECP through eZfile. 

In case you have already filed Form-19, please disregard this CoQC.

C. List of relevant QCs to ensured and crossed matched whereever applicable 

(a) TLQC 2676 of 22.3.24 about Clarification sought regarding UBO Form

(b) BFIC 267 of 25.3.24 about Guidance on Beneficial Ownership Transparency of Legal Arrangements

(c) COQC 665 of 4.3.26 about Companies Act proposed amendments for Comments by 9.3.26 / KCV by 24.3.26

(d) TLQC 2649 of 22.2.24 about the Beneficial Ownership Declaration Form now on IRIS.

(e) COQC 625 of 20.2.24 about Gigantic Companies Regulations released, several Regulations repealed and KCV & WS

(f) TLQC 2482 dated 31.8.23 about Records of Beneficial Ownership for AOP & Company being the amendments in IT Rules vide SRO 1117 of 28.8.23.

(g) COQC 587 of 22.7.23 about Updated Companies Act as of 18.8.2022 – SECP

D. Further Details & Services

Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email Mr Amsal at amsal@kasbati.co with CC to info.kasbati@professional-excellence.com.

Best regards for Here & Hereafter
Asif S Kasbati (FCA, FCMA & LLB)

Managing Partner 

Kasbati & Co (1155+ Tax, Levies, Companies, Economy, Inflation, HR, Banking, Finance, etc

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