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    Question

    For an unincorporated association, body of individuals,

    or society, a person is considered a beneficial owner if they hold more than what percentage of property, capital, or profits?
    A 5% Correct Answer Incorrect Answer
    B 10% Correct Answer Incorrect Answer
    C 15% Correct Answer Incorrect Answer
    D 20% Correct Answer Incorrect Answer
    E 50% Correct Answer Incorrect Answer

    Solution

    As per RBI’s KYC Master Directions and related guidelines on identification of beneficial ownership: • In the case of unincorporated associations, bodies of individuals, or societies, the beneficial owner is the natural person(s) who, acting alone or together (directly or indirectly), has ownership of or entitlement to more than 15%of the property, capital, or profits of such entity. • If no natural person can be identified as the beneficial owner, the senior managing official of the entity is considered the relevant beneficial owner. • For other types of entities: o Companies, partnerships, trusts → controlling ownership is defined as entitlement to more than 10% of shares, capital, or profits, or the ability to exercise control through other means.

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