Sri Lankan companies warned to disclose beneficial ownership details by September 30

Companies that have not yet submitted their beneficial ownership information have been urged to do so on or before Sept. 30, 2026, by the Department of Registrar of Companies.

The Ministry of Trade, Commerce, Food Security and Co-operative Development has announced that the requirement applies under Section 130H(1) of the Companies (Amendment) Act, No. 12 of 2025.

The provision requires every company incorporated or registered under the Companies Act, No. 7 of 2007, or any former written law relating to companies, and having beneficial owners on the date the amendment came into operation, to submit details of its beneficial owners to the Registrar in the prescribed form and manner.

The department said failure to comply within the stipulated period may result in administrative penalties.

It further noted, a company that fails to comply with the relevant provisions may be guilty of an offence and, upon conviction, liable to a fine not exceeding Rs. 1 million, imprisonment of either description for a period not exceeding 10 years, or both. (Newswire)

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