The provisions relating to declaration of significant beneficial ownership (“SBO”) were introduced in the Companies Act, 2013 (“Act”) with effect from June 2018, to prevent misuse of corporate vehicles for the purpose of evading tax or laundering money for corrupt or illegal purposes. While the introduction of section 90 of the Act and the Companies (Significant Beneficial Owners) Rules, 2018 (“SBO Provisions”) sparked a lot of discussion and debate over compliance initially, it settled down shortly thereafter. The topic of SBO has been reignited due to the recent orders by the Registrar of Companies (“RoC”) that have sparked new debates and discussions about compliance. This article explores two key RoC orders, showcasing the lengths to which the RoC has gone in their analysis, and why businesses now need to pay even closer attention to these regulations. INDUSLAW's Aakash Dasgupta, Rashi Bharadwaj, Siddharth Malakar, Bhumika Rathore discuss.