Layers Of Corporate Subsidiaries Capped To Two To Check Money Laundering, Protect Investors [Read Notification]

Companies can now have only two layers of subsidiaries with the government bringing in new rules effective from September 20 putting restriction on the number of layers for corporates to check money laundering and protect investors.No company, other than banking, non-banking financial company or an insurance firm, can have more than two layers of subsidiaries.The restrictions have been put...