Which of the following statements is/are correct regarding Beneficial Ownership as per the Master Direction on KYC?

1. A beneficial owner of a company must have a controlling ownership interest of more than 10% of shares or capital.
2. For partnership firms, a beneficial owner is defined as someone with an entitlement to more than 20% of profits.
3. In the absence of a natural person as a beneficial owner, the senior managing official is identified as the beneficial owner.