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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INFORMATION UTILITIES) REGULATIONS, 2017 – PART I

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 9-8-2017 - In exercise of the powers conferred by sections 196, 209, 210, 211, 212, 213, 214, 215, 216 read with section 240 of the Insolvency Bankruptcy Code, 2016 ( Code for short), the Board make the regulation called as Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 ( Regulations for short) to provide a frame work for registration and regulation of information utilities in terms thereof, .....

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ts of person over which security interest has been created; records, if any, of instances of default by the person against any debt; records of the balance sheet and cash flow statements of the person; and such other information as may be specified. Utility In computers, a utility is a small program that provides an addition to the capabilities provided by the operating system. Registration Section 209 of the Code provides that no person shall carry on its business as information utility without .....

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d otherservices under these regulations and discharge such functions as may be necessary for providing these services; its shareholding and governance is in accordance with Chapter III; its bye-laws are in accordance with chapter IV; it has a minimum net worth of ₹ 50 crores; it is not under the control of person(s) resident outside India; not more than 49% of its total voting power or its paid up equity share capital is held, directly or indirectly, by persons resident outside India; the .....

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f he has been sentenced to imprisonment for a period of less than six months; a person shall not be considered fit and proper if he has been sentenced to imprisonment for a period- of not less than six months, but less than seven years and a period of five years has not elapsed from the date of expiry of the sentence; or seven years or more; absence of restraint order, in force, issued by a financial sector regulator or the Adjudicating Authority; and financial insolvency. Application for regist .....

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cation and give an opportunity to the applicant to remove the deficiencies if any in the application. The Board may require the applicant to submit, within reasonable time additional documents or clarification that it deems fit. The Board may require the applicant to appear within reasonable time before the Board in person, or through its authorized representative for clarifications required for processing the application. If the Board is satisfied, after such inspection or inquiry as it deems n .....

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applicant as an information utility in Form B, within 60 days of the receipt of the application. The time limit of sixty days will exclude the time given by the Board for removing the deficiencies or presenting additional documents or clarifications or appearing in person. The registration may be subject to such terms and conditions as may be specified. Conditions of registration The certificate of registration shall be subject to the conditions that the information utility shall- abide by the C .....

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p equity shares or voting power, if any, held by such person, entitles him to hold more than 5%, directly or indirectly, of the paid up equity share capital or total voting power; a change of control; a merger, amalgamation or restructuring; sale, disposal, or acquisition of the whole, or substantially the whole, of its undertaking; voluntary liquidation, dissolution, or any similar action involving the discontinuation of the business;; intimate the Board if a person holding more than 5%, direct .....

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Board. Rejection of application If after considering an application, the Board is of the prima facie opinion that the registration ought not to be granted it shall communicate the reasons for forming such opinion within forty five days of the receipt of the application, excluding the time given by the Board for removing the deficiencies, presenting additional documents or clarifications or appearing in person. The applicant shall submit an application as to why its application should be accepte .....

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information utility seeking renewal of registration shall, at least six month before the expiry of its registration make an application for renewal in Form A along with a non refundable application fee of ₹ 5 lakhs. The Board shall acknowledge the receipt of the application. After considering the application the Board is of the prima facie opinion that the registration ought not to be renewed or renewed with additional conditions, it shall communicate the reasons for forming such an opini .....

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other directions as considered appropriate. In-principal approval Any person who seeks to establish an information utility may make an application for an in-principle approval, demonstrating that the conditions are satisfied, along with a non refundable application fee of ₹ 5 lakhs. If the Board is satisfied, after such inspection or inquiry as it deems necessary that- the applicant is a fit and proper person; and the proposed or existing company which may receive registration would be ab .....

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tion granted to an information utility on any of the following grounds- that it has obtained registration by making a false statement or mis-representation or any other unlawful means; that it has failed to comply with the requirements of the regulations made by the Board; that it has contravened any of the provisions of the Act or the rules or the regulations made there under; on any ground as may be specified by regulations. No order shall be made unless the information utility concerned has b .....

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providing core services to any person, every information utility shall- create and store financial information in a universally accessible format; accept electronic submissions of financial information from persons who are under obligations to submit financial information in such form and manner as may be specified by the regulations; accept, in specified form and manner, electronic submissions of financial information from persons whointend to submit such information; meet such minimum service .....

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