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

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 10-8-2017 - Shareholding and Governance The information utility is to have its shareholding and governance for the purpose of registration. In respect of shareholding it is provided that no person shall at any time, directly or indirectly, either by itself or together with persons acting in concert, acquire or hold more than 10% of the paid up equity share capital or total voting power of an information utility. The following .....

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rmation utility till the expiry of 3 years from the date of its registration, or such period as may be extended by the Board. This will not be applicable to the holding of shares of voting power by the Central Government or a State Government. More than half of the directors shall be independent directors at the time of their appointment and at all times during the tenure as directors. No meeting of the Governing Board shall be held without the presence of at least one independent director. The .....

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risk management; rights of users; and grievance redressal. The bye-laws of the information utility, as amended from time to time shall be published on its website. The Governing Board may amend the bye-laws of the information utility by a resolution passed by votes in favor being not less than 3 times the number of votes, if any, cast against the resolution, by the directors. A resolution passed shall be filed with the Board within 7 days from the date of its passing, for its approval. The amend .....

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s with the permission of the Board. An information utility shall comply with the applicable technical standards, while providing services. Technical standards The Board shall lay down the technical standards based on the recommendations of a Technical Committee constituted by it. The Technical Committee shall comprise of at least 3 members who have special knowledge and experience in the field of law, finance, economics, information technology or data management. The Board may invite the Chief E .....

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mework for providing access to information to third party; security of the system; security of information; risk management framework; porting of information; exchange of transfer of information between information utilities; inter-operability among information utilities; preservation of information; and purging of information. Registration of users A person shall register itself with an information utility for submitting information to or accessing information stored with any of the information .....

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registered users, the unique identifiers of the registered users and the unique identifiers assigned to the debts and make the list available to all information utilities and the Board. Using different information utilities A registered user may submit information to any information utility. Different parties to the same transaction may use different information utilities to submit, or access information in respect of the same transaction. A user may access information stored with an information .....

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be accessed by other parties. Information in default On receipt of information of default, an information utility shall expeditiously undertake the processes of authentication and verification of the information. On completion of the same the information utility shall communicate the information of default and the status of authentication to registered users who are- creditors of the debtor who has defaulted; parties and sureties, if any, to the debt in respect of which the information of defau .....

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ity interest has been created; records, if any, of instances of default by the person against any debt. the corporate person and its auditor, if the information is of the following categories- records of liabilities when the person is solvent; records of the balance sheet and cash flow statements of the person the insolvency professional, to the extent provided in the Code; the Adjudicating Authority; the Board; any person authorized to access the information under any other law; and any other p .....

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o access information stored with any information utility, which they are entitled to access. The functionality shall enable other information utilities to provide access to information to the user directly. The functionality shall ensure privacy and confidentiality of information. Annual Statement An information utility shall provide every user an annual statement of all information pertaining to the user, free of charge. Porting information from registries An information utility may import info .....

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and diligence. An information utility shall hold the information as a custodian. It shall provide services without discrimination in any manner. An information utility shall- provide services to a user based on its explicit consent; guarantee protection of the rights of users; establish adequate procedures and facilities to ensure that its records are protected against loss or destruction; adopt secure systems for information flows; protect itsdata processing systems against unauthorized access, .....

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ision of the services under these regulations. Insurance An information utility shall make adequate arrangements including insurance for indemnifying the users for losses that may be caused to them by any wrongful act, negligence or default of the information utility, its employees or any other person whose services are used for the provision of services. Fee The information utility shall charge uniform fee for providing the same service to different users. The fee structure is to be disclosed o .....

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dards, if any, which provides matters, including- reliable, recoverable and secure systems; provision of core services during disasters and emergencies; and business continuity plans which shall include disaster recovery sites. Audit of technology framework An information utility shall appoint one external auditor having relevant qualification to audit the information technology framework, interface and data processing systems every year. The auditor shall submit a report to the Governing Board. .....

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hall be consistent with the Technical Standards, if any. Compliance Officer An information utility shall designate or appoint a compliance officer who shall be responsible for ensuring compliance with the provisions of the Code applicable to the information utility, in letter and spirit. The said compliance officer shall report to the Board any non compliance of any provision of the Code observed by him. He shall submit a compliance certificate to the Board annually, verifying that the informati .....

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rievance redressal policy An information utility shall have a Grievance Redressal Policy to deal with any grievance from any user or any other person or class of persons as may be provided by the Governing Board in respect of its services. The Grievance policy shall provide for- the constitution of a Grievance Redressal Committee; the functions of the Committee; the format and manner for filing grievances; maximum time and format for acknowledging receipt of a grievance; maximum time for the dis .....

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by the Board; periodic reporting of the receipt and disposal of grievances to the Governing Board; and periodic review of the Grievance Redressal Mechanism by the Governing Board. Information to Board An information utility shall provide such information as required by the Board. It shall provide a report to the Board annually stating the- number and types of records collected; number and types of users registered; number and types of unique debts recorded; number and types of security interests .....

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storage. It shall not provide access to the reports, registers and minutes submitted to any person other than the concerned insolvency professionals, the Board or the Adjudicating Authority. Inspection The Board shall inspect an information utility with such periodicity as may be considered necessary. The information utility shall extend all assistance and co-operation to the Board to carry out an inspection. Disciplinary proceedings The Board on the findings of an inspection or investigation or .....

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ections that the Board proposes to take or issue if the allegations are established; the manner in which the information utility is required to respond to the show cause notice; consequences of failure to respond to the show cause notice within the given time; and procedure to be followed for disposal of the show cause notice. The show cause notice shall enclose copies of relevant documents and extracts of relevant portions from the report of investigation or inspection or other records. The sho .....

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hs of the issue of show cause notice. The order may provide for no action, warning, or any action as under section 220(2) to (4) of the Act. The order shall be effective only on expiry of 30 days from the date of issue of the order unless otherwise it is stated in the order along with the reasons for the same. The order shall be communicated to the information utility and also to be uploaded on the website of the Board. If the order suspends of cancels the registration the information utility is .....

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