TMI BlogAnnual Compliance Certificate for Insolvency Professional AgenciesX X X X Extracts X X X X X X X X Extracts X X X X ..... liance certificate specifying the list of the compliances was issued by the Board vide Circular No: IPA/009/2018 dated 19th April, 2018. 4. Now in consequence of amendments in regulations and in suppression of the above Circular, the revised format of Annual Compliance Certificate for IPAs is being issued by the Board as per Annexure. All the registered IPAs have to submit the annual compliance certificate to the Board in the said format within 45 days of the end of the financial year. 5. This circular is issued in exercise of the powers conferred under clauses (aa), (g) and (t) of sub-section (1) of the Section 196 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 7 of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 . Yours faithfully, Sd/ (Manishkumar M. Chaudhari) Chief General Manager, IBBI (+91-11-23462869) -// Annexure//- (ON THE LETTER HEAD OF THE INSOLVENCY PROFESSIONAL AGENCY) ANNUAL COMPLIANCE CERTIFICATE FOR THE YEAR ______ We hereby certify that _______ ( write the name of the Agency here ), having registra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evidencing the qualification and experience required under regulation 5 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016? 2 204(b) (i) How many standards of professional conduct does the Agency have at the end of 31 st March, ? (ii) How many standards were laid down prior to the current year? (iii) How many standards were laid down during the year? 3 204(c) (i) Did the Agency monitor performance of its members during the year? (ii) How many members performance did the Agency monitor during year? (iii) What are the parameters used for monitoring the performance of its members? (iv) How many members did not provide material required for monitoring performance? (v) In case of how many members, did the Agency find performance unsatisfactory? (vi) What action was taken against the members whose performance was found unsatisfactory? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether the Agency is a company registered under section 8 of the Companies Act, 2013? 10 3(1)(a) Whether the Agency s sole object is to carry on the functions of an insolvency professional agency under the Code? 11 3(1)(b) Whether the Agency has its bye- laws and governance structure in accordance with the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016? 12 3(1)(c) (i) Whether the Agency has a minimum net worth of ten crore rupees as on 31 st March,__? (ii) What is the net worth of the Agency as on 31 st March,__? 13 3(1)(d) (i) Whether the Agency has a paid- up share capital of five crore rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21 5(2)(b) How many people are engaged full time to ensure compliances? 22 5(2)(c) (i) When did the Agency pay fee for financial year ? (ii) What is the amount paid? 23 5(2)(d) How many persons hold more than ten per cent. share capital, directly or indirectly, of the Agency? 24 5(2)(e) How many grievances did the Agency receive during the year? 25 5(3) Is the certificate of registration valid as on 31 st March, ? When is the renewal of registration due? Part C: Compliances with the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... their appointment, and at all times during their tenure as directors? 33 5(4A) Whether shareholder directors satisfies the eligibility norms, including experience and qualification, as decided by the Governing Board of the Agency? 34 5(5) (i) Whether the number of independent directors are less than the number of shareholder directors throughout the year? (ii) Whether any meeting of the Governing Board was held without the presence of at least one independent director? 35 5(6) Whether the independent directors appointed by the Agency satisfy the criteria laid down in regulation 5(6)? 36 5(7) Whether the Agency submitted list of names to the Board for nomination of independent directors? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation, to the Agency, within one week of issue of such order? (ii) Whether order referred in Para (i) above was placed on the website of the Agency? 44 5A(1) Whether the Agency satisfy the criteria for appointment of a managing director as laid down in regulation 5A(1)? 45 5A(2) Whether the managing director was appointed for a tenure of not less than three years but not exceeding five years? 46 5A(3) Whether any managing director served more than two terms in the Agency? 47 5A(4) Whether the process of appointment for the second term of an individual as managing director conducted afresh? 48 5A(5) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le for ensuring compliance with the provisions of the Code and regulations, circulars, guidelines, and directions issued thereunder? 56 7(2) Whether the compliance officer, immediately and independently, reported to the Board any non-compliance of the provisions referred to in regulation 7(1)? 57 7(3) Whether the compliance officer has submitted a compliance certificate to the Board annually, verifying that the Agency has complied with the provisions referred to in sub-regulation 7(3)? Whether the annual compliance certificate was also signed by the managing director of the Agency? 58 7(4) Whether the Governing Board has appointed or removed the compliance officer by means of a resolution passed in its meeting? Part D: Compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6(2)(e) (i) How many programmes did the Agency organise for continuing professional development of the profession of insolvency professionals during the year: Seminars / conferences Workshops Training How many insolvency professionals benefited from / participated in these programmes during the year? How many insolvency professionals did not participate in any of the programmes organised by the Agency? Are the programmes in above row different from the programmes under this row? 66 6(2)(f) What is the specific intervention the Agency did to ensure high standards of professional and ethical conduct of its members? Did the ethical standards of its members improve during the year? What is the matrix used to indicate improvement? 67 6(2)(g) What details did the Agency provide to the Board about its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 73 9 How many members were enrolled during the year? How many of them were eligible for enrolment? Whether Governing Board provided additional eligibility requirement for enrolment as a professional member? Whether the additional eligibility requirements discriminate on grounds of religion, race, caste, gender, place of birth or professional affiliation? 74 10 Number of applications received. Number of applications accepted. Number of applications rejected. Number of applications pending. Number of professional members as on 01 st April, . Number of professional members as on 31 st March, . Number of new members enrolled during the year. Number of members who left the Agency during the year. 75 10(8) How many appeals did the Members ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e year? 83 15 Whether the Agency has a Monitoring Policy to monitor the professional activities and conduct of professional members for their adherence to the provisions of the Code, rules, regulations and guidelines issued thereunder? 84 16 Whether the Agency has prescribed the manner and format for collecting information from professional members as insolvency professionals, including records of ongoing and concluded engagements? Did the Agency receive information from all members as required above? How many members submitted information in the prescribed format at least twice during the year? Has the Agency taken appropriate action against those members who did not submit the information? 85 17 Did the Monitoring Committee review the information and records ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 91 24(5) How much monetary penalty was imposed by the Disciplinary Committee during the year? How much of penalty imposed has been realised during the year? What is the highest penalty imposed on a member? Whether the Agency has credited the monetary penalty imposed by the Disciplinary Committee to the Fund constituted under section 222 of the Code? 92 25(1) Whether the Governing Board of the Agency has constituted an Appellate Panel, as required? How many members are common to the Disciplinary Committee and the Appellate Panel? How many meetings of the Appellate Panel were held during the year? Did the Board s nominee attend all the meetings of the Appellate Panel? 93 25(2) How many appeals were received by the Appellate P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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