The Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
The object of the Information Utility Regulation is to provide for registration and regulation of information utilities. The Information Utility Regulation will be effective from April 1, 2017.
The role of an information utility is to store financial information of the registered users. On receiving the information relating to default, the information utility shall expeditiously process and verify the information and communicate the status to the registered user. This will help in completion of transaction under the Insolvency Code well in time.
The Regulation provides following eligibility conditions for a registration as an Information Utility:
To safe guard the interest of its users the Regulation provides for the following:
Appoint a compliance officer who will be responsible for ensuring compliance with the provisions of the Code applicable to the information utility. The Compliance officer will independently report the non-compliance to the Insolvency Board.
Read the Press Release and Notification here.