The Insolvency and Bankruptcy Board of India has issued guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 on 9th March 2021. The IBBI and the SEBI have mutually agreed and issued eligibility criteria and Panel for appointment IPs. A Panel shall be valid for six months and a new Panel will replace the earlier Panel every six months. An IP will be eligible to be included in the Panel of the IPs if:
- There is no disciplinary proceeding, whether initiated by the IBBI or the IPA of which he is a member, pending against him;
- He has not been convicted at any time in the last three years by a court of competent jurisdiction;
- He expresses his interest to be included in the Panel for the relevant period;
- He undertakes to discharge the responsibility as an Administrator, as and when he may be appointed by the SEBI.
- He has made the compliance under Regulation 7(2) (ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the year 2019-20.
- He holds an Authorization for Assignment (AFA), which is valid on the date of expression of interest.
