The Insolvency and Bankruptcy Board of India on 2nd November 2022, notified the revised format of Annual Compliance Certificate for Insolvency Professional Agencies (IPA) and has directed all the registered IPAs to submit the annual compliance certificate to the Board in the notified format within 45 days of the end of the financial year.
In terms of Regulation 7 of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, an Insolvency Professional Agencies (IPA) shall designate or appoint a compliance officer who shall be responsible for ensuring compliances with the provisions of the Code and regulations, circulars, guidelines, and directions issued thereunder.
The compliance officer is mandated to submit a compliance certificate to the Board annually, verifying that the IPA has complied with the provisions of the Code and regulations, circulars, guidelines, and directions issued thereunder.
