The Insolvency and Bankruptcy Board of India on 21st December 2021 has extended the validity of the Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020 till 31st March, 2022.
Regulation 7(2)(ba) of IBBI (Insolvency Professionals) Regulations, 2016, mandates that the registration of an IP is subject to the condition that he shall undergo continuing professional education as may be required by the Board. In pursuance of this, the Board has issued the IBBI (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019.
Further rule Rule 12(2)(a) of the Companies (Registered Valuers and Valuation) Rules, 2017 requires that a Registered Valuers Organisation (RVO) shall conduct educational courses in valuation, in accordance with the syllabus determined by the Authority, for its valuer members.
To ensure that online delivery of educational course and continuing professional education is as effective as classroom delivery of education, the IBBI had in July last year come up with guidelines that govern the online delivery of education by IPAs and RVOs.
The IPA/RVO should provide a compliance report to the IBBI in respect of each course within seven days of the conclusion of the course. Also, records of every course should be maintained for at least three years, the guidelines issued last year in July had said.
