MANU/NMIC/0478/2022
Department/Board : Insolvency and Bankruptcy Board of India
Circular No. : IBBI/IPA/54/2022
Date : 02.11.2022
Notification/ Circulars Referred : Circular No: IPA/009/2018 dated 19th April, 2018 MANU/NMIC/0628/2018
Referred IN
Citing Reference:
Circular No: IPA/009/2018 dated 19th April, 2018 MANU/NMIC/0628/2018 Referred
To
All Registered Insolvency Professional Agencies
Dear Madam/Sir,
Annual Compliance Certificate for Insolvency Professional Agencies
1. 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.
2. 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.
3. In this regard, the format of annual compliance 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........