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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 The Securities and Exchange Board of India (Appointment of Administrator and Proc
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FAQ :
The new guidelines aim to facilitate the appointment of Insolvency Professionals (IPs) as Administrators by SEBI, as provided for in the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018.
The Insolvency and Bankruptcy Board of India (IBBI) will prepare a panel of Insolvency Professionals (IPs) based on SEBI's requirements and the regulations.
A panel of IPs is valid for six months, with a new panel replacing the previous one every six months.
An IP must have no pending disciplinary proceedings, not have been convicted in the last three years, express interest, undertake to discharge responsibilities, comply with Regulation 7(2)(ca) for 2019-20, and hold a valid Authorisation for Assignment (AFA).
IPs are selected based on a scoring system that considers the number of ongoing processes (40% weightage), completed processes as IRP/RP (20% weightage), and completed assignments as Liquidator/Bankruptcy Trustee (40% weightage).
An IP who declines to act as an Administrator when appointed by SEBI will not be included in the panel for the next five years, without prejudice to any other action by the IBBI.
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