This discussion paper from the Insolvency and Bankruptcy Board of India addresses key governance challenges within Insolvency Professional Agencies (IPAs). It examines the regulatory framework, the role of IPAs as self-regulating bodies, and proposes amendments to enhance the qualifications and experience of directors, as well as introducing periodic self-evaluation for Governing Boards. This document is crucial for insolvency professionals, agencies, and anyone involved in the insolvency and bankruptcy sector seeking to understand and improve governance standards.