Section 196(1) in Insolvency And Bankruptcy Code, 2016
(1)The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions namely:-(a)register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations;(aa)[ promote the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of this Code;] [Inserted by Act No. 26 of 2018, dated 17.8.2018.](b)specify the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals and information utilities;(c)levy fee or other charges [for carrying out the purposes of this Code, including fee for registration and renewal] [Substituted 'for the registration' by Act No. 26 of 2018, dated 17.8.2018.] of insolvency professional agencies, insolvency professionals and information utilities;(d)specify by regulations standards for the functioning of insolvency professional agencies, insolvency professionals and information utilities;(e)lay down by regulations the minimum curriculum for the examination of the insolvency professionals for their enrolment as members of the insolvency professional agencies;(f)carry out inspections and investigations on insolvency professional agencies, insolvency professionals and information utilities and pass such orders as may be required for compliance of the provisions of this Code and the regulations issued hereunder;(g)monitor the performance of insolvency professional agencies, insolvency professionals and information utilities and pass any directions as may be required for compliance of the provisions of this Code and the regulations issued hereunder;(h)call for any information and records from the insolvency professional agencies, insolvency professionals and information utilities;(i)publish such information, data, research studies and other information as may be specified by regulations;(j)specify by regulations the manner of collecting and storing data by the information utilities and for providing access to such data;(k)collect and maintain records relating to insolvency and bankruptcy cases and disseminate information relating to such cases;(l)constitute such committees as may be required including in particular the committees laid down in section 197;(m)promote transparency and best practices in its governance;(n)maintain websites and such other universally accessible repositories of electronic information as may be necessary;(o)enter into memorandum of understanding with any other statutory authorities;(p)issue necessary guidelines to the insolvency professional agencies, insolvency professionals and information utilities;(q)specify mechanism for redressal of grievances against insolvency professionals, insolvency professional agencies and information utilities and pass orders relating to complaints filed against the aforesaid for compliance of the provisions of this Code and the regulations issued hereunder;(r)conduct periodic study, research and audit the functioning and performance of to the insolvency professional agencies, insolvency professionals and information utilities at such intervals as may be specified by the Board;(s)specify mechanisms for issuing regulations, including the conduct of public consultation processes before notification of any regulations;(t)make regulations and guidelines on matters relating to insolvency and bankruptcy as may be required under this Code, including mechanism for time bound disposal of the assets of the corporate debtor or debtor; and(u)perform such other functions as may be prescribed.
