Section 7(2) in Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016
(2)The registration shall be subject to the conditions that the insolvency professional shall -(a)at all times abide by the Code, rules, regulations, and guidelines thereunder and the bye-laws of the insolvency professional agency with which he is enrolled;(b)at all times continue to satisfy the requirements under Regulation 4;(ba)[ undergo continuing professional education, as may be required by the Board; [Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27.3.2018 (w.e.f. 23.11.2016).](bb)not outsource any of his duties and responsibilities under the Code, except those specifically permitted by the Board.](c)[ pay to the Board, a fee of ten thousand rupees, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due; [Substituted by Notification No. IBBI/2018-19/GN/REG036, dated 11.10.2018 (w.e.f. 23.11.2016).]IllustrationWhere registration is granted on 2nd February, 2018 in the year 2017-18, the fee shall become due on 1st April, 2023, after five years (2018-19, 2019-20, 2020-21, 2021-22 and 2022-23) and it shall be paid on or before the 30th April, 2023.(ca)pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule;](d)not render services as an insolvency professional unless he becomes a partner or director of an insolvency professional entity recognised by the Board under Regulation 13, if he is not a citizen of India;(e)take prior permission of the Board for shifting his professional membership from one insolvency professional agency to another, after receiving no objection from both the concerned insolvency professional agencies;(f)take adequate steps for redressal of grievances;(g)maintain records of all assignments undertaken by him under the Code for at least three years from the completion of such assignment;(h)abide by the Code of Conduct specified in the First Schedule to these Regulations; and(i)abide by such other conditions as may be imposed by the Board.
