Section 3 in Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017
3. Eligibility for registration.
- No person shall be eligible to be registered as an information utility unless it is a public company and -(a)its sole object is to provide core services and other services under these Regulations, and discharge such functions as may be necessary for providing these services;(b)its shareholding and governance is in accordance with Chapter III;(c)its bye-laws are in accordance with Chapter IV;(d)it has a minimum net worth of fifty crore rupees;(e)[ ***] [Omitted by Notification No. IBBI/2017-18/GN/REG016, dated 29.9.2017, (w.e.f. 31.3.2017).](f)[ ***] [Omitted by Notification No. IBBI/2017-18/GN/REG016, dated 29.9.2017, (w.e.f. 31.3.2017).](g)the person itself, its promoters, its directors, its key managerial personnel, and persons holding more than 5%, directly or indirectly, of its paid-up equity share capital or its total voting power, are fit and proper persons:Explanation. - For determining whether a person is fit and proper under these Regulations, the Board may take account of relevant considerations, including-(i)integrity, reputation and character,(ii)absence of conviction by a court for an offence:Provided that a person may be considered `fit and proper' if he has been sentenced to imprisonment for a period of less than six months;Provided that a person shall not be considered `fit and proper' if he has been sentenced to imprisonment for a period (a) of not less than six months, but less than seven years and a period of five years has not elapsed from the date of expiry of the sentence, or (b) of seven years or more.(iii)absence of restraint order, in force, issued by a financial sector regulator or the Adjudicating Authority, and(iv)financial solvency.
