Registration fee for Information Utilities increased vide IBBI (Information Utilities) (Second Amendment) Regulations, 2022

IBBI

   

On 20-09-2022, the Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2022 to amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. They shall come into force with effect from 01-10-2022.

Key points:

  • The amendment modifies Regulation 6 dealing with ‘Conditions for Registration’ and modifying the fee payable to the Board from 50 lakhs to one crore.

  • It also modifies a provision providing payment of an annual fee of fifty lakh rupees to the Board, within fifteen days from the date of commencement of the financial year to  paying to the Board, a fee calculated at the rate of ten per cent of the turnover from the services as an information utility rendered in the preceding financial year, on or before 30th April every year.

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