{"id":162324,"date":"2017-10-09T15:25:12","date_gmt":"2017-10-09T09:55:12","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=162324"},"modified":"2017-10-09T15:25:12","modified_gmt":"2017-10-09T09:55:12","slug":"ibbi-relaxes-norms-for-information-utilities","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/10\/09\/ibbi-relaxes-norms-for-information-utilities\/","title":{"rendered":"IBBI relaxes norms for information utilities"},"content":{"rendered":"

No. IBBI\/2017-18\/GN\/REG016.\u2014<\/strong> In exercise of the powers conferred by sub-section (1) of Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, namely: \u2014<\/p>\n

1. These regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2017.<\/p>\n

2. They shall come into force on the date of their publication in the Official Gazette.<\/p>\n

3. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 (hereafter referred to as the principal regulations), in Regulation 3, sub-regulations (e) and (f) shall be omitted.<\/p>\n

4. In the principal regulations, in Regulation 8, for sub-regulation (2), the following sub-regulation shall be substituted, namely:\u2014<\/p>\n

\u201c(2) Notwithstanding anything to the contrary contained in sub-regulation (1)\u2014<\/p>\n

(a) a person may, directly or indirectly, either by itself or together with persons acting in concert, hold up to fifty-one percent of the paid-up equity share capital or total voting power of an information utility up to three years from the date of its registration; or<\/p>\n

(b) an Indian company, (i) which is listed on a recognised Stock Exchange in India, or (ii) where no individual, directly or indirectly, either by himself or together with persons acting in concert, holds more than ten percent of the paid-up equity share capital, may hold up to hundred percent of the paid-up equity share capital or total voting power of an information utility up to three years from the date of its registration.<\/p>\n

Provided that the information utility is registered before 30th<\/sup> September, 2018.\u201d<\/p>\n

5. In the principal regulations, in Regulation 9, after sub-regulation (1), the following sub-regulation shall be inserted, namely:\u2014<\/div>\n
<\/div>\n
\u201c(1A) More than half of the directors of an information utility shall be Indian nationals and residents in India.\u201d<\/div>\n
<\/div>\n
\n
Note:<\/strong> The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 were published in the Gazette of India Extraordinary vide notification No. IBBI\/2016-17\/GN\/REG009 on 31st March, 2017.<\/div>\n
<\/div>\n
Insolvency and Bankruptcy Board of India<\/div>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

No. IBBI\/2017-18\/GN\/REG016.\u2014 In exercise of the powers conferred by sub-section (1) of Section 196 read with Section 240 of the Insolvency and <\/p>\n","protected":false},"author":91,"featured_media":160494,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-162324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"\nIBBI relaxes norms for information utilities | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/10\/09\/ibbi-relaxes-norms-for-information-utilities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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fee for Information Utilities increased vide IBBI (Information Utilities) (Second Amendment) Regulations, 2022","author":"Bhumika Indulia","date":"September 23, 2022","format":false,"excerpt":"\u00a0 \u00a0 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:\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"IBBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219421,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/11\/stautory-repositories-ibbi-approves-mca-21-database-of-mca-and-cersai-registry-as-repositories-read-circular\/","url_meta":{"origin":162324,"position":1},"title":"Statutory Repositories | IBBI approves MCA 21 database of MCA and CERSAI registry as repositories [Read Circular]","author":"Bhumika Indulia","date":"September 11, 2019","format":false,"excerpt":"Statutory Repositories under Regulation 21(2)(c)(ii) of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 Regulation 21 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2019 reads as under: - \u201c21. Information of default (1) An information utility shall expeditiously undertake the process of authentication\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":167714,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/11\/08\/ibbi-fast-track-insolvency-resolution-process-corporate-persons-third-amendment-regulations-2017-notified\/","url_meta":{"origin":162324,"position":2},"title":"IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017 notified","author":"Saba","date":"November 8, 2017","format":false,"excerpt":"No. IBBI\/2017-18\/GN\/REG020.\u00a0-- In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy, Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":117731,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/01\/insolvency-and-bankruptcy-board-of-india-notifies-information-utilities-regulations\/","url_meta":{"origin":162324,"position":3},"title":"Insolvency and Bankruptcy Board of India notifies Information Utilities Regulations","author":"Saba","date":"April 1, 2017","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred by Sections 196, 209, 210, 211, 212, 213, 214, 215, 216 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (Code), has notified here today the Insolvency and Bankruptcy Board of India (Information Utilities)\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":231831,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/06\/ibbi-notifies-insolvency-and-bankruptcy-board-of-india-insolvency-professionals-second-amendment-regulations-2020\/","url_meta":{"origin":162324,"position":4},"title":"IBBI notifies — Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020","author":"Bhumika Indulia","date":"July 6, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India makes the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020 to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, in regulation 12, in\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":128951,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/05\/insolvency-and-bankruptcy-board-of-india-constitutes-technical-committee-to-lay-down-technical-standards\/","url_meta":{"origin":162324,"position":5},"title":"Insolvency and Bankruptcy Board of India constitutes Technical Committee to lay down Technical Standards","author":"Saba","date":"May 5, 2017","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) has constituted Technical Committee to lay down Technical Standards for the performance of core services and other services under IBBI (Information Utilities) Regulations, 2017, in accordance with Regulation 14 of the IBBI (Information Utilities) Regulations, 2017. The Technical Committee (Committee) shall consist\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/162324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=162324"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/162324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/160494"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=162324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=162324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=162324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}