Insolvency Board powers and functions cover registration, regulation, monitoring, grievance redressal, and model bye-laws for agencies. The Insolvency and Bankruptcy Board of India is empowered, subject to the general direction of the Central Government, to register, renew, suspend, withdraw or cancel the registration of service providers, prescribe minimum eligibility requirements, levy fees and charges, frame standards for their functioning, conduct inspections, investigations, monitoring and audits, call for information and records, publish and maintain insolvency-related data and repositories, constitute committees, issue guidelines, and specify grievance redressal mechanisms, public consultation processes, conduct standards for the committee of creditors, and regulations and guidelines necessary for the purposes of the Code. The Board may also make model bye-laws for insolvency professional agencies covering professional competence, ethical conduct, non-discriminatory membership requirements, enrolment and examination procedures, governance arrangements, reporting obligations, concessional services, penalties, grievances, expulsion, fee collection, disciplinary proceedings, and utilisation of penalty amounts.