Eligibility for registration requires company form, governance compliance, and limits on foreign ownership and shareholding concentration. Eligibility for registration requires a company established solely to perform insolvency professional agency functions, adherence to specified bye laws and governance, and compliance with minimum net worth and paid up capital conditions. The entity must not be controlled by persons resident outside India beyond prescribed limits, must not be a multi layer subsidiary, and its promoters, directors and shareholders must be fit and proper, with the Board empowered to assess integrity, absence of convictions and competence.