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of <h1>IBBI Amends Insolvency Professional Agencies Regulations: New Eligibility, Governance, and Ownership Rules Under Companies Act, Section 8.</h1> The Insolvency and Bankruptcy Board of India (IBBI) issued amendments to the Insolvency Professional Agencies Regulations, 2016, effective upon publication in the Official Gazette. Key changes include eligibility criteria for registration as an insolvency professional agency, requiring registration under section 8 of the Companies Act, 2013, with specific governance structures, a minimum net worth of ten crore rupees, and restrictions on foreign control. Additionally, no individual or group may hold more than 5% of the agency's equity, with exceptions for certain financial institutions and government entities, which may hold up to 100%.
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