IBBI Amends Information Utilities Regulations: Financial Thresholds Doubled, New Fee Structure Introduced for Compliance.

The Insolvency and Bankruptcy Board of India (IBBI) issued the Second Amendment to the Information Utilities Regulations, 2022, effective from October 1, 2022. The amendment revises financial thresholds in the 2017 regulations, increasing the amounts from five lakh to ten lakh in regulation 4, and from fifty lakh to one crore in regulation 6. Additionally, information utilities are now required to pay a fee of 10% of their previous financial year's turnover to the Board by April 30 each year. Delays in payment will incur a 12% annual interest. These changes aim to update financial requirements and fee structures for information utilities.